XPeng holder reportedly offers 10.5 million shares as IPO lock-up expires
Chinese EV maker XPeng Motors holder Shanghai Cheyou offers 10.5 million ADR via Goldman Sachs as the 180-day lock-up period on shares of the company expired February 22, according to Bloomberg.
Shanghai Cheyou bought 15.8 million shares on April 24 pursuant to warrants issued in 2019, according to a filing in December.
The offering is priced between $35.25-$35.75, representing a 5.92% to a 7.24% discount to the last close.
XPeng went public in the US on August 27, 2020, issuing 99.73 million ADSs, providing for a 180-day lock-up period, according to the company's F-1 filing in August 2020.
The 180-day lock-up period on shares of Chinese electric car maker XPeng Motors expired February 22 EST, and they will be free to float from February 23.
That means XPeng insiders will be able to trade their holdings freely. The size of the lockup is currently unknown.
Edison Yu, an analyst at Deutsche Bank, alerted this to investors on Twitter, saying "it's been a tough few weeks for bulls......4Q ER (earnings report) can potentially change narrative."
XPeng stock went down by 7.2 percent in pre-market trading on Tuesday.