DoorDash discloses early expiration of lockup agreements on about 114 million shares


DoorDash Inc.
disclosed Monday that the underwriters of its initial public offering have agreed to an early expiration of some of lock-up agreements, which could make more than 110 million shares available for sale. The stock, which went public on Dec. 9, rose 1.9% in morning trading. The food-delivery platform the shares will become eligible for sales on March 9, or about three months before the expiration of the original 180-day lock-up agreement. The company had said that in the case of an early expiration of some of the lock-up agreements, 95,709,974 Class A shares held by former holders of convertible preferred stock, 6,262,890 of Class A shares held by board members and management and 11,889,744 shares of Class A shares held by all other holders — a total of about 113.9 million shares — would be eligible for sale. That represents about 35.8% of the total shares outstanding, and could effectively more than double the public float. The stock has rallied 21.0% year to date, while the Renaissance IPO ETF
has gained 6.4% and the S&P 500
has tacked on 3.8%.


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