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As part of the changes, which are yet to be officially announced, the lock-up period for funds under China's Qualified Foreign Institutional Investor (QFII) program will be removed, allowing international investors to withdraw their money on a daily basis.
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 expires.
When an IPO lock-up period expires, more shares are available for trading, placing a greater supply of stock in the stock market.
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.
Upon expiration of the lock-up period, the shares subject to the lockup restriction will become available for resale subject to applicable restrictions under the federal securities laws, including Rules 144 and 701 under the Securities Act of 1933.
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 expires.
Technology companies showed greater volatility around the expiration of their lock-up periods than did life sciences companies.