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A Rough Ride for Lockups
By Michael Falbo
Special to TheStreet.com
Originally posted at 5:50 PM ET 12/13/00 on RealMoney.com
There are 17 lockups expiring soon, but the two lockup expirations to watch out for this week are Marvell Technology (MRVL:Nasdaq - news) and EXFO Electro-Optical Engineering (EXFO:Nasdaq - news).
Marvell Technology, which designs, develops and markets integrated circuits for communications-related markets, is releasing 78,184,058 shares, or 91.47% of its outstanding shares, on Dec. 23.
Like many initial public offerings that arrived on the market in June, Marvell has suffered mightily. After opening with an IPOprice of $15, it has gone on to experience a high of $109.75 and a low of $25. (It closed Wednesday,meanwhile, at $30.43). So I expect a nervous group of insiders to be waiting on the sidelines for the chance to sell.
Not So Marvellous
Like many IPOS that entered the market in June, Marvell Technology has suffered mightily.
A Canadian company which provides fiber-optic testing, measurement and monitoring instruments for the telecommunications industry, EXFO Electro appeared to be a strong player after entering the market at an IPO price of $26 on June 29. The stock made a steady climb until reaching $85.25 on July 24, but since then it has essentially been rolling down the mountain.
The only good thing is that the stock has seen a nice little kick since the beginning of December, which gives insiders a good reason to get off of this mountain as soon as possible. It closed on Wednesday at $32.93.
Lockup End Deal Name Released Outstanding
12/14/00 DENDREON (DNDN:Nasdaq) 5,418,107 24,163,604
12/15/00 VYYO (VYYO:Nasdaq) 21,424,877 37,595,199
12/16/00 SILVERLINE TECHNOLOGIES (SLT:NYSE) 30,420,221 73,200,000
12/17/00 HANDSPRING (HAND:Nasdaq) 115,253,728 126,830,106
12/18/00 CEPHEID (CPHD:Nasdaq) 20,515,430 26,380,371
12/20/00 ACCELERATED NETWORKS (ACCL:Nasdaq) 40,913,422 50,364,933
12/20/00 CHARLES RIVER LABORATORIES HOLDINGS (CRL:NYSE) 19,820,369 35,920,369
12/20/00 MANUFACTURERS SERVICES (MSV:NYSE) - -
12/20/00 QUALSTAR (QBAK:Nasdaq) 9,596,155 12,123,155
12/23/00 EFUNDS CORP (EFDS:Nasdaq) - -
12/23/00 MARVELL TECHNOLOGY GROUP (MRVL:Nasdaq) 78,184,058 85,479,620
12/24/00 GENUITY (GENU:Nasdaq) 8,695,650 192,169,000
12/26/00 CARESCIENCE (CARE:Nasdaq) 8,756,851 12,756,851
12/26/00 EXFO ELECTRO OPTICAL ENGINEERING (EXFO:Nasdaq 38,000,000 45,707,264
12/27/00 MOBILITY ELECTRONICS (MOBE:Nasdaq) 6,936,239 12,919,120
12/27/00 STORAGE NETWORKS (STOR:Nasdaq) 2,499,370 94,810,319
12/27/00 VIRAGE (VRGE:Nasdaq) 13,326,610 20,171,842
Source ipoPros.com * Released shares as a percentage of outstanding. |
