The lockup period, during which insiders were barred from selling shares, ends today.
After the lockup period [restricting sales of stock] ends, who knows what they will do?
Another factor in the price decline has been the expiration of lockup periods, allowing insiders to sell.
At some companies, share prices had already fallen sharply by the time the lockup period after the initial public offering ended, allowing insiders to sell.
Until this week, they were forbidden to sell under the lockup period dictated by securities law.
The lockup period is six months, and the fund uses up to 2x leverage.
Investors may sell their shares for cash or exchange them for bottles of wine after a three-year lockup period.
Now, however, many of these so-called lockup periods are expiring and stock is coming on to the market.
Another lockup period expires in 90 days, potentially putting 38.5 million more shares in play.
Insiders are not permitted to sell their shares until the end of the so-called lockup period.