In its updated prospectus, the company says it’s been approved to use the symbol “WORK”. Previously Slack Inc. applied to be traded under the symbol “SK”.
For some investors who follow the tech industry, the new ticker symbol may remind of Atlassian, a company that used to be associated with the popular messaging app and has the symbol TEAM.
What is more interesting, last year, Atlassian sold its rival chat service HipChat to Slack in exchange for a stake in the company. Now try to put the two tickers together and you get TEAM WORK. According to the analysts, this way Slack is going to highlight how central it is to getting work done and stand out among its competitors, including Cisco and Microsoft.
Slack also announced choosing the direct listing route rather than pursuing a traditional IPO. In other words, it will list its shares and allow existing investors to sell into the public markets, while the company won’t be selling any new shares and thus won’t be raising fresh capital.