Biotech Lock-Up Expiration Hell Portfolio Message Board

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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio

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To: hmpa who wrote (263)	7/13/2001 8:44:21 PM
From: keokalani'nui	Read Replies (1) of 1005

hmpa, you said >>Knowing [...] the venture capital funds which plan to sell at the unlock time shorted it now locking in selling price pretty close to IPO<< I didn't think they could do that. A typical lock-up agreement says thou shalt not: offer, pledge, sell or contract to sell any common stock; - sell any option or contract to purchase any common stock; - purchase any option or contract to sell any common stock; - grant any option, right or warrant for the sale of any common stock; - lend or otherwise dispose of or transfer any common stock; - request or demand that we file a registration statement related to the common stock; or - enter into any swap or other agreement that transfers, in whole or in part, the economic consequence of ownership of any common stock whether any such swap or transaction is to be settled by delivery of shares or other securities, in cash or otherwise. Am I a sucker to believe they obey the agreements? Or put another way, when is a lock-up agreement not a lock-up agreement? --Wilder

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