IPO Lockup Expirations

A lock-up on an IPO prevents major shareholders and company insiders from selling shares in the company for a specified number of days following an IPO to prevent the market from being flooded with too much supply of a company's stock. Following the expiration of the lock-up period, restrictions preventing a company's employees and other major shareholders from selling their stock are lifted. Lock-up expirations often coincide with a 1-3% drop in the company's stock because of the increased number of available shares in the company. More about lock-up periods.

CompanyCurrent PriceExpiration DateNumber of SharesInitial Share PriceOffer SizeDate Priced
FMACU
FirstMark Horizon Acquisition
$10.324/5/202136,000,000$10.00$360,000,00010/6/2020
MAACU
Montes Archimedes Acquisition
$10.254/5/202140,000,000$10.00$400,000,00010/7/2020
NGACU
NextGen Acquisition
$10.464/5/202135,000,000$10.00$350,000,00010/7/2020
Presidio Property Trust logo
SQFT
Presidio Property Trust
$3.114/5/2021500,000$5.00$2,500,00010/7/2020
TPGYU
TPG Pace Beneficial Finance
$15.504/5/202135,000,000$10.00$350,000,00010/7/2020
PACEU
Pace
$11.454/5/202145,000,000$10.00$450,000,00010/7/2020
Aziyo Biologics logo
AZYO
Aziyo Biologics
$12.994/6/20212,941,176$17.00$49,999,99210/8/2020
fuboTV logo
FUBO
fuboTV
$19.334/6/202118,300,000$10.00$183,000,00010/8/2020
PAICU
Petra Acquisition
$10.454/6/20217,000,000$10.00$70,000,00010/8/2020
IH
iHuman
$13.004/7/20217,000,000$12.00$84,000,00010/9/2020
Kronos Bio logo
KRON
Kronos Bio
$21.384/7/202113,157,895$19.00$250,000,00510/9/2020
LCYAU
Landcadia Holdings III
$11.004/7/202150,000,000$10.00$500,000,00010/9/2020
Shattuck Labs logo
STTK
Shattuck Labs
$29.614/7/202111,882,352$17.00$201,999,98410/9/2020
IPODU
Social Capital Hedosophia Holdings Corp. IV
$11.064/7/202140,000,000$10.00$400,000,00010/9/2020
IPOEU
Social Capital Hedosophia Holdings Corp. V
$16.114/7/202170,000,000$10.00$700,000,00010/9/2020
IPOFU
Social Capital Hedosophia Holdings Corp. VI
$10.854/7/2021100,000,000$10.00$1,000,000,00010/9/2020
Spruce Biosciences logo
SPRB
Spruce Biosciences
$16.264/7/20216,000,000$15.00$90,000,00010/9/2020
FVAM
5:01 Acquisition
$10.194/12/20218,000,000$10.00$80,000,00010/14/2020
Codiak BioSciences logo
CDAK
Codiak BioSciences
$11.714/12/20215,500,000$15.00$82,500,00010/14/2020
Array Technologies logo
ARRY
Array Technologies
$27.174/13/202147,500,000$22.00$1,045,000,00010/15/2020
Eastern Bankshares logo
EBC
Eastern Bankshares
$19.844/13/2021179,300,000$10.00$1,793,000,00010/15/2020
MINISO Group logo
MNSO
MINISO Group
$26.024/13/202130,400,000$20.00$608,000,00010/15/2020
MOTNU
Motion Acquisition
$10.204/13/202111,500,000$10.00$115,000,00010/15/2020
TMTSU
Spartacus Acquisition
$10.294/13/202120,000,000$10.00$200,000,00010/15/2020
Aligos Therapeutics logo
ALGS
Aligos Therapeutics
$24.144/14/202110,000,000$15.00$150,000,00010/16/2020
BTWNU
Bridgetown
$10.994/14/202155,000,000$10.00$550,000,00010/16/2020
Eargo logo
EAR
Eargo
$47.924/14/20217,851,852$18.00$141,333,33610/16/2020
Kiromic BioPharma logo
KRBP
Kiromic BioPharma
$8.704/14/20211,250,000$12.00$15,000,00010/16/2020
Opthea logo
OPT
Opthea
$9.524/14/20218,563,300$14.00$115,604,55010/16/2020
Praxis Precision Medicines logo
PRAX
Praxis Precision Medicines
$28.694/14/202110,000,000$19.00$190,000,00010/16/2020
Tarsus Pharmaceuticals logo
TARS
Tarsus Pharmaceuticals
$28.344/14/20215,500,000$16.00$88,000,00010/16/2020
TMPMU
Turmeric Acquisition
$10.044/14/20218,500,000$10.00$85,000,00010/16/2020
Datto logo
MSP
Datto
$23.534/19/202122,000,000$27.00$594,000,00010/21/2020
DCRBU
Decarbonization Plus Acquisition
$10.944/19/202120,000,000$10.00$200,000,00010/20/2020
GWACU
Good Works Acquisition
$9.994/19/202115,000,000$10.00$150,000,00010/20/2020
HIGAU
H.I.G. Acquisition
$0.004/19/202132,500,000$10.00$325,000,00010/21/2020
HLXA
Helix Acquisition
$10.064/19/202110,000,000$10.00$100,000,00010/20/2020
HZONU
Horizon Acquisition Corp II
$10.704/19/202150,000,000$10.00$500,000,00010/20/2020
LFTRU
Lefteris Acquisition
$10.244/19/202120,000,000$10.00$200,000,00010/21/2020
YGMZ
MingZhu Logistics
$4.104/19/20213,000,000$4.00$12,000,00010/21/2020
SRSAU
Sarissa Capital Acquisition
$10.854/19/202117,500,000$10.00$175,000,00010/21/2020
SPNVU
Supernova Partners Acquisition
$10.404/19/202135,000,000$10.00$350,000,00010/21/2020
Abcam logo
ABCM
Abcam
$20.214/20/20218,945,218$18.00$156,541,31510/22/2020
BLSA
BCLS Acquisition
$10.324/20/202112,500,000$10.00$125,000,00010/22/2020
CTACU
ChaSerg Technology Acquisition
$0.004/20/202125,000,000$10.00$250,000,00010/22/2020
Guild logo
GHLD
Guild
$13.604/20/20216,500,000$15.00$97,500,00010/22/2020
McAfee logo
MCFE
McAfee
$24.464/20/202137,000,000$20.00$740,000,00010/22/2020
RICEU
Rice Acquisition
$15.504/20/202121,500,000$10.00$215,000,00010/22/2020
TEKKU
Tekkorp Digital Acquisition
$10.354/20/202125,000,000$10.00$250,000,00010/22/2020
YSACU
Yellowstone Acquisition
$10.294/20/202112,500,000$10.00$125,000,00010/22/2020
ACACU
Acies Acquisition
$10.344/21/202120,000,000$10.00$200,000,00010/23/2020
ATACU
Atlantic Acquisition Corp. Units
$14.254/21/202125,000,000$10.00$250,000,00010/23/2020
EUCRU
Eucrates Biomedical Acquisition
$9.984/21/202110,000,000$10.00$100,000,00010/23/2020
Foghorn Therapeutics logo
FHTX
Foghorn Therapeutics
$11.584/21/20217,500,000$16.00$120,000,00010/23/2020
ACICU
Atlas Crest Investment
$10.214/26/202150,000,000$10.00$500,000,00010/28/2020
Biodesix logo
BDSX
Biodesix
$18.084/26/20214,000,000$18.00$72,000,00010/28/2020
BOACU
Bluescape Opportunities Acquisition
$10.714/26/202157,500,000$10.00$575,000,00010/28/2020
Gatos Silver logo
GATO
Gatos Silver
$9.814/26/202121,430,000$7.00$150,010,00010/28/2020
LUXAU
Lux Health Tech Acquisition
$10.504/26/202130,000,000$10.00$300,000,00010/27/2020
MACUU
Mallard Acquisition
