SpaceX Faces $48.7B Insider Share Unlock as Shotwell Files to Sell
SPCX sits 41% above its 52-week low of $104.83 on light trading volume (0.3× avg).
Summary
SpaceX's staggered post-IPO lockup releases another tranche Thursday, freeing up to 328.4 million shares worth roughly $48.7 billion at Wednesday's close. This Day-105 release covers about 7% of eligible locked-up shares, with similar-sized tranches following on Oct. 9 and Oct. 24, a larger 28% block after Q3 results, and the remainder on Dec. 8. President and COO Gwynne Shotwell filed a Form 144 to sell 342,170 shares (~$51.96 million) under a prearranged 10b5-1 plan. The first major unlock on Aug. 6 freed 911.5 million shares and the stock rallied 6%, but the added supply is expected to keep volatility elevated through year-end. Shares closed Wednesday down 4.11% at $148.36, about 34% below the 52-week high.
At the time of this announcement, SPCX was trading at $147.81 on NASDAQ in the Technology sector, with a market capitalization of approximately $2T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.