Coupang lifts restrictions on early sale to employees… “Allowed to trade 34 million shares held”

Coupang lifts restrictions on early sale to employees… “Allowed to trade 34 million shares held”

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Enter 2021-03-18 20:26 | Revision 2021-03-18 20:34


Coupang lifts restrictions on early sale to some of its employees.

According to Coupang on the 18th, the company’s employees are the first to sell shares on the open market after the completion of the IPO as conditions for lifting some restrictions on early sale by employees are met.

Coupang said, “It has chosen to prioritize general employees over the company’s executives and investors prior to the IPO, and has shortened the usual 180-day sale limit to 6 days, which should be applied to existing employees.”

These stocks will be released from the IPO on the 6th trading day, opening on March 18, 2021. The company’s executives (meaning executives and related persons pursuant to Article 16 of the U.S. Securities Exchange Act) are not subject to the removal of this early restriction.

According to the provisions of a specific sale restriction agreement (“Sales restriction agreement”) signed between Coupang executives and affiliates and IPO Underwriters in Coupang, among the employees currently working in Coupang as of December 31st last year, (Collectively referred to as the’early release employee group’) Of these, the stocks held by February 26 this year (including all stocks held by a trust for direct or indirect benefits to a person subject to sale restrictions or their immediate family are paid as employees of Coupang), the sale restrictions are lifted. You can trade in the public market.

This early cancellation condition was met at the close of the market on March 15, 2021. Coupang predicted that when it opens on March 18, 2021, the sixth trading day after the IPO, about 34 million shares held by the early release employee group will be available for trade on the open market.

All remaining shares subject to the sale restriction agreement will continue to be subject to the sale restriction period.



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