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Coupang founder Kim Bom-suk poses in front of the New York Stock Exchange on March 11. (Yonhap) |
About a week into its debut on the New York Stock Exchange, Coupang is allowing some of its workers to sell their shares.
Coupang announced an early stock lockup agreement release for about 34 million shares held by employees, which became eligible for sale at the opening of trading Thursday US time.
According to the South Korean e-commerce platform company, the condition of the release -- that its stocks must close at or above the initial public offering price, $35 -- was satisfied as of the close of trading on Monday.
On Thursday local time, Coupang closed at $43.89 per share, up 1.39 percent from the day before.
Stock lockup periods restrict large shareholders, including company executives and other investors, from selling their shares after an IPO. The lockup period usually lasts from 90 to 180 days, depending on the company. Coupang’s lockup period was 180 days.
Shares held by executives are still restricted from sale for the full 180 days under the terms of the lock-up agreement.
By Jo He-rim (
herim@heraldcorp.com)
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