Robinhood Markets Inc. revolutionized online trading. Now, as it prepares to list its own shares, the upstart broker is taking aim at a pillar of the traditional IPO process: lockups.
When Robinhood shares start trading at the end of this month, employees will be able to sell 15% of their holdings immediately, rather than after the traditional six-month lockup period, according to a regulatory filing. Three months later, they can sell another 15%.
In the past 12 months, several companies have experimented with looser lockups. In September, data-warehousing company Snowflake Inc. said employees could sell as much as 25% of their vested stock after …
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