Zynga (ZNGA) Aiming to Have Large Shareholders Enter Longer 'Lock-Up' Period
Tweet
Share
E-mail
Get Alerts ZNGA Hot Sheet
Join SI Premium – FREE
Zynga (Nasdaq: ZNGA) shares saw an afternoon drop following headlines the company is planning to sell more shares while looking to have larger shareholders hang on to shares a little while longer.
Following an IPO in December, Zynga is considering allowing large shareholders to sell common stock in exchange for an extended lock-up period. The current lock-up period is expected to end sometime around June 16th.
Zynga is trying to avoid the fate faced by its peers such as LinkedIn (NYSE: LNKD) which saw shares drop off following expiration of a lock-up period. This is because larger shareholders will usually dump their holdings in order to lock-in profits.
No new shares will be issued in the offering.
After trading up as much as 1.6 percent earlier in the session, Zynga shares are now down nearly 3 percent to around $13.38.
Following an IPO in December, Zynga is considering allowing large shareholders to sell common stock in exchange for an extended lock-up period. The current lock-up period is expected to end sometime around June 16th.
Zynga is trying to avoid the fate faced by its peers such as LinkedIn (NYSE: LNKD) which saw shares drop off following expiration of a lock-up period. This is because larger shareholders will usually dump their holdings in order to lock-in profits.
No new shares will be issued in the offering.
After trading up as much as 1.6 percent earlier in the session, Zynga shares are now down nearly 3 percent to around $13.38.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Denarius Metals acquires 15% stake in Copper Giant, Trafigura invests
- Alzamend Neuro (ALZN) files for 98.4M share offering by selling stockholders
- Lazard Global Total Return fund declares $0.1534 monthly distribution
Create E-mail Alert Related Categories
Corporate News, Equity Offerings, Momentum MoversSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
