Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia.
If emailing, please include a phone number. If you have information that could assist in this investigation, including past employees and others, or a Backblaze shareholder interested in learning more about the investigation, please contact Jim Baker ( ) by email or phone at 61. Securities and Exchange Commission in connection with its November 2021 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company’s business, and operations. Specifically, Johnson Fistel’s investigation seeks to determine whether the Company’s filings with the U.S. Following this news, on February 18, 2022, in early morning trading, the stock was trading at $9.50, 40% below the IPO price. On or around November 11, 2021, Backblaze conducted its initial public offering (“IPO”), issuing 6,250,000 shares priced at $16.00 per share. Then, on February 17, 2022, the Company reported a net loss that widened to $0.38 compared to a net loss per share of $0.18 in Q4 2020. (“Backblaze ” or “the Company”) (NASDAQ: BLZE). Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Backblaze, Inc. Let’s take a look.(BLZE) News: Did You Lose Money on Your Backblaze Investment? Stock Price has Plummeted Since IPO – Contact Johnson Fistel So, color us more than curious.īut before we sign off, we have new numbers from Backblaze that give us a nibble at its Q3 results. And when double-digit multiples applied to profit and not revenue. Its IPO is a harkening back to the time when it was somewhat difficult to convince private-market investors to value your company in the nine-figures, let alone 10. Which makes Backblaze nearly unique from our perspective. The examples roll from memory: Robinhood was worth dozens of billions when it went public Coinbase was as well when it direct listed NerdWallet is going to be a public unicorn merely on the strength of the written word and AllBirds? More like AllUnicorn. Indeed, even some of the smaller or less traditional companies that we’ve seen debut in recent quarters have had valuations north of $1 billion. Which is notable given the sheer heft of many tech companies we’ve seen go public lately. That means that Backblaze is going public as a non-unicorn. Quick extrapolation indicates that at the top end of its price range, Backblaze’s IPO could value the storage firm at $684.3 million.
Notably the company’s fully diluted valuation is quite a bit higher, with Renaissance Capital reporting that at $16 per share, Backblaze’s valuation inclusive of shares that have been earned, if not yet exercised via options or similar, to be $644 million. And it has, namely an S-1/A filing indicating that the company expects to price its IPO between $15 and $17 per share.Īt its IPO price range and 28,545,893 shares expected to be outstanding after its IPO, Backblaze is worth $428.2 million to $485.3 million. Since it was smaller in revenue terms than most tech companies going public these days, we deferred on judging its worth until Backblaze itself provided some guidance.
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But when it came to pricing, we had little idea of how to value the company. With a central core of content to help power customer acquisition and a huge swath of customers, it was an interesting cloud storage play. When Backblaze first filed to go public, TechCrunch found it a compelling company.
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