Facebook (FB) Sellers are Relentless as Lock-Up Expires, Send Shares to New Lows
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Facebook, Inc. (Nasdaq: FB) is under heavy pressure and tapped new post-IPO lows Thursday as selling shareholders are overwhelming any demand for the stock as a massive IPO lock-up is now expired.
Today, 271,123,815 shares became available to be sold by selling shareholders. Over the next nine months a total of 1.91 billion shares will be freed up.
Between October 15, 2012 and November 13, 2012, an additional 133 million shares become available; on November 14, 2012, approximately 1,197 million outstanding shares an approximately 20 million shares underlying other net-settled Pre-2011 RSUs become available; on December 14, 2012, 149,432,006 shares held by the selling stockholders in our IPO other than Mr. Zuckerberg become available; and on May 18, 2013 47,315,862 shares held by Mail.ru Group Limited and DST Global Limited and their respective affiliates become available.
The selling comes despite the notable underperformance in the share price since the IPO. After pricing its IPO at $38 in May, shares are now down nearly 50 percent to $19.77.
Sellers of the stock could include billionaire Peter Theil, who just a few days ago disclosed the conversion of 9,297,844 shares of Class B stock into Class A stock. He also owns an addition 18,581,901 Class A shares, for a total of 27,879,785 share available to be sold with the lock-up expiration.
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Today, 271,123,815 shares became available to be sold by selling shareholders. Over the next nine months a total of 1.91 billion shares will be freed up.
Between October 15, 2012 and November 13, 2012, an additional 133 million shares become available; on November 14, 2012, approximately 1,197 million outstanding shares an approximately 20 million shares underlying other net-settled Pre-2011 RSUs become available; on December 14, 2012, 149,432,006 shares held by the selling stockholders in our IPO other than Mr. Zuckerberg become available; and on May 18, 2013 47,315,862 shares held by Mail.ru Group Limited and DST Global Limited and their respective affiliates become available.
The selling comes despite the notable underperformance in the share price since the IPO. After pricing its IPO at $38 in May, shares are now down nearly 50 percent to $19.77.
Sellers of the stock could include billionaire Peter Theil, who just a few days ago disclosed the conversion of 9,297,844 shares of Class B stock into Class A stock. He also owns an addition 18,581,901 Class A shares, for a total of 27,879,785 share available to be sold with the lock-up expiration.
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relentlessness
steve on Aug 16, 2012 11:03 AMMark as Spam | Reply to this comment
relentlessness ??