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A large number of shares are expected to be listed on the 18th (local time), a week after Coupang, an e-commerce company, made its successful debut on the New York Stock Exchange (NYSE). This is because the protection deposit of 2% of employee-owned shares is released. Coupang announced that as of the opening of the New York Stock Exchange (NYSE) on the same day, restrictions on the sale of approximately 34 million Class A common shares held by its employees will be lifted. Photo = Courtesy of Coupang
On the 18th (local time), a week after Coupang, an e-commerce company made its successful debut on the New York Stock Exchange (NYSE), the company’s shares are expected to hit the market. This is because the protection deposit for employee-owned shares, which represents 2% of all listed shares, is released.
Coupang announced that as of the opening of the New York Stock Exchange (NYSE) on the same day, restrictions on the sale of approximately 34 million Class A common shares held by its employees will be lifted. The amount of the sale restrictions lifted corresponds to 2% of the total number of shares (1,715.14 million shares).
Coupang said: “As the conditions are met to lift some restrictions on the early sale of around 34 million shares held by the employee group, the shares will be tradable on the open market.” I chose to prioritize them, “he explained.
Coupang added that “measures in accordance with the provisions of a specific sell-limit agreement with executives and affiliates” and “all remaining shares subject to the sell-limit agreement will continue to be subject to the sell-limit period.”
A large number of shares are expected to be listed on the 18th (local time), a week after Coupang, an e-commerce company, made its successful debut on the New York Stock Exchange (NYSE). This is because the protection deposit of 2% of employee-owned shares is released. Coupang announced that as of the opening of the New York Stock Exchange (NYSE) on the same day, restrictions on the sale of approximately 34 million Class A common shares held by its employees will be lifted. Photo = Courtesy of Coupang
The amount released this time is part of stock options (66.7 million shares at the end of last year) granted to all employees. Protected deposit is a system that restricts existing shareholders’ transactions for a specified period immediately after listing and is typically held for 6 months after the IPO.
However, if the sell limit is lifted on this day, if the share price is higher than the public offering price ($ 35), the employee who is not the primary shareholder may receive an exception to sell the shares. that are had on the sixth day after listing Receive. Coupang’s main shareholders can also dispose of a portion of their shares starting 12 days after listing if the share price is 33% higher than the public offering price.
Coupang’s share price has recently declined due to concerns about volume outflows. Coupang’s stock price began trading at $ 63.50, 84% higher than the public offering price ($ 35) on the 11th of the first trading day. At one point, it spiked to $ 69, but then fell below $ 50 and fell to $ 43.29 (closed on the 17th).
A large number of shares are expected to be listed on the 18th (local time), a week after Coupang, an e-commerce company, made its successful debut on the New York Stock Exchange (NYSE). This is because the protection deposit of 2% of employee-owned shares is released. Coupang announced that as of the opening of the New York Stock Exchange (NYSE) on the same day, restrictions on the sale of approximately 34 million Class A common shares held by its employees will be lifted. Photo = AP
Previously, Coupang founder Kim Bum-seok, chairman of Coupang’s board of directors, sold 1.2 million treasury shares. According to a disclosure by the US Securities and Exchange Commission, President Kim sold 1.2 million shares on the 15th. The average sale price is $ 35 per share and the total amount of the sale equals $ 42 million (about 47.5 billion won).
At the time of listing, Chairman Kim owned Class B, which had 29 times more voting rights than Class A common shares, and held a 10.2% stake. For this sale, President Kim converted 1.2 million Class B shares into outstanding Class A common shares. Voting rights have decreased from 76.7% to 76.2%.
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