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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Coupang Announces Partial Early Lock-Up Release

March 15, 2021 GMT

SEOUL, South Korea--(BUSINESS WIRE)--Mar 15, 2021--

Coupang, Inc. (NYSE: CPNG), one of Asia’s largest eCommerce companies, confirmed that conditions were satisfied for a partial early lock-up release that will occur at the open of trading on March 18, 2021 with respect to its shares of Class A common stock, par value $0.0001 per share (the “shares”), pursuant to the terms of certain lock-up agreements (“lock-up agreements”) entered into by Coupang’s directors, officers, and affiliated entities with the underwriters of Coupang’s initial public offering.

Pursuant to the terms of the lock-up agreements, the restricted period will end with respect to all outstanding shares held as of February 26, 2021 by employees of Coupang (excluding officers who are subject to Section 16 of the Securities Exchange Act of 1934, as amended, and their affiliates) as of December 31, 2020 (collectively, the “Early Release Employee Group”), including any shares held by any trust for the direct or indirect benefit of a lock-up party or of an immediate family member of the lock-up party, in each case to the extent received in their capacity as an employee of Coupang. The conditions for this early release were satisfied as of the close of trading on March 15, 2021.

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Coupang estimates that approximately 34.0 million shares held by the Early Release Employee Group will become eligible for sale in the public market at the open of trading on March 18, 2021.

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

About Coupang

Coupang is one of the largest eCommerce companies in Asia, with a mission to revolutionize the everyday lives of its customers and create a world where people wonder, “How did we ever live without Coupang?” Coupang offers a variety of services, including same-day and next-morning delivery of groceries and general merchandise, delivery of prepared foods through Coupang Eats, and video streaming through Coupang Play. Founded in 2010, Coupang, which operates in Korea, has offices in Beijing, Los Angeles, Seattle, Seoul, Singapore, Shanghai, and Silicon Valley.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210315005819/en/

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CONTACT: For media:

Coupang PR

press@coupang.comFor investors:

Coupang IR

ir@coupang.com

KEYWORD: SOUTH KOREA UNITED STATES NORTH AMERICA ASIA PACIFIC WASHINGTON

INDUSTRY KEYWORD: RETAIL ONLINE RETAIL COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS

SOURCE: Coupang, Inc.

Copyright Business Wire 2021.

PUB: 03/15/2021 06:14 PM/DISC: 03/15/2021 06:14 PM

http://www.businesswire.com/news/home/20210315005819/en