[라이센스뉴스 정재혁 기자] The public market is permitted to trade approximately 34 million shares of Coupang’s employees.
Coupang (NYSE: CPNG) said on the 18th that the company’s employees are the first to sell shares on the open market after the completion of the IPO as some of its employees meet the conditions for lifting the restrictions on early sale.
This prioritizes general employees over the company’s executives and pre-IPO investors, and shortens the regular 180-day sale limit to 6 days, which should be applied to existing employees.
These stocks will be released from the opening on the 18th, the 6th trading day from the IPO. 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 limit agreement (Sales Limitation Agreement) signed between Coupang’s executives and affiliates and Coupang’s IPO Underwriters, as of December 31, 2020, among the employees currently working at Coupang, they are currently in Coupang. Stocks held by employees (collectively called’Early Cancellation Employee Group’) until February 26, 2021 have been lifted from the sale limit and can be traded in the public market.
This early cancellation condition was satisfied at the close of the market on the 15th. Coupang predicted that at the opening on the 18th, the sixth trading day after the IPO, about 34 million shares held by the early release employee group will be available for trade in the open market.
On the other hand, all remaining shares subject to the sale restriction agreement will continue to be subject to the sale restriction period.