Freshworks Announces Partial Early Lock-Up Release on November 4, 2021
SAN MATEO, Calif., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Freshworks Inc. (NASDAQ: FRSH), a leading software company empowering businesses to delight their customers and employees, today announced, as disclosed in the final prospectus dated September 21, 2021 relating to Freshworks’ initial public offering, a partial early lock-up release with respect to Freshworks’ 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 Freshworks’ directors and officers and certain holders of Freshworks’ common stock with the underwriters of Freshworks’ initial public offering.
Pursuant to the terms of the lock-up agreements, the restricted period will end with respect to either 20%, 30% or 40% of the shares held by all holders of common stock and securities exercisable for or convertible into common stock if the last reported closing price of the Class A common stock on The Nasdaq Stock Market LLC is equal to or greater than 110%, 125% or 150%, respectively, of the IPO price of $36.00 per share for any 10 out of 15 consecutive trading days ending on the one trading day prior to the second trading day after Freshworks’ public announcement of its earnings for the fiscal quarter ended September 30, 2021, including the last day of such 15 trading day period.
The underwriters have agreed that the conditions for early release of 20% of the shares have been deemed satisfied as of October 27, 2021. Accordingly, Freshworks estimates that up to 58.2 million shares will become eligible for sale in the public market at the open of trading on November 4, 2021.
The restricted period will continue to apply with respect to all remaining shares subject to the lock-up agreements.
Freshworks makes it fast and easy for businesses to delight their customers and employees. We do this by taking a fresh approach to building and delivering software that is affordable, quick to implement, and designed for the end user. Headquartered in San Mateo, California, Freshworks has a dedicated team operating from 13 global offices to serve 50,000+ customers including Bridgestone, Chargebee, DeliveryHero, ITV, Klarna, Multichoice, OfficeMax, TaylorMade and Vice Media. For more information visit www.freshworks.com.
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