Some of Coupang’s employees, who own Coupang shares, will be able to sell their shares on the open market starting on the 18th.
Coupang announced on the 18th that it was possible to sell shares within six days after listing as the conditions for lifting the restrictions on early sale of some employees were met.
Under the policy that Coupang prioritizes the company’s executives and investors before listing, the 180-day sale limit applied to existing employees was shortened to 6 days. The sale restrictions are lifted from the time of opening. However, Coupang executives (executives and related persons pursuant to Article 16 of the U.S. Securities Exchange Act) are not subject to the removal of the restriction on early sale.
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 at Coupang as of December 31st last year Shares that were held by the company (collectively, “Early Canceled Employee Group”) until the 26th of last month have been lifted from the sale limit and can be traded in the public market. The early release employee group holds approximately 34 million shares. All shares held in a trust for direct or indirect benefits to the person subject to sale restrictions or their immediate family members are also included if they are paid as employees of Coupang.
On the other hand, all remaining shares subject to the sale restriction agreement will continue to be subject to the sale restriction period. [프레스맨]