thredUP Announces Final IPO Lock-up Release
August 20 2021 - 4:05PM
In connection with the initial public offering (the “IPO”) of Class
A common stock of ThredUp Inc. (“thredUP” or the “Company”)
(NASDAQ: TDUP), one of the largest online resale platforms for
women’s and kids’ apparel, shoes and accessories, all of the
Company’s directors, executive officers and holders of
substantially all of the Company’s outstanding equity securities
entered into lock-up agreements with the underwriters for the IPO
to restrict their ability to sell or transfer shares of the Company
through September 21, 2021, subject to certain exceptions. Pursuant
to the terms of the lock-up agreements with the underwriters, 20%
of shares held by the Company’s current and former employees,
consultants and contractors (but excluding executive officers, key
employees and directors) subject to a lock-up agreement became
eligible for sale in the public market at the open of trading on
May 12, 2021. Since thredUP will be in a trading blackout period on
September 22, 2021, the lock-up agreements provide that the
expiration date with respect to the remaining shares will instead
be ten trading days prior to the commencement of such trading
blackout period.
As a result, the remaining shares of thredUP that are subject to
an IPO lock-up agreement will become eligible for sale in the
public market at the open of trading on August 27, 2021 (subject to
the terms of lock-up agreements entered into by the Company’s
directors, executive officers, the selling stockholders and certain
other stockholders with the underwriters in the Company’s follow-on
equity offering related to the final prospectus dated July 28,
2021, trading limitations on shares held by affiliates of the
Company, continued vesting of any unvested equity awards as of such
date and the Company’s insider trading policies).
About ThredUp Inc.
thredUP is transforming resale with technology and a mission to
inspire a new generation of consumers to think secondhand first. By
making it easy to buy and sell secondhand, thredUP has become one
of the world's largest resale platforms for women's and kids'
apparel, shoes and accessories. Sellers love thredUP because we
make it easy to clean out their closets and unlock value for
themselves or for the charity of their choice while doing good for
the planet. Buyers love shopping value, premium and luxury brands
all in one place, at up to 90% off estimated retail price. Our
proprietary operating platform is the foundation for our managed
marketplace and consists of distributed processing infrastructure,
proprietary software and systems and data science expertise. In
2018, we expanded our platform with Resale-as-a-Service® (RaaS®),
which facilitates modern resale for a number of the world's leading
brands and retailers. thredUP has processed over 125 million unique
secondhand items from 35,000 brands across 100 categories. By
extending the life cycle of clothing, thredUP is changing the way
consumers shop and ushering in a more sustainable future for the
fashion industry.
Media
media@thredup.com
Investor
IR@thredup.com
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