SpaceX Insider Lockups Start Expiring in July. Here Is What That Means for the Stock.
Yahoo Finance ·
When a company goes public, it's important to know that the shares sold in the offering are a fraction of the existing shares. The rest, the stakes held by employees, early backers, and executives, sit behind a lockup -- an inability to sell for a set stretch after the debut. For Space Exploration Technologies ( SPCX 5.79% ) , the first stretch lifts in late July, and the design of the release tells you more than the date does. Most IPOs use one 180-day lockup, so a wall of shares might hit the market on a single morning. SpaceX built something different . The first slice, nearly 20% of locked shares, is freed up after the company reports second-quarter results in late July. Smaller tranches of around 7% each follow through August, September, and October, with a larger release tied to third-quarter earnings, and the 180-day batch clears in December. Instead of one flood, supply arrives in steps.
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