Also, the company said that it, its directors and officers remain subject to lockups and transfer restrictions regarding its common stock under applicable lock-up agreements
and the shares of its common stock that were outstanding before its IPO remain subject to lock-ups and transfer restrictions under its charter.
In a regulatory filing, Lyft said on Wednesday that pursuant to the lock-up agreements
with the underwriters, if (i) at least 120 days have elapsed since March 28, 2019, (ii) the company has publicly released earnings results for the quarterly period during which the IPO occurred and (iii) such lock-up period is scheduled to end during or within five trading days prior to a broadly applicable and regularly scheduled period during which trading in the company's securities would not be permitted under its insider trading policy, such lock-up period will end ten trading days prior to the commencement of such blackout period.
LONDON: British investors have called upon investment banks to stick closer to lock-up agreements on sales of company shares after a major transaction, saying it would ensure more stable markets.
"It comes down to no more than we think it is important that lock-up agreements frankly do what they say on the tin," Robert Hingley, director of investment affairs at the ABI said.
The ABI wants lock-up agreements to specify an initial "hard" lock-up that cannot be waived after which
LLC is releasing a lock-up restriction with respect to certain shares of ServiceNow's common stock held by a director of ServiceNow to be sold in the proposed offering and, in addition, is granting a waiver to a specific provision found in all of the IPO lock-up agreements that were entered into by ServiceNow and ServiceNow's security holders.
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.
Securities law permits takeover bidders to enter into prebid lock-up agreements with major target shareholders.
If those negotiations are successful, the bidders and these major target shareholders will typically sign lock-up agreements. There are two basic modes of lock-up agreement: the "hard" lock-up and the "soft" lock-up.
Institutional unitholders holding, in aggregate, 12.6 million units of O&Y REIT, representing 36.4% of the outstanding units of the REIT, have entered into lock-up agreements
in support of the transaction.
Moreover, there is no information suggesting that A's or any subsequent transferee's retention of rights in the shares were conditioned on anyone's "future performance (or refraining from performance) of substantial services." Thus, the lock-up agreements did not make those rights subject to a substantial risk of forfeiture and could not have prevented Sec.
Any transfer restrictions imposed on A's sales (or other trading) by the referenced agreements were "lapse restrictions"--demonstrated by both their tolling (the underwriter's agreement and the lock-up agreements) and the window periods (the insider trading compliance program).