Replies to post #186282 on Enzolytics Inc (ENZC)

[falon]

Yes,

There will likely be a lock-up period for divy shares.

Don't know how long.

Which lock-up restrictions are typically negotiated in connection with a de-SPAC?

As compared to the almost standard 180-day lock-up period in IPOs, the lock-up period for target company shareholders can range from 180 days to one year. Sponsors are typically subject to a one-year lock-up that may terminate early if the stock trades above a specified price for a specified period at any time after 150 days following completion of the de-SPAC transaction. The lock-up for target shareholders may be for a shorter period, to stagger the sales, or it may be for a one-year period to align the interests of the target shareholders with the those of the sponsor. In either case, the

[Valuator2]

There is a timeline in the agreement dependent on the closing date. As I recall, they have until 12/31/23 to close the deal but (JMHO) will probably do it sooner. Then there's the 6 mos hold by ENZC for the Make Whole provision. It's possible that will be the end of the hold, but then they have more time, if needed, to do the registration and dividend distribution. Maybe they will clarify the length of the hold in a PR.