Steer Technologies Inc V.ARGH

big selloff is coming. Read this

[mingzhu]

In light of the recent selling activity of a significant non-management, non-Board member shareholder of the Company (“Major Outside Shareholder Selling”), the Company has also considered the feedback of other early investors and, in the interests of establishing fairness for all shareholders to the extent possible per the Company’s long-held values, the Company has taken the important step of removing certain contractual restrictions on the ability of such early-investors to trade their shares of the Company. In particular, the Company had, in March of 2021, entered into voluntary amended lock-up agreement extensions (the “Amended Lock-up Agreements”) with a number of early-stage investors including members of senior management of the Company today (collectively, the “Early Investors”) that had been initially entered into on or around the time of its going-public reverse takeover in September of 2019 (“Original Lock-up Agreements”). The effect of such Amended Lock-up Agreements was for the Early Investors to voluntarily agree to a more restrictive release schedule than had been established in the Original Lock-up Agreement. However, in light of the Major Outside Shareholder Selling, the Company has agreed to revert to terms found in the Original Lock-up Agreement, which allows for more shares to release from lock-up on an earlier schedule (as contemplated in said Original Lock-up Agreements). In the case of non-executive Early Investors, this means an unlocking of an additional 10 percent of their holdings (above and beyond a 5 percent release at each interval) at the end of each quarter beginning March 31,, 2021. In the case of executive Early Investors, reversion to the Original Lock-up Agreement means 15 percent of their shareholdings being released from lock-up as of the end of each quarter beginning March 31, 2021. The Company will provide additional details about the status of the lock-up agreements once discussions with the Early Investors have been completed, which is expected later in the month.

[mingzhu]

you still have some time to run: "The Company will provide additional details about the status of the lock-up agreements once discussions with the Early Investors have been completed, which is expected later in the month."