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Unity

Unity Technologies, the privately held San Francisco company best known for its 3D gaming engine, plans to allow employees and some early investors to sell shares in a secondary stock offering.

Why it matters: The move gives employees more liquidity and concentrates ownership of company shares.

Unity plans to announce the offering shortly in a meeting with its workers.

Details:

  • Former workers with vested shares as well as some early-stage investors will also be able to sell shares in the offering, valued at up to $525 million. New investors buying the shares are D1 Capital Partners, Canada Pension Plan Investment Board, Light Street Capital, Sequoia Capital, and Silver Lake Partners.
  • Common shares will be valued at $20 apiece, the same as the valuation in the Series E round the company closed in May.
  • Eligible stockholders will have until Aug. 22 to decide whether to sell shares.

In an interview, Unity CFO Kim Jabal said the goal was to show its appreciation for workers.

"The primary objective was to provide liquidity to employees," said Jabal, who joined Unity in February. "We don’t have tremendous capital needs right now within the company."

That said, the company still has its eye on an eventual IPO. "It’s definitely something we think about and that we probably will do at some point," Jabal said.

And while the current business doesn't require more capital, Jabal said the company is expanding into areas like automotive, architecture and film, and the growth could open the door for acquisitions. "We believe we are on the brink of 3D being in every industry," Jabal said.

Go deeper

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison said Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."

Progressives to file resolution to strip Boebert's committee seats

Rep. Lauren Boebert walking through the Senate side of the U.S. Capitol earlier this month. Photo: Drew Angerer/Getty Images

House progressives are planning to introduce a resolution on Wednesday to strip Rep. Lauren Boebert (R-Colo.) of her committee assignments, according to a Democratic aide familiar with the matter.

Why it matters: The move, which was first reported by the Washington Post, comes as progressives — anxious to see the right-wing firebrand face retribution for her recent comments — have grown frustrated by Democratic leadership's inaction on the issue.

Roger Stone won't cooperate with Jan. 6 panel

Longtime Trump confidante Roger Stone speaking in front of the Supreme Court on Jan. 5 in Washington, D.C. Photo: Tasos Katopodis/Getty Images

Longtime Trump confidante Roger Stone won't cooperate with the House select committee investigating the Jan. 6 Capitol riot and will invoke the Fifth Amendment right not to testify, his attorney said Tuesday evening.

Why it matters: The announcement, first reported by ABC News, came hours after former White House chief of staff Mark Meadows said he wouldn't cooperate with the probe.