$10.294/26/202111,000,000$10.00$110,000,00010/27/2020
MediaAlpha logo
MAX
MediaAlpha
$33.114/26/20219,250,000$19.00$175,750,00010/28/2020
Root logo
ROOT
Root
$10.184/26/202126,830,845$27.00$724,432,81510/28/2020
Allegro MicroSystems logo
ALGM
Allegro MicroSystems
$25.854/27/202125,000,000$14.00$350,000,00010/29/2020
DSACU
Duddell Street Acquisition
$10.304/27/202117,500,000$10.00$175,000,00010/29/2020
Galecto logo
GLTO
Galecto
$5.754/27/20215,666,667$15.00$85,000,00510/29/2020
Leslie's logo
LESL
Leslie's
$25.394/27/202140,000,000$17.00$680,000,00010/29/2020
Atea Pharmaceuticals logo
AVIR
Atea Pharmaceuticals
$40.954/28/202112,500,000$24.00$300,000,00010/30/2020
BHSEU
Bull Horn
$10.624/28/20217,500,000$10.00$75,000,00010/30/2020
CONXU
CONX
$10.014/28/202175,000,000$10.00$750,000,00010/30/2020
Jupiter Wellness logo
JUPW
Jupiter Wellness
$4.354/28/2021933,333$8.00$6,999,99810/30/2020
Lufax logo
LU
Lufax
$13.294/28/2021175,000,000$14.00$2,362,500,00010/30/2020
SQZ Biotechnologies logo
SQZ
SQZ Biotechnologies
$12.504/28/20214,411,765$16.00$70,588,24010/30/2020
DBDRU
Roman DBDR Tech Acquisition
$10.475/5/202122,000,000$10.00$220,000,00011/6/2020
ADOCU
Edoc Acquisition
$10.185/10/20219,000,000$10.00$90,000,00011/10/2020
NOACU
Natural Order Acquisition
$10.785/10/202120,000,000$10.00$200,000,00011/11/2020
TSIAU
TS Innovation Acquisitions
$10.525/10/202130,000,000$10.00$300,000,00011/10/2020
BWACU
Better World Acquisition
$11.195/12/202111,000,000$10.00$110,000,00011/13/2020
CFACU
CF Finance Acquisition Corp. III
$10.405/12/202120,000,000$10.00$200,000,00011/13/2020
DMYIU
dMY Technology Group, Inc. III
$11.115/12/202127,500,000$10.00$275,000,00011/13/2020
HAACU
Health Assurance Acquisition
$10.805/12/202150,000,000$10.00$500,000,00011/13/2020
DGNS
Dragoneer Growth Opportunities Corp. II
$10.105/17/202124,000,000$10.00$240,000,00011/17/2020
OTRAU
OTR Acquisition
$10.255/17/202110,000,000$10.00$100,000,00011/17/2020
PIPPU
Pine Island Acquisition
$10.235/17/202120,000,000$10.00$200,000,00011/17/2020
PHICU
Population Health Investment
$10.235/17/202115,000,000$10.00$150,000,00011/18/2020
ZNTEU
Zanite Acquisition
$10.635/17/202120,000,000$10.00$200,000,00011/17/2020
CHFWU
Consonance-HFW Acquisition
$10.145/18/20218,000,000$10.00$80,000,00011/19/2020
IIACU
Investindustrial Acquisition
$10.185/18/202135,000,000$10.00$350,000,00011/19/2020
JYAC
Jiya Acquisition
$9.965/18/202110,000,000$10.00$100,000,00011/19/2020
LNFAU
L&F Acquisition
$10.345/18/202115,000,000$10.00$150,000,00011/19/2020
NeoGames logo
NGMS
NeoGames
$40.455/18/20214,807,522$17.00$81,727,87411/19/2020
OLMA
Olema Pharmaceuticals
$35.735/18/202111,000,000$19.00$209,000,00011/19/2020
RTPZU
Reinvent Technology Partners Z
$10.315/18/202120,000,000$10.00$200,000,00011/19/2020
Telos logo
TLS
Telos
$33.105/18/202114,968,859$17.00$254,470,60311/19/2020
Yatsen logo
YSG
Yatsen
$10.925/18/202158,750,000$10.00$616,875,00011/19/2020
ARBGU
Aequi Acquisition
$10.065/19/202120,000,000$10.00$200,000,00011/20/2020
KWACU
Kingswood Acquisition
$10.505/19/202110,000,000$10.00$100,000,00011/20/2020
LSAQ
LifeSci Acquisition II
$10.075/19/20217,500,000$10.00$75,000,00011/20/2020
Maravai LifeSciences logo
MRVI
Maravai LifeSciences
$35.865/19/202160,000,000$27.00$1,620,000,00011/20/2020
Sotera Health logo
SHC
Sotera Health
$24.955/19/202146,600,000$23.00$1,071,800,00011/20/2020
VCVCU
10X Capital Venture Acquisition
$10.555/24/202117,500,000$10.00$175,000,00011/24/2020
HFEN
HF Enterprises
$9.755/24/20212,160,000$7.00$15,120,00011/24/2020
BREZU
Breeze Holdings Acquisition
$10.625/24/202110,000,000$10.00$100,000,00011/23/2020
GNPKU
Genesis Park Acquisition
$11.065/24/202115,000,000$10.00$150,000,00011/24/2020
Lixte Biotechnology logo
LIXT
Lixte Biotechnology
$2.495/24/20211,200,000$5.00$5,700,00011/25/2020
OZON
Ozon
$60.655/24/202133,000,000$30.00$990,000,00011/24/2020
SVSVU
Spring Valley Acquisition
$10.325/24/202120,000,000$10.00$200,000,00011/24/2020
Vision Marine Technologies logo
VMAR
Vision Marine Technologies
$6.525/24/20212,400,000$10.00$24,000,00011/24/2020
RSVAU
Rodgers Silicon Valley Acquisition
$15.115/31/202120,000,000$10.00$200,000,00012/2/2020
SGAMU
Seaport Global Acquisition
$10.305/31/202112,500,000$10.00$125,000,00011/30/2020
KNTE
Kinnate Biopharma
$27.936/1/202112,000,000$20.00$240,000,00012/3/2020
LOKBU
Live Oak Acquisition Corp II
$10.456/1/202122,000,000$10.00$220,000,00012/3/2020
YQ
17 Education & Technology Group
$6.836/2/202127,400,000$10.00$287,700,00012/4/2020
FTCVU
Fintech Acquisition Corp. V
$12.306/2/202121,800,000$10.00$218,000,00012/4/2020
PTICU
PropTech Investment Co. II
$10.066/2/202120,000,000$10.00$200,000,00012/4/2020
SEER
Seer
$50.756/2/20219,210,527$19.00$175,000,01312/4/2020
SGTX
Sigilon Therapeutics
$15.256/2/20217,000,000$18.00$126,000,00012/4/2020
Silverback Therapeutics logo
SBTX
Silverback Therapeutics
$38.226/2/202111,500,000$21.00$241,500,00012/4/2020
ALTUU
Altitude Acquisition
$10.506/7/202126,100,000$10.00$261,000,00012/9/2020
C3.ai logo
AI
C3.ai
$64.506/7/202115,500,000$42.00$651,000,00012/9/2020
DDMXU
DD3 Acquisition Corp. II
$10.426/7/202111,000,000$10.00$110,000,00012/8/2020
DoorDash logo
DASH
DoorDash
$141.186/7/202133,000,000$102.00$3,366,000,00012/9/2020
FLACU
Frazier Lifesciences Acquisition
$10.176/7/202112,000,000$10.00$120,000,00012/9/2020
HMCOU
HumanCo Acquisition
$10.406/7/202125,000,000$10.00$250,000,00012/9/2020
MUDSU
Mudrick Capital Acquisition Co. II
$13.676/7/202127,500,000$10.00$275,000,00012/8/2020
NEBCU
Nebula Caravel Acquisition
$10.146/7/202125,000,000$10.00$250,000,00012/9/2020
PubMatic logo
PUBM
PubMatic
$45.666/7/20215,900,000$20.00$118,000,00012/9/2020
RAACU
Revolution Acceleration Acquisition
$10.376/7/202125,000,000$10.00$250,000,00012/8/2020
Airbnb logo
ABNB
Airbnb
