This is the best summary I could come up with:
The company also said that bad publicity and media coverage, such as the kind that stemmed from the API protests, could be a risk to Reddit’s success.
The Form S-1 said bad PR around Reddit, including its practices, prices, and mods, "could adversely affect the size, demographics, engagement, and loyalty of our user base," adding:
Reddit’s filing also said that negative publicity and moderators disrupting the normal operation of subreddits could hurt user growth and engagement goals.
Reddit's filing discusses losing moderators as a business risk and notes how important third-party tools are in maintaining mods:
Any disruption to, or lack of availability of, these third-party tools could harm our moderators’ ability to review content and enforce community rules.
Nondisclosure agreement requirements and the lack of a finalized developer platform also drive uncertainty around the longevity of the third-party Reddit app ecosystem, according to devs Ars spoke with this year.
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