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Lyft Announces Record Second Quarter Results

4 points by kgwgk 7y ago

kgwgk 7y ago
Something they forgot to include in the press release but appears in the filing: Expected Early Lock-Up Release Date In connection with Lyft’s initial public offering of Class A common stock (the “IPO”), all of Lyft’s executive officers, directors and holders of its capital stock and securities convertible into or exchangeable for such capital stock as of the IPO were parties to market standoff agreements with the Company or entered into lock-up agreements with the underwriters that restrict their ability to sell or transfer their shares, or otherwise engage in certain transactions related to their shares, for a period of 180 days after March 28, 2019. Such period is referred to as the lock-up period. Pursuant to the lock-up agreements with the underwriters, if (i) at least 120 days have elapsed since March 28, 2019, (ii) the Company has publicly released earnings results for the quarterly period during which the IPO occurred and (iii) such lock-up period is scheduled to end during or within five trading days prior to a broadly applicable and regularly scheduled period during which trading in the Company’s securities would not be permitted under its insider trading policy (the “blackout period”), such lock-up period will end ten trading days prior to the commencement of such blackout period. The lock-up period is scheduled to end on September 24, 2019, which falls within the Company’s quarterly blackout period that commences at the end of the day on August 31, 2019. Therefore, in accordance with the lock-up agreements with the underwriters, the lock-up period will end at the open of trading on August 19, 2019, which is ten trading days prior to the commencement of the Company’s quarterly blackout period. The Company will also release the market standoff agreements when the lock-up period expires. The Company estimates that approximately 257.6 million shares of Class A common stock (including approximately 12.8 million shares of Class B common stock convertible into Class A common stock) may become eligible for sale in the public market at the open of trading on August 19, 2019 (subject to continued vesting of any unvested equity awards as of such date).

4 points by kgwgk 7y ago

Something they forgot to include in the press release but appears in the filing: Expected Early Lock-Up Release Date In connection with Lyft’s initial public offering of Class A common stock (the “IPO”), all of Lyft’s executive officers, directors and holders of its capital stock and securities convertible into or exchangeable for such capital stock as of the IPO were parties to market standoff agreements with the Company or entered into lock-up agreements with the underwriters that restrict their ability to sell or transfer their shares, or otherwise engage in certain transactions related to their shares, for a period of 180 days after March 28, 2019. Such period is referred to as the lock-up period. Pursuant to the lock-up agreements with the underwriters, if (i) at least 120 days have elapsed since March 28, 2019, (ii) the Company has publicly released earnings results for the quarterly period during which the IPO occurred and (iii) such lock-up period is scheduled to end during or within five trading days prior to a broadly applicable and regularly scheduled period during which trading in the Company’s securities would not be permitted under its insider trading policy (the “blackout period”), such lock-up period will end ten trading days prior to the commencement of such blackout period. The lock-up period is scheduled to end on September 24, 2019, which falls within the Company’s quarterly blackout period that commences at the end of the day on August 31, 2019. Therefore, in accordance with the lock-up agreements with the underwriters, the lock-up period will end at the open of trading on August 19, 2019, which is ten trading days prior to the commencement of the Company’s quarterly blackout period. The Company will also release the market standoff agreements when the lock-up period expires. The Company estimates that approximately 257.6 million shares of Class A common stock (including approximately 12.8 million shares of Class B common stock convertible into Class A common stock) may become eligible for sale in the public market at the open of trading on August 19, 2019 (subject to continued vesting of any unvested equity awards as of such date).