$166.976/8/202151,323,531$68.00$3,490,000,10812/10/2020
CTAQU
Carney Technology Acquisition Corp. II
$10.066/8/202135,000,000$10.00$350,000,00012/10/2020
Hydrofarm Holdings Group logo
HYFM
Hydrofarm Holdings Group
$63.856/8/20218,666,667$20.00$173,333,34012/10/2020
PCPCU
Periphas Capital Partnering
$25.006/8/202114,400,000$25.00$360,000,00012/10/2020
RMGBU
RMG Acquisition Co. II
$10.336/8/202130,000,000$10.00$300,000,00012/10/2020
FDMT
4D Molecular Therapeutics
$32.706/9/20218,400,000$23.00$193,200,00012/11/2020
AbCellera Biologics logo
ABCL
AbCellera Biologics
$29.176/9/202124,150,000$20.00$483,000,00012/11/2020
CBAHU
CBRE Acquisition
$10.256/9/202135,000,000$10.00$350,000,00012/11/2020
Certara logo
CERT
Certara
$27.856/9/202129,055,000$23.00$668,265,00012/11/2020
DWINU
Delwinds Insurance Acquisition
$10.056/9/202117,500,000$10.00$175,000,00012/11/2020
EDTXU
EdtechX Holdings Acquisition Corp. II
$10.156/9/202110,000,000$10.00$100,000,00012/11/2020
GLAQU
Globis Acquisition
$10.746/9/202110,000,000$10.00$100,000,00012/11/2020
GHVIU
Gores Holdings VI
$12.756/9/202130,000,000$10.00$300,000,00012/11/2020
MOTVU
Motive Capital
$0.006/9/202136,000,000$10.00$360,000,00012/11/2020
Nanobiotix logo
NBTX
Nanobiotix
$15.556/9/20217,300,000$14.00$98,550,00012/11/2020
ROCCU
Roth CH Acquisition II
$10.506/9/202110,000,000$10.00$100,000,00012/11/2020
SNRHU
Senior Connect Acquisition Corp. I
$10.166/9/202136,000,000$10.00$360,000,00012/11/2020
TVACU
Thayer Ventures Acquisition
$10.386/9/202115,000,000$10.00$150,000,00012/11/2020
Vivos Therapeutics logo
VVOS
Vivos Therapeutics
$7.676/9/20213,500,000$6.00$21,000,00012/11/2020
BioAtla logo
BCAB
BioAtla
$47.226/14/202110,500,000$18.00$189,000,00012/16/2020
BLUWU
Blue Water Acquisition
$10.576/14/20215,000,000$10.00$50,000,00012/15/2020
ContextLogic logo
WISH
ContextLogic
$12.226/14/202146,000,000$24.00$1,104,000,00012/16/2020
KINZU
KINS Technology Group
$10.246/14/202124,000,000$10.00$240,000,00012/15/2020
MRACU
Marquee Raine Acquisition
$10.106/14/202132,500,000$10.00$325,000,00012/15/2020
OCG
Oriental Culture
$5.216/14/20215,065,000$4.00$20,260,00012/15/2020
SCPS
Scopus BioPharma
$7.936/14/2021500,000$6.00$2,750,00012/16/2020
Upstart logo
UPST
Upstart
$99.826/14/202112,015,690$20.00$240,313,80012/16/2020
WNW
Wunong Net Technology
$8.576/14/20215,999,910$5.00$29,999,55012/15/2020
COOLU
Corner Growth Acquisition
$9.956/15/202135,000,000$10.00$350,000,00012/17/2020
Midwest logo
MDWT
Midwest
$46.806/15/20211,000,000$70.00$70,000,00012/17/2020
SCOAU
Scion Tech Growth I
$10.146/15/202150,000,000$10.00$500,000,00012/17/2020
VIRI
Virios Therapeutics
$5.166/15/20213,000,000$10.00$30,000,00012/17/2020
908 Devices logo
MASS
908 Devices
$51.166/16/20216,500,000$20.00$130,000,00012/18/2020
DUNEU
Dune Acquisition
$10.086/16/202115,000,000$10.00$150,000,00012/18/2020
IIIIU
INSU Acquisition Corp. III
$10.126/16/202121,800,000$10.00$218,000,00012/18/2020
MTACU
MedTech Acquisition
$10.306/16/202122,000,000$10.00$220,000,00012/18/2020
SVOKU
Seven Oaks Acquisition
$10.166/16/202122,500,000$10.00$225,000,00012/18/2020
VIIAU
7GC & Co. Holdings Inc.
$10.106/21/202120,000,000$10.00$200,000,00012/23/2020
ACKIU
Ackrell SPAC Partners I
$10.256/21/202112,000,000$10.00$120,000,00012/21/2020
CFIVU
CF Acquisition Corp. IV
$10.066/21/202145,000,000$10.00$450,000,00012/23/2020
GBS logo
GBS
GBS
$4.186/21/20211,270,589$17.00$21,600,01312/23/2020
HCARU
Healthcare Services Acquisition
$10.106/21/202128,800,000$10.00$288,000,00012/23/2020
Inhibikase Therapeutics logo
IKT
Inhibikase Therapeutics
$5.036/21/20211,800,000$10.00$18,000,00012/23/2020
VTAQU
Ventoux CCM Acquisition
$10.626/22/202115,000,000$10.00$150,000,00012/24/2020
MRM
MEDIROM Healthcare Technologies
$9.006/28/2021800,000$15.00$12,000,00012/29/2020
BENEU
Benessere Capital Acquisition
$10.597/5/202110,000,000$10.00$100,000,0001/5/2021
KAIRU
Kairos Acquisition
$10.207/5/202124,000,000$10.00$240,000,0001/6/2021
PPGHU
Poema Global
$10.037/5/202130,000,000$10.00$300,000,0001/6/2021
AKICU
Sports Ventures Acquisition
$10.027/5/202120,000,000$10.00$200,000,0001/6/2021
AGCB
Altimeter Growth Corp. 2
$10.797/6/202140,000,000$10.00$400,000,0001/7/2021
BLTSU
Bright Lights Acquisition
$10.117/6/202120,000,000$10.00$200,000,0001/7/2021
IVANU
Ivanhoe Capital Acquisition
$10.487/6/202124,000,000$10.00$240,000,0001/7/2021
INKAU
KludeIn I Acquisition
$10.147/6/202115,000,000$10.00$150,000,0001/7/2021
OMEG
Omega Alpha SPAC
$9.957/6/202112,000,000$10.00$120,000,0001/7/2021
VTIQU
VectoIQ Acquisition Corp. II
$10.157/6/202130,000,000$10.00$300,000,0001/7/2021
VCKAU
Vickers Vantage Corp. I
$10.147/6/202112,000,000$10.00$120,000,0001/7/2021
Cullinan Oncology logo
CGEM
Cullinan Oncology
$32.997/7/202111,900,000$21.00$249,900,0001/8/2021
EPWRU
Empowerment & Inclusion Capital I
$9.997/7/202124,000,000$10.00$240,000,0001/8/2021
EPHYU
Epiphany Technology Acquisition
$10.057/7/202135,000,000$10.00$350,000,0001/8/2021
GSAQU
Global Synergy Acquisition
$10.127/7/202122,500,000$10.00$225,000,0001/8/2021
Gracell Biotechnologies logo
GRCL
Gracell Biotechnologies
$12.727/7/202111,000,000$19.00$209,000,0001/8/2021
KLAQU
KL Acquisition
$10.007/7/202125,000,000$10.00$250,000,0001/8/2021
LJAQU
LightJump Acquisition
$10.037/7/202112,000,000$10.00$120,000,0001/8/2021
LWACU
Locust Walk Acquisition
$10.077/7/202115,300,000$10.00$153,000,0001/8/2021
MCADU
Mountain Crest Acquisition Corp. II
$10.577/7/20215,000,000$10.00$50,000,0001/8/2021
PACXU
Pioneer Merger
$10.037/7/202135,000,000$10.00$350,000,0001/8/2021
POWRU
Powered Brands
$9.997/7/202124,000,000$10.00$240,000,0001/8/2021
PRSRU
Prospector Capital
$10.087/7/202130,000,000$10.00$300,000,0001/8/2021
PAQCU
Provident Acquisition
$10.257/7/202120,000,000$10.00$200,000,0001/8/2021
SVFAU
SVF Investment
$10.457/7/202152,500,000$10.00$525,000,0001/8/2021
TMKRU
