has announced an early stock lockup agreement release for 34 million shares held by employees, following the Korean e-commerce giant’s initial public offering last week.
Coupang (ticker: CPNG) went public at $35 a share on March 11, opening for trade at $63.50, and then settling in at around $50. According to the company’s IPO prospectus, Coupang had agreed to early release of the stock following the third trading day that the stock closed at or above the IPO price. That requirement was fulfilled on Monday.
Coupang said that under terms laid out in the prospectus, the shares will be eligible for trade as of the morning of March 18. The company has about 1.8 billion shares outstanding on a fully diluted basis. Other lockup restrictions remain in place.
Coupang stock was down 2.9%, at $49.01, in recent trading. The
was up 0.2%.
Write to Eric J. Savitz at [email protected]