Illustration: Aïda Amer/Axios

Slack Technologies, the workplace chat service, will go public on the New York Stock Exchange today via a direct listing.

Why it matters: It's only the second direct listing from a major tech company and the first from a non-consumer service (Spotify blazed the trail last year). And if it’s a success, it could push Airbnb closer to taking the same path.

  • The NYSE issued a $26 per share reference price last night, which would give the company a valuation of $16 billion, though it's just a suggestion and could ultimately start trading at a lower or higher price.

What's happening: Slack isn't using underwriters, nor issuing new stock, in the manner of a traditional IPO.

  • That also means it's not raising new capital — and it doesn't really need to.  
  • Instead, it's effectively allowing existing stockholders to begin trading their shares on the public markets.
  • Slack's bankers, advisers, and market maker will figure out an initial price based on trade orders tomorrow — meaning, they will see how much demand there is.
  • Also, Slack stockholders are not subject to the usual lock-up periods, which means employees, for example, will get to cash out (if they want).

Be smart: Insiders will be watching the volatility of Slack's price. They will want to keep the ride smooth.

Go deeper: Direct listings challenge benefits of traditional IPOs for unicorns

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 19,412,292 — Total deaths: 722,066 — Total recoveries — 11,773,112Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 4,945,795 — Total deaths: 161,456 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective
  5. Science: Indoor air is the next coronavirus frontline.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.
1 hour ago - Health

Indoor air is the next coronavirus frontline

Illustration: Eniola Odetunde/Axios

A growing body of research has made it clear that airborne transmission of the coronavirus is possible.

Why it matters: That fact means indoor spaces can become hot spots. Those spaces also happen to be where most business and schooling takes place, so any hope for a return to normality will require better ways of filtering indoor air.

The silver linings of online school

Illustration: Annelise Capossela/Axios

Online learning can be frustrating for students, teachers and parents, but some methods are working.

The big picture: Just as companies are using this era of telework to try new things, some principals, teachers and education startups are treating remote learning as a period of experimentation, too.