Zillow insiders have a clause that says that they can sell some of their stock 90 days after the IPO if it stays above $25, GeekWire reports.
Zillow had a roller-coaster IPO recently and has now dipped below $30.
This is pretty unusual: most venture-backed companies that go public have a 180 day delay after the IPO before insiders can cash out. And it could depress the stock, as usually happens when insiders start turning their stock into cash.
GeekWire quotes Patrick Schultheis, a partner at big tech law firm Wilson Sonsini as saying that the provision is “really unusual.”
Worth keeping an eye out on if you own the stock.
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