Snap was down by around 11% at $21.20 at mid-day trading today
Company raised $3.4 bn in Wednesday's initial public offering when it sold 200 million shares for $17 each
The company finished its first day of trading with a 44% gain compared to its IPO price of $17
Committee is scheduled to discuss the matter in a meeting on March 9
Company lost more than $500 mn last year
The company said in a filing on Thursday that it expects to raise as much as $3.2 billion in the IPO
The number of Snap's daily active users grew to an average of 158 million at the end of December