Tastemaker Acquisition
$10.177/7/202124,000,000$10.00$240,000,0001/8/2021
ENFAU
890 5th Avenue Partners
$9.977/12/202125,000,000$10.00$250,000,0001/12/2021
ADEXU
Adit EdTech Acquisition
$9.977/12/202124,000,000$10.00$240,000,0001/12/2021
Affirm logo
AFRM
Affirm
$66.787/12/202124,600,000$49.00$1,205,400,0001/13/2021
SWETU
Athlon Acquisition
$10.047/12/202124,000,000$10.00$240,000,0001/12/2021
BCYPU
Big Cypress Acquisition
$10.227/12/202110,000,000$10.00$100,000,0001/12/2021
DLCAU
Deep Lake Capital Acquisition
$10.137/12/202118,000,000$10.00$180,000,0001/13/2021
GPACU
Global Partner Acquisition Corp II
$10.007/12/202127,500,000$10.00$275,000,0001/12/2021
HLAHU
Hamilton Lane Alliance Holdings I
$10.027/12/202124,000,000$10.00$240,000,0001/13/2021
KUKE
Kuke Music
$6.297/12/20215,000,000$10.00$50,000,0001/12/2021
FINMU
Marlin Technology
$10.007/12/202136,000,000$10.00$360,000,0001/13/2021
MSGM
Motorsport Games
$19.507/12/20213,000,000$20.00$60,000,0001/13/2021
NGABU
Northern Genesis Acquisition Corp. II
$10.407/12/202136,000,000$10.00$360,000,0001/13/2021
QLI
Qilian International Holding Group
$4.377/12/20215,000,000$5.00$25,000,0001/12/2021
ENVIU
Environmental Impact Acquisition
$10.117/13/202118,000,000$10.00$180,000,0001/14/2021
MONCU
Monument Circle Acquisition
$9.987/13/202121,800,000$10.00$218,000,0001/14/2021
Petco Health and Wellness logo
WOOF
Petco Health and Wellness
$23.967/13/202148,000,000$18.00$864,000,0001/14/2021
Poshmark logo
POSH
Poshmark
$40.187/13/20216,600,000$42.00$277,200,0001/14/2021
SLCRU
Silver Crest Acquisition
$10.007/13/202130,000,000$10.00$300,000,0001/14/2021
ADERU
26 Capital Acquisition
$10.027/14/202124,000,000$10.00$240,000,0001/15/2021
AEACU
Authentic Equity Acquisition
$10.007/14/202120,000,000$10.00$200,000,0001/15/2021
Driven Brands logo
DRVN
Driven Brands
$25.197/14/202131,818,182$22.00$700,000,0041/15/2021
EACPU
Edify Acquisition
$9.957/14/202124,000,000$10.00$240,000,0001/15/2021
GNACU
Group Nine Acquisition
$10.107/14/202120,000,000$10.00$200,000,0001/15/2021
HCCCU
Healthcare Capital
$10.047/14/202124,000,000$10.00$240,000,0001/15/2021
HCICU
Hennessy Capital Investment Corp. V
$9.957/14/202130,000,000$10.00$300,000,0001/15/2021
OCAXU
OCA Acquisition
$10.167/14/202113,000,000$10.00$130,000,0001/15/2021
Playtika logo
PLTK
Playtika
$27.247/14/202169,500,000$27.00$1,876,500,0001/15/2021
TBA
Thoma Bravo Advantage
$10.027/14/202190,000,000$10.00$900,000,0001/15/2021
FOXWU
FoxWayne Enterprises Acquisition
$10.247/19/20215,000,000$10.00$50,000,0001/20/2021
GMIIU
Gores Metropoulos II
$10.157/19/202140,000,000$10.00$400,000,0001/20/2021
LEGOU
Legato Merger
$10.257/19/202120,500,000$10.00$205,000,0001/20/2021
OSTRU
Oyster Enterprises Acquisition
$9.937/19/202120,000,000$10.00$200,000,0001/20/2021
GMBTU
Queen's Gambit Growth Capital
$10.117/19/202130,000,000$10.00$300,000,0001/20/2021
TZPSU
TZP Strategies Acquisition
$10.007/19/202125,000,000$10.00$250,000,0001/20/2021
Dream Finders Homes logo
DFH
Dream Finders Homes
$22.607/20/20219,600,000$13.00$124,800,0001/21/2021
MYT Netherlands Parent B.V. logo
MYTE
MYT Netherlands Parent B.V.
$28.607/20/202115,647,059$26.00$406,823,5341/21/2021
EUSGU
European Sustainable Growth Acquisition
$10.017/21/202112,500,000$10.00$125,000,0001/22/2021
HUDI
Huadi International Group
$4.217/21/20213,125,000$8.00$25,000,0001/22/2021
JCICU
Jack Creek Investment
$10.057/21/202130,000,000$10.00$300,000,0001/22/2021
LMACU
Liberty Media Acquisition
$10.787/21/202150,000,000$10.00$500,000,0001/22/2021
MNTK
Montauk Renewables
$9.217/21/20213,047,015$8.00$25,899,6281/22/2021
NAACU
North Atlantic Acquisition
$9.947/21/202133,000,000$10.00$330,000,0001/22/2021
OEPWU
One Equity Partners Open Water I
$10.007/21/202130,000,000$10.00$300,000,0001/22/2021
Patria Investments logo
PAX
Patria Investments
$15.147/21/202130,098,824$17.00$511,680,0081/22/2021
RLX
RLX Technology
$9.967/21/2021116,500,000$12.00$1,398,000,0001/22/2021
SHACU
SCP & CO Healthcare Acquisition
$10.027/21/202120,000,000$10.00$200,000,0001/22/2021
VOSOU
Virtuoso Acquisition
$9.987/21/202120,000,000$10.00$200,000,0001/22/2021
BIOTU
Biotech Acquisition
$10.087/26/202120,000,000$10.00$200,000,0001/26/2021
BTNB
Bridgetown 2
$10.287/26/202126,000,000$10.00$260,000,0001/26/2021
CAHCU
CA Healthcare Acquisition
$10.217/26/202110,000,000$10.00$100,000,0001/27/2021
CLIMU
Climate Real Impact Solutions II Acquisition
$10.207/26/202121,000,000$10.00$210,000,0001/27/2021
CSTAU
Constellation Acquisition Corp I
$9.977/26/202130,000,000$10.00$300,000,0001/27/2021
DHHCU
DiamondHead
$10.077/26/202130,000,000$10.00$300,000,0001/26/2021
EZGO
EZGO Technologies
$5.937/26/20212,800,000$4.00$11,200,0001/26/2021
FSSIU
Fortistar Sustainable Solutions
$10.327/26/202122,500,000$10.00$225,000,0001/27/2021
HCAQ
HealthCor Catalio Acquisition
$9.907/26/202118,000,000$10.00$180,000,0001/27/2021
HCIIU
Hudson Executive Investment Corp. II
$10.027/26/202122,500,000$10.00$225,000,0001/26/2021
LMAOU
LMF Acquisition Opportunities
$10.247/26/20219,000,000$10.00$90,000,0001/26/2021
SSAAU
Science Strategic Acquisition Corp. Alpha
$10.007/26/202127,000,000$10.00$270,000,0001/26/2021
Shoals Technologies Group logo
SHLS
Shoals Technologies Group
$33.317/26/202177,000,000$25.00$1,925,000,0001/27/2021
TIRX
Tian Ruixiang
$12.617/26/20213,000,000$4.00$12,000,0001/27/2021
AGFY
Agrify
$9.877/27/20215,400,000$10.00$54,000,0001/28/2021
IGNYU
Ignyte Acquisition
$10.087/27/20215,000,000$10.00$50,000,0001/28/2021
ITHXU
ITHAX Acquisition
$10.007/27/202121,000,000$10.00$210,000,0001/28/2021
Ortho Clinical Diagnostics logo
OCDX
Ortho Clinical Diagnostics
$19.827/27/202176,000,000$17.00$1,292,000,0001/28/2021
Qualtrics International logo
XM
Qualtrics International
$34.387/27/202151,695,568$30.00$1,550,867,0401/28/2021
Vinci Partners Investments logo
VINP
