Jul
31
Oh Snap! Shares Tumble After Insiders Get First Opportunity to Sell
Posted in: Uncategorized
Credit: Illustration by Tam Nguyen/Ad Age
The shares tumbled as much as 5.1% to $13.10 in New York, 23% below the company’s $17 IPO price.
Inside holders, such as executives and investors from the company’s days as a private startup, are barred from selling their shares for a certain period after the IPO. JPMorgan Chase & Co. had estimated that as many as 400 million shares could be sold in the first lockup expiration.
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