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EDIT: I actually read the S1 excerpt wrong. Update: Note that it is carefully worded: "Our directors, executive officers and holders of a substantial portion o
by fnpiop 8y ago
EDIT: I actually read the S1 excerpt wrong.
Update: Note that it is carefully worded: "Our directors, executive officers and holders of a substantial portion of our capital stock and securities convertible into our capital stock".
What probably happened is that the company required holders of only a "substantial portion" of stock to sign updated agreements with the underwriters. Neither I nor any of my Lyft stockholding friends ever entered into such an agreement (and Lyft isn't claiming that we, as minor shareholders, did). So as far as I can tell, nothing blocks us from hedging with Morgan Stanley or otherwise.
(Original post was thinking the S1 is wrong; it is not)
- ikeboy 8y agoSource?
- fnpiop 8y agoUnfortunately, the actual agreements generally aren't public information. I can't provide mine without risk of loss of anonymity. Yes, this is a lame answer, but any viewer who has Lyft stock or has friends that do can verify for themselves.
- ikeboy 8y agoSeems like it'll hit the courts eventually and then we'll find out if there's a loophole or not. Lyft is certainly claiming there isn't one, and the S1 says the same. If the S1 is false they might have a securities fraud case on their hands.
- gjap1zq 8y agoWhat year agreement do you have? I also signed one - DM me if you want.
- bcb1276 8y agoThe lock up agreement is publicly available on the SEC’s website (it’s a material contract and therefore required to be filed as an exhibit to the registration statement). The agreement itself is part of the Investors’ Rights Agreement. See section 2.12 https://www.sec.gov/Archives/edgar/data/1759509/000119312519059849/d633517dex42.htm https://www.sec.gov/Archives/edgar/data/1759509/000119312519...
- ikeboy 8y agoLyft wouldn't be getting upset with Morgan Stanley if all they did was allow minor shareholders who didn't sign agreements to hedge.