Apr 28, 2006 : Cbeyond Extends Lock-Up Agreements
📅 - Managed hosting provider Cbeyond Communications (cbeyond.com) announced on Thursday that lock-up agreements entered into in conjunction with its initial public offering has been extended until May 27. The first sales of previously restricted shares may start on May 30 since the NASDAQ Stock Market is closed for Memorial Day on May 29.
Although the lock-up period was due to expire on April 30, the company's underwriting agreement allows an automatic extension of the lock-up period for an additional 18 days after Cbeyond's quarterly earnings press release. The automatic extension of the lock-up period allows for research analysts to publish research on the company following the quarterly earnings press release.
Under applicable regulatory restrictions, the research analysts of the firms who managed the company's initial public offering are prohibited from publishing research on the company for fifteen days prior to and after the lock-up expiration date. Cbeyond recently announced that it intends to release financial results for the first quarter of 2006 on May 9.
Upon expiration of the lock-up period, the shares subject to the lockup restriction will become available for resale subject to applicable restrictions under the federal securities laws, including Rules 144 and 701 under the Securities Act of 1933. Cbeyond completed its initial public offering of 6.1 million shares in November 2005.
Although the lock-up period was due to expire on April 30, the company's underwriting agreement allows an automatic extension of the lock-up period for an additional 18 days after Cbeyond's quarterly earnings press release. The automatic extension of the lock-up period allows for research analysts to publish research on the company following the quarterly earnings press release.
Under applicable regulatory restrictions, the research analysts of the firms who managed the company's initial public offering are prohibited from publishing research on the company for fifteen days prior to and after the lock-up expiration date. Cbeyond recently announced that it intends to release financial results for the first quarter of 2006 on May 9.
Upon expiration of the lock-up period, the shares subject to the lockup restriction will become available for resale subject to applicable restrictions under the federal securities laws, including Rules 144 and 701 under the Securities Act of 1933. Cbeyond completed its initial public offering of 6.1 million shares in November 2005.
Reads: 1778 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/042806_Cbeyond_Extends_Lock-Up_Agreements.cfm
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