SpaceX Sets Earnings Date, Triggering First Share Lock-Up Expiration
SpaceX has scheduled its first earnings report for August 4, which will also trigger the initial expiration of the lock-up period for millions of company shares.
Aerospace manufacturer SpaceX announced on Monday that its first earnings report will be released on August 4. This date coincides with the first expiration of the company's share lock-up period, allowing insiders to begin selling their holdings.
SpaceX implemented a staggered approach to its post-initial public offering lock-up. Instead of releasing all insider shares after a typical 180-day period, the company will permit sales in tranches. The initial expiration will allow investors to sell up to 20% of their eligible locked-up shares, totaling approximately 911.5 million shares.
An additional 10% of shares could become available if the stock closes at least 30% above the IPO price for five out of the ten trading days leading up to the earnings report. In recent weeks, SpaceX's stock has fallen significantly from its intraday high following its June debut, impacting Elon Musk's net worth. The stock showed signs of recovery on Tuesday.
In parallel with its financial reporting, SpaceX is managing operational events. The company planned to launch a Falcon 9 rocket with Starlink satellites on Tuesday, following a prior postponement. A test flight of the Starship rocket is scheduled for Thursday, after a recent engine ignition failure prompted a launch abort.