Vinci Partners Investments
$11.647/27/202113,873,474$18.00$249,722,5321/28/2021
ZIM Integrated Shipping Services logo
ZIM
ZIM Integrated Shipping Services
$29.687/27/202114,500,000$15.00$217,500,0001/28/2021
BCACU
Brookline Capital Acquisition
$10.747/28/20215,000,000$10.00$50,000,0001/29/2021
CFFVU
CF Acquisition Corp. V
$10.067/28/202125,000,000$10.00$250,000,0001/29/2021
CLRMU
Clarim Acquisition
$9.907/28/202125,000,000$10.00$250,000,0001/29/2021
GCACU
Growth Capital Acquisition
$9.977/28/202115,000,000$10.00$150,000,0001/29/2021
Home Point Capital logo
HMPT
Home Point Capital
$9.797/28/20217,250,000$13.00$94,250,0001/29/2021
NLS Pharmaceutics logo
NLSP
NLS Pharmaceutics
$3.137/28/20214,819,277$4.00$20,000,0001/29/2021
ZWRKU
Z-Work Acquisition
$9.987/28/202120,000,000$10.00$200,000,0001/29/2021
GHACU
Gaming & Hospitality Acquisition
$10.008/2/202117,500,000$10.00$175,000,0002/3/2021
KRNLU
Kernel Group
$10.038/2/202126,500,000$10.00$265,000,0002/3/2021
NRACU
Noble Rock Acquisition
$10.008/2/202121,000,000$10.00$210,000,0002/2/2021
ON24 logo
ONTF
ON24
$43.638/2/20218,560,930$50.00$428,046,5002/3/2021
TELUS International (Cda) logo
TIXT
TELUS International (Cda)
$28.098/2/202137,000,000$25.00$925,000,0002/3/2021
THMAU
Thimble Point Acquisition
$10.008/2/202124,000,000$10.00$240,000,0002/2/2021
ASAXU
Astrea Acquisition
$9.998/3/202115,000,000$10.00$150,000,0002/4/2021
Atotech logo
ATC
Atotech
$22.408/3/202129,268,000$17.00$497,556,0002/4/2021
CENHU
Centricus Acquisition
$10.008/3/202130,000,000$10.00$300,000,0002/4/2021
DCRNU
Decarbonization Plus Acquisition Co. II
$10.158/3/202135,000,000$10.00$350,000,0002/4/2021
ITQRU
Itiquira Acquisition
$10.008/3/202120,000,000$10.00$200,000,0002/4/2021
Landos Biopharma logo
LABP
Landos Biopharma
$10.948/3/20216,250,000$16.00$100,000,0002/4/2021
Sana Biotechnology logo
SANA
Sana Biotechnology
$23.898/3/202123,500,000$25.00$587,500,0002/4/2021
Sensei Biotherapeutics logo
SNSE
Sensei Biotherapeutics
$13.948/3/20217,000,052$19.00$133,000,9882/4/2021
ARKIU
Ark Global Acquisition Corp. Unit
$9.998/4/202130,000,000$10.00$300,000,0002/5/2021
Angion Biomedica logo
ANGN
Angion Biomedica
$13.438/4/20215,000,000$16.00$80,000,0002/5/2021
Bolt Biotherapeutics logo
BOLT
Bolt Biotherapeutics
$23.778/4/202111,500,000$20.00$230,000,0002/5/2021
CNEY
CN Energy Group.
$4.398/4/20215,000,000$4.00$20,000,0002/5/2021
COVAU
COVA Acquisition
$10.008/4/202126,100,000$10.00$261,000,0002/5/2021
EVAX
Evaxion Biotech A/S
$7.308/4/20213,000,000$10.00$30,000,0002/5/2021
FWAA
Fifth Wall Acquisition Corp. I
$10.108/4/202130,000,000$10.00$300,000,0002/5/2021
Immunocore logo
IMCR
Immunocore
$36.738/4/20219,935,896$26.00$258,333,2962/5/2021
JOFFU
JOFF Fintech Acquisition
$10.008/4/202136,000,000$10.00$360,000,0002/5/2021
Lucira Health logo
LHDX
Lucira Health
$7.138/4/20219,000,000$17.00$153,000,0002/5/2021
Pharvaris B.V. logo
PHVS
Pharvaris B.V.
$23.088/4/20218,270,500$20.00$165,410,0002/5/2021
RMGCU
RMG Acquisition Corp. III
$10.058/4/202142,000,000$10.00$420,000,0002/5/2021
SDACU
Sustainable Development Acquisition I
$10.128/4/202127,500,000$10.00$275,000,0002/5/2021
Terns Pharmaceuticals logo
TERN
Terns Pharmaceuticals
$17.738/4/20217,500,000$17.00$127,500,0002/5/2021
TBCPU
Thunder Bridge Capital Partners III
$10.008/4/202136,000,000$10.00$360,000,0002/5/2021
Vor Biopharma logo
VOR
Vor Biopharma
$27.908/4/20219,828,017$18.00$176,904,3062/5/2021
Adagene logo
ADAG
Adagene
$14.178/9/20217,354,000$19.00$139,726,0002/9/2021
ADRAU
Adara Acquisition
$9.978/9/202110,000,000$10.00$100,000,0002/9/2021
BAOS
Baosheng Media Group Holdings Limited Ordinary shares
$4.288/9/20216,000,000$5.00$30,000,0002/8/2021
Biophytis logo
BPTS
Biophytis
$13.008/9/20211,200,000$17.00$20,100,0002/10/2021
RAAS
Cloopen Group
$11.208/9/202120,000,000$16.00$320,000,0002/9/2021
CPTKU
Crown PropTech Acquisitions
$9.998/9/202124,000,000$10.00$240,000,0002/9/2021
ENNVU
ECP Environmental Growth Opportunities
$10.028/9/202130,000,000$10.00$300,000,0002/9/2021
EVOJU
Evo Acquisition
$10.008/9/202110,870,000$10.00$108,700,0002/9/2021
FOREU
Foresight Acquisition Corp. Units
$9.998/9/202127,500,000$10.00$275,000,0002/10/2021
GIGGU
GigCapital4
$10.008/9/202131,200,000$10.00$312,000,0002/9/2021
SDH
Global Internet of People
$3.008/9/20216,720,000$4.00$26,880,0002/9/2021
LGACU
Lazard Growth Acquisition Corp. I
$10.038/9/202150,000,000$10.00$500,000,0002/10/2021
XPDIU
Power & Digital Infrastructure Acquisition
$10.188/9/202130,000,000$10.00$300,000,0002/10/2021
PMGMU
Priveterra Acquisition
$9.968/9/202124,000,000$10.00$240,000,0002/9/2021
PGRWU
Progress Acquisition
$9.978/9/202115,000,000$10.00$150,000,0002/9/2021
SCOBU
ScION Tech Growth II
$10.058/9/202130,000,000$10.00$300,000,0002/10/2021
SPAQU
Spartan Acquisition Corp. III
$10.038/9/202148,000,000$10.00$480,000,0002/9/2021
VLON
Vallon Pharmaceuticals
$4.538/9/20212,250,000$8.00$18,000,0002/10/2021
VENAU
Venus Acquisition
$10.658/9/20214,000,000$10.00$40,000,0002/9/2021
Viant Technology logo
DSP
Viant Technology
$33.428/9/202110,000,000$25.00$250,000,0002/10/2021
Apria logo
APR
Apria
$28.928/10/20217,500,000$20.00$150,000,0002/11/2021
Bioventus logo
BVS
Bioventus
$14.858/10/20218,000,000$13.00$104,000,0002/11/2021
Bumble logo
BMBL
Bumble
$56.918/10/202150,000,000$43.00$2,150,000,0002/11/2021
PUCKU
Goal Acquisitions
$10.208/10/202122,500,000$10.00$225,000,0002/11/2021
loanDepot logo
LDI
loanDepot
$18.658/10/20213,850,000$14.00$53,900,0002/11/2021
Signify Health logo
SGFY
Signify Health
$26.878/10/202123,500,000$24.00$564,000,0002/11/2021
SCLEU
Broadscale Acquisition
$9.998/11/202130,000,000$10.00$300,000,0002/12/2021
CCVIU
Churchill Capital Corp VI
$10.138/11/202148,000,000$10.00$480,000,0002/12/2021
CVIIU
Churchill Capital Corp VII
$10.048/11/2021120,000,000$10.00$1,200,000,0002/12/2021
