Benzinga | Mar 1, 2021 09:08AM EST

Affirm Reports Early Lock-Up Release, Effective At Beginning Of Trade On Mar. 3, 2021; Co. Sees Up To 15.6M Shares Eligible For Sale In Public Market

Affirm Holdings, Inc. (NASDAQ:AFRM) ("Affirm" or the "Company"), today announced a partial early lock-up release with respect to Affirm's shares of Class A common stock, par value $0.00001 per share (the "shares"), pursuant to the terms of certain lock-up agreements ("lock-up agreements") entered into by certain of Affirm's directors, officers, greater than 1% stockholders and other stockholders (other than current non-officer employees, former employees, consultants and independent contractors) with the underwriters of Affirm's initial public offering.

Pursuant to the terms of the lock-up agreements, the restricted period will end with respect to 10% of the shares subject to each lockup agreement if certain share price and other conditions are met. The conditions for early release were satisfied on February 26, 2021. Accordingly, the Company estimates that up to 15.6 million shares will become eligible for sale in the public market at the open of trading on March 3, 2021.

The restricted period will continue to apply with respect to all remaining shares subject to the lock-up agreements.