GMVD - NASDAQ IPO, page-32

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Poorrundownhill

908 Posts.

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23/10/20

16:49

Post #: 48343787
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Originally posted by uncle_elmer: ↑

I think it may now be 6 months lock-up....p.114 of the amended filing:

"In addition, our Amended and Restated Memorandum and Articles of Association to be in effect upon the consummation of this offering include a provision pursuant to which all of the holders of our outstanding shares immediately prior to this offering shall be restricted from transferring or otherwise disposing of any Ordinary Shares for a period of three months after the consummation of this offering. The Three Month Lock-Up does not apply to any new shares issued in this offering or thereafter. Pursuant to the underwriting agreement for this offering, we have further undertaken to convene and hold a general meeting of our shareholders (to be held within 75 days after this offering) where we will ask our shareholders to amend our Amended and Restated Memorandum and Articles of Association to extend the Three Month Lock-Up to a period of six months after the consummation of this offering. Certain members of our management and board of directors, including our Chief Executive Officer, who hold a total of 30,316,900 Ordinary Shares, have agreed to vote in favor of this amendment."

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I think you are correct. 30m would give them a 51%+ majority. Not overly bothered by this. They are obviously worried existing SH's will tank the price as soon as they can so they will want to keep the shares locked up as long as possible so they can generate more outside interest. It will also push the price up on good news as there are less shares in circulation.

GMV Price at posting: 3.9¢ Sentiment: Buy Disclosure: Held
14 Upvote

0 Great analysis

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