Guardant Health insiders able to sell shares Monday as lock-up expires

Shares of precision oncology company Guardant Health (GH) may see additional trading volatility this Monday when a lock-up expires on a number of shares of its stock. Lock-up agreements, a typical feature of company stock offerings, prevent certain shareholders from selling for a set amount of time after the offering. WHAT’S COMING: A number of shares of Guardant stock will become available for sale Monday, April 1, as a lock-up related to the company’s initial public offering of stock expires. In a regulatory filing related to the IPO, Guardant previously stated: “Sales of a substantial number of shares of our common stock in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell their shares, could result in a decrease in the market price of our common stock. Immediately after this offering, we will have outstanding 83,557,281 shares of common stock based on the number of shares outstanding as of June 30, 2018. This includes the shares that we are selling in this offering, which may be resold in the public market immediately without restriction, unless purchased by our affiliates. Of the remaining shares, substantially all are currently restricted as a result of securities laws or 180-day lock-up agreements but will be able to be sold after the offering… Moreover, after this offering, holders of an aggregate of up to 58,272,213 shares of our common stock, including shares of our common stock issuable upon the conversion of the shares of our convertible preferred stock that will be outstanding immediately prior to the consummation of this offering, will have rights, subject to some conditions, to require us to file registration statements covering their shares or to include their shares in registration statements that we may file for ourselves or other stockholders.” NOTABLE SHAREHOLDERS: According to Bloomberg data, 13.1% of Guardant shares are held by insiders. Chief Executive Officer Helmy Eltoukhy is the individual with the largest stake, with a position of roughly 5.37M shares, or 6.25% of the stock outstanding, Bloomberg data shows. SoftBank (SFTBF), an early investor, is Guardant’s top shareholder with a 32% stake, Bloomberg has reported. PRICE ACTION: In morning trading on Friday, Guardant Health shares are up $4.23, or 5.7%, to $77.93. Guardant Health came public on October 4, 2018, pricing its IPO at $19.00 per shares and opening for trade at $27.75 per share.

https://thefly.com/landingPageNews.php?id=2886240