The specific provision in the IPO lock-up agreements being waived is the lock-up extension provision that may extend, upon the occurrence of certain events, the 180-day IPO lock-up period
for an additional period of up to 34 days.
Starting in just a few months, they will be free to sell their shares as the so-called lock-up period
The shares issued have a lock-up period
of 2,5 years.
Although the lock-up period
was due to expire on Sunday, April 30, 2006, the Company's underwriting agreement provides for an automatic extension of the lock-up period
for an additional 18 days after Cbeyond's quarterly earnings press release.
However, the shares will be subject to a lock-up provision for six (6) months from the Closing Date and will be adjusted in the event the Company's stock price at the end of the lock-up period
is either greater than twenty-five percent (25%) higher or lower than the price used in the Definitive Agreement.
AMEX:AQA) today announced that its officers and directors are extending the lock-up period
on their restricted personal holdings in the company's stock for an additional 90 days, until May 13, 2002.
Two exceptions to the extended lock-up period
provide that the officers may sell shares as part of a follow-on public offering by APT should such a transaction be pursued and completed within the extended lock-up period
, and that officers may gift shares to the extent such transfers would constitute a completed gift of shares under the Internal Revenue Code of 1986, as amended.
5 times today's closing price for any five consecutive trading days during the extended lock-up period
, then at the close of the Nasdaq Stock Market on the fifth trading day, 25% of the securities initially subject to the lock-up agreement will cease to be subject to the lock-up restrictions.
The original lock-up period
ends on September 16, 2000, and the 45-day extension period ends on October 31, 2000.
Rather, it is intended to allow Aether's significant shareholders the opportunity to sell shares in an orderly manner, and to extend the lock-up period
to five months after the completion of the offering.
The notes are convertible at the option of the investors into shares of Cypros common stock once the applicable lock-up period
Technology companies showed greater volatility around the expiration of their lock-up periods
than did life sciences companies.