Lyft's stock falls on disclosure of earlier-than-expected lockup expiration
Shares of Lyft Inc.
fell 2.1% in premarket trading Wednesday, after the ride-hailing company disclosed that the "lock-up period" following the initial public offering will end on Aug. 19, which was sooner than some analysts expected. The time after the IPO that underwriters have agreed not to sell shares, typically 180 days, is referred to as the lock-up period. J.P. Morgan's Doug Anmuth said the expiration of the lock-up was expected to be Sept.
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