Decibel Therapeutics logo
DBTX
Decibel Therapeutics
$10.158/11/20217,062,000$18.00$127,116,0002/12/2021
LGVN
Longeveron
$5.968/11/20212,660,000$10.00$26,600,0002/12/2021
NexImmune logo
NEXI
NexImmune
$19.098/11/20216,471,000$17.00$110,007,0002/12/2021
RCLFU
Rosecliff Acquisition Corp I
$9.988/11/202122,000,000$10.00$220,000,0002/12/2021
SLACU
Social Leverage Acquisition Corp I
$10.028/11/202130,000,000$10.00$300,000,0002/12/2021
Talis Biomedical logo
TLIS
Talis Biomedical
$12.408/11/202113,800,000$16.00$220,800,0002/12/2021
TSIBU
Tishman Speyer Innovation Corp. II
$9.998/11/202130,000,000$10.00$300,000,0002/12/2021
TCACU
Tuatara Capital Acquisition Co. Unit
$10.018/11/202117,500,000$10.00$175,000,0002/12/2021
ABGI
ABG Acquisition Corp. I
$9.958/16/202113,100,000$10.00$131,000,0002/17/2021
AUUD
Auddia
$2.278/16/20213,991,818$4.00$16,486,2082/17/2021
FS Development Corp. II logo
FSII
FS Development Corp. II
$10.078/16/202117,500,000$10.00$175,000,0002/17/2021
MSACU
Medicus Sciences Acquisition
$10.108/16/20218,000,000$10.00$80,000,0002/16/2021
MACAU
Moringa Acquisition
$10.018/16/202110,000,000$10.00$100,000,0002/17/2021
NVSAU
New Vista Acquisition
$10.038/16/202124,000,000$10.00$240,000,0002/17/2021
PFDRU
Pathfinder Acquisition
$10.018/16/202130,000,000$10.00$300,000,0002/17/2021
SPTKU
SportsTek Acquisition
$10.008/16/202115,000,000$10.00$150,000,0002/17/2021
VRPX
Virpax Pharmaceuticals
$4.058/16/20211,800,000$10.00$18,000,0002/17/2021
FSRXU
FinServ Acquisition Corp. II
$9.998/17/202126,500,000$10.00$265,000,0002/18/2021
KIIIU
Kismet Acquisition Three
$10.008/17/202125,000,000$10.00$250,000,0002/18/2021
KAIIU
Kismet Acquisition Two
$10.028/17/202120,000,000$10.00$200,000,0002/18/2021
WGLD
Wilshire wShares Enhanced Gold Trust
$17.908/17/202125,000,000$18.00$450,000,0002/18/2021
ASPCU
Alpha Capital Acquisition
$10.028/18/202120,000,000$10.00$200,000,0002/19/2021
BRPMU
B. Riley Principal 150 Merger
$10.058/18/202115,000,000$10.00$150,000,0002/19/2021
CFVIU
CF Acquisition Corp. VI
$10.008/18/202130,000,000$10.00$300,000,0002/19/2021
GLBLU
Cartesian Growth
$10.028/23/202130,000,000$10.00$300,000,0002/24/2021
CMIIU
CM Life Sciences II
$13.528/23/202124,000,000$10.00$240,000,0002/23/2021
COLIU
Colicity
$10.108/23/202130,000,000$10.00$300,000,0002/24/2021
FTAAU
FTAC Athena Acquisition
$10.088/23/202122,000,000$10.00$220,000,0002/23/2021
GSEVU
Gores Holdings VII
$10.088/23/202148,000,000$10.00$480,000,0002/23/2021
HIIIU
Hudson Executive Investment Corp. III
$10.008/23/202152,500,000$10.00$525,000,0002/24/2021
SLAMU
Slam
$10.008/23/202150,000,000$10.00$500,000,0002/23/2021
SRNGU
Soaring Eagle Acquisition
$10.668/23/2021150,000,000$10.00$1,500,000,0002/24/2021
VELOU
Velocity Acquisition
$10.008/23/202120,000,000$10.00$200,000,0002/23/2021
EJFAU
EJF Acquisition
$10.028/24/202125,000,000$10.00$250,000,0002/25/2021
Gores Holdings VIII logo
GIIXU
Gores Holdings VIII
$10.058/24/202130,000,000$10.00$300,000,0002/25/2021
ISLEU
Isleworth Healthcare Acquisition
$9.908/24/202118,000,000$10.00$180,000,0002/25/2021
African Gold Acquisition logo
AGACU
African Gold Acquisition
$10.018/25/202136,000,000$10.00$360,000,0002/26/2021
ARYD
ARYA Sciences Acquisition Corp IV
$10.838/25/202113,000,000$10.00$130,000,0002/26/2021
FACTU
Freedom Acquisition I
$10.028/25/202130,000,000$10.00$300,000,0002/26/2021
Fusion Acquisition Corp. II logo
FSNBU
Fusion Acquisition Corp. II
$9.978/25/202143,500,000$10.00$435,000,0002/26/2021
KCACU
Kensington Capital Acquisition
$10.758/25/202120,000,000$10.00$200,000,0002/26/2021
MACQU
MCAP Acquisition
$9.978/25/202127,500,000$10.00$275,000,0002/26/2021
SBEAU
SilverBox Engaged Merger Corp I
$9.918/25/202130,000,000$10.00$300,000,0002/26/2021
TWLVU
Twelve Seas Investment Company II
$10.008/25/202130,000,000$10.00$300,000,0002/26/2021
WARRU
Warrior Technologies Acquisition
$9.978/25/202124,000,000$10.00$240,000,0002/26/2021
ANZUU
Anzu Special Acquisition Corp I
$9.958/30/202142,000,000$10.00$420,000,0003/2/2021
ARRWU
Arrowroot Acquisition
$9.998/30/202125,000,000$10.00$250,000,0003/2/2021
DHBCU
DHB Capital
$9.958/30/202125,000,000$10.00$250,000,0003/2/2021
DHCAU
DHC Acquisition
$10.008/30/202130,000,000$10.00$300,000,0003/2/2021
GBRGU
Goldenbridge Acquisition
$10.368/30/20215,000,000$10.00$50,000,0003/2/2021
Haymaker Acquisition Corp. III logo
HYACU
Haymaker Acquisition Corp. III
$9.978/30/202130,000,000$10.00$300,000,0003/2/2021
ISOSU
Isos Acquisition
$10.008/30/202122,500,000$10.00$225,000,0003/3/2021
LOKMU
Live Oak Mobility Acquisition
$10.028/30/202122,000,000$10.00$220,000,0003/2/2021
MACCU
Mission Advancement
$10.018/30/202130,000,000$10.00$300,000,0003/3/2021
NDACU
NightDragon Acquisition
$10.118/30/202130,000,000$10.00$300,000,0003/2/2021
OHPAU
Orion Acquisition
$10.038/30/202136,000,000$10.00$360,000,0003/2/2021
OSCR
Oscar Health
$22.328/30/202137,041,026$39.00$1,444,600,0143/3/2021
ROCRU
Roth CH Acquisition III
$9.968/30/202110,000,000$10.00$100,000,0003/3/2021
SNIIU
Supernova Partners Acquisition Co II
$10.038/30/202130,000,000$10.00$300,000,0003/2/2021
ATAQU
Altimar Acquisition Corp. III
$10.008/31/202113,500,000$10.00$135,000,0003/4/2021
ACAHU
Atlantic Coastal Acquisition
$9.938/31/202130,000,000$10.00$300,000,0003/4/2021
AURCU
Aurora Acquisition
$10.048/31/202122,000,000$10.00$220,000,0003/4/2021
HERAU
FTAC Hera Acquisition
$10.028/31/202180,000,000$10.00$800,000,0003/4/2021
InnovAge logo
INNV
InnovAge
$23.998/31/202116,666,667$21.00$350,000,0073/4/2021
KVSA
Khosla Ventures Acquisition
$10.418/31/202130,000,000$10.00$300,000,0003/4/2021
PSAGU
Property Solutions Acquisition Corp. II
$9.938/31/202130,000,000$10.00$300,000,0003/4/2021
RXRAU
RXR Acquisition
$9.998/31/202130,000,000$10.00$300,000,0003/4/2021
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What is a Lock-Up Period?

