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Technology Stocks : Log On America, Inc. LOAX
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To: Dr. Seuss who wrote (146)5/19/1999 1:38:00 PM
From: ISP_Investor  Read Replies (1) of 353
 
LOAX Insiders and any investors that invested when the company was private had the choice to sell at the offering and register those shares with the offering or sign a 180 day lock up agreement with Dirks barring those investors from selling until 180 days after the IPO. They also have a 1 year requirement that they must hold the stock for 1 year before selling it so most of them have at least 6 months from the IPO date to sell unless they acquired the stock in the 6 months prior to the IPO. Dirks can release some or all of the investors from the lockout but they will have to notify the NASD before doing so. They may announce a secondary offering to try to get the shares out on the market without disrupting the price, so if you see a secondary announced or the lockup removed, RUN FOR THE BORDER. The only thing keeping the stock up right now is the thin float on the securities.
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