Summary - When a company makes the decision to go public, they frequently register for an initial public offering (IPO) as a way to raise private equity. In the IPO prospectus, these companies will frequently include a clause that specifies a lock-up period and subsequent lock-up period expiration date. During the lock-up period, individuals that bought shares during the IPO process are prohibited from selling their shares on the secondary market for a period of time that typically ranges from 90 to 180 days. A hedge fund may institute a similar lock-up period and lock-up period expiration to allow a fund manager to generate a large return without concern of capital leaving the fund.

Although proponents of market timing pay close attention to IPO lock-up period expirations as an opportunity for both long and short sellers, there is a vocal group that argues against the need for lock-up periods at all. These proponents of the Efficient Market Hypothesis (EMH) argue that an efficient market will take into account information related to a stock and that the market is constantly accounting for that information in the share price. The theory goes on to express that any new information is immediately factored into the stock price, thus eliminating the opportunity for an individual or institutional investors to time the market. Any abnormal stock return can occur only through investing in higher risk stocks.

Introduction

For a company or hedge fund to go public, they have to raise private equity. For a hedge fund, this includes inviting investors to invest in the fund and for private companies, this typically takes place by the issuance of an initial public offering (IPO). In both cases, however, there is a significant risk of unfavorable price movement if investors were to pull their money out of the fund or stock too quickly. This is why most hedge funds and IPOs include a lock-up period. During this period, investors and shareholders are prohibited from buying and selling shares. The lock-up period expiration, therefore, is a closely watched event for investors who are following IPO stocks because the period around the lock-up expiration is usually marked by high trading volume and significant price movement. This article will go into detail about what a lock-up period is and how it is different for a hedge fund as opposed to an initial public offering. The article will also review why they are needed if they are legally required, how they differ from the quiet period expiration date, and perhaps most importantly – and controversially – do they really work?

What is a lock-up period?

A lock-up period (also known as a lock-up agreement) is a period of time (usually between 90-180 days) when investors are not allowed to buy or redeem shares. Lock-up periods can apply to hedge funds and initial public offerings. A hedge fund lock-up period will be linked to the underlying investments of the fund. If a hedge fund is comprised of mostly stocks with high liquidity, there may be a short lock-up period of 90 days. If the fund is considered to be more distressed (i.e. it is invested in low volume securities such as loans or other forms of debt), they may have a much longer lock-up period. Once the hedge fund lock-up expiration passes, investors can redeem shares according to the schedule laid out by the hedge fund. However, investors are generally required to give 30- to 90-day notice. This is to allow the hedge fund manager to liquidate underlying securities as needed. Each investor’s lock-up period expiration is tied to the date they began investing with the fund. This limits the amount of liquidation that can take place at one time.

An IPO lock-up period is a clause written into the prospectus of a company that accompanies its initial public offering (IPO). The lock-up period prohibits company insiders and other individuals who purchased stock as part of the IPO from selling their ordinary shares on the secondary market. Once the lock-up period ends (a date known as the lock-up period expiration), those shareholders can buy and sell their ordinary shares as they please.

Why is a lock-up period needed for a hedge fund?

The lock-up period is needed in order for hedge fund managers to attempt to maximize the return for investors. This can happen because, during the lock-up period, they can make an investment in securities that support the fund's goals without having to be concerned about investors redeeming shares. Without a lock-up period, the fund manager would have to ensure there was a large amount of cash or cash equivalents available which would take away from the available money to invest, thus lowering the potential return.

Why is a lock-up period needed for an IPO?

The theory behind an IPO lock-up period is that company insiders (which includes a company’s founders/owners, managers and employees) usually own a volume of shares that is disproportionate to the general public. After the initial public offering, these insiders – which can also include institutional investors, venture capitalists, and other early investors – have the most to gain from selling their shares at the higher share price created by the IPO.

If investors who bought shares of stock during the IPO were to suddenly share their shares when the stock began publicly trading, it would force the stock price down as more total shares outstanding enter the market. This increase in negative trading volume could have a long-term impact on the stock because it may curb the appetite of potential investors.

Some economists, particularly those who promote an efficient market, question if there is enough empirical evidence to support the need for a lock-up period. However, they have become a de facto clause in the prospectus for every IPO stock. The most common reasons for having a lock-up period (and a defined lock-up period expiration) include:

  1. It provides a period of time to "bridge the gap" created by information that is available to insiders prior to the IPO but is not available to the general public until after the IPO. In some cases, certain company insiders may have to wait for a period of time after the lock-up period expiration to sell their shares. This can occur during a company’s earnings season because insiders may have access to information about the company that could be construed as insider trading in the event that they were to sell their shares.
  2. It is sometimes thought of as a way for a company to create a signal regarding the quality of its stock. From Wall Street to main street, perception is reality. Most company insiders and early investors are simply looking to reward themselves with the profit that comes from taking their company public. However, to the public, this insider selling happening immediately after the initial public offering could appear to be a sign that the company is in trouble.

Are company’s legally required to set lock-up periods?

The short answer is no. In fact, a lock-up period is not required by any regulatory body including the Securities & Exchange Commission (SEC). However, they have become an almost de facto standard that is either self-imposed by the company who is launching the initial public offering or is required by the investment bank that is underwriting the IPO.

How is a lock-up period expiration different from a quiet period expiration?

Although both the lock-up period expiration date and the quiet period expiration date are used to help prevent abnormal stock returns, they happen at different times in the IPO process. The lock-up period expiration must be reached before selling activity can take place, the quiet period expiration date must be reached before buying can take place. The IPO lock-up period starts after the initial public offering is complete and goes into effect for a period of time while ordinary shares are sold on the stock exchange. The IPO quiet period takes place before the initial public offering is issued. This is a time when management and marketing teams from the company releasing the IPO are prohibited from releasing news to the public. Part of this is to prevent the real or perceived appearance of insider trading.

Do lock-up periods work?

This is a hotly debated topic within the investment community. The debate centers around the Efficient Market Hypothesis (EMH) theory. The EMH theorizes that a company’s share price reflects any and all information about the stock. Therefore, stocks will always trade at their fair value on their respective stock exchange. Proponents of the EMH would state that fundamental and technical analysis cannot be used to generate abnormal stock returns. They claim the only way to get higher returns is to purchase securities and investments that contain more risk.

According to the EMH, the lock-up period expiration is a matter of public record in the prospectus released with the IPO. With that in mind, an efficient market will take this expiration date into account before it actually happens. For example, if Company XYZ issues an IPO with a 90-day lock-up period expiration, the EMH would theorize that institutional investors and venture capitalists will automatically digest the knowledge of the IPO lock-up expiration date and initiate trading to move the share price accordingly. That way, when insider selling takes place after the lock-up expiration date occurs, the price impact will be negligible.

There is a semi-strong and a strong form of the EMH theory. The semi-strong form defines known information to be “all publicly available information”. This means that any individual can profit from that information because it is already in the public arena. The price impact of any new public information will be reflected in the company’s stock price almost immediately so a trader would have a difficult time profiting from that information. The semi-strong form would state that a lock-up period expiration date falls into the category of “publicly available information” and therefore would be incorporated into the stock price. Based on the semi-strong theory, the only way for an investor to generate higher stock returns would be to have information available to them before it became public.

The strong form defines known information to be “all pertinent information, both public and hidden”. Proponents of the strong form would claim that it was not possible for investors to generate abnormal stock returns even if they were trading on insider information.

On the other end of the argument are those investors who believe in market timing as a way to select stocks that will outperform the market. For these investors, the lock-up period expiration date becomes an ideal tool to time the market and attempt to profit during a period with either long or short selling techniques based on the anticipated price movement.

The final word on lock-up period expiration

A lock-up period expiration date can be a significant event for investors who believe in the benefits of market timing. At the end of a lock-up period, there can be significant share price movement and higher trading volume as company insiders (which includes company founders/owners and executives as well as institutional investors and venture capitalists) look to take profit after being prohibited from selling shares during the lock-up period.

A lock-up period is also frequently assigned to hedge funds. This is done so the hedge fund manager can initiate trades in accordance with the fund’s objectives without being concerned about the fund having a flight of capital from investors.

Although lock-up periods are not a legal requirement they have become a de facto standard that a company will issue voluntarily or to comply with the underwriters of the IPO. In either case, the lock-up period in an effort to protect the share price from the significant downward price movement that can occur when the early investors dump their shares. It also serves to prevent any appearance of insider trading.

The idea of using lock-up expiration dates as a form of market timing to generate abnormal stock returns is widely debated in the industry. Proponents of an efficient market use the Efficient Market Hypothesis (EMH) to claim that the market takes into account all publicly known information or any information both public and private into the stock price. Therefore, these investors would claim that the share price of an IPO stock is already pricing in the lock-up period expiration and subsequent activity surrounding it.

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