SpaceX shares rallied 3% on Tuesday, ending a seven-day losing streak. The company announced the release date for its first earnings report, which will trigger the expiry of a large-scale share lock-up period.

Elon Musk's aerospace and defense contractor SpaceX announced on Monday that it will release its first post-listing results on August 4. The date will also trigger the company's special lock-up arrangement, allowing insiders to sell shares earlier than the standard 180-day lock-up period.

SpaceX adopted a phased lock-up expiry arrangement, allowing insiders to sell portions of their holdings at different times to avoid massive sell-offs and share price volatility. After the first results announcement, investors may sell up to 20% of eligible locked-up shares, involving as many as 911.5 million shares.

If the share price closes at least 30% above the IPO price on five out of the 10 trading days before the earnings release, an additional 10% of shares may be unlocked.

As of Monday's close, SpaceX shares lost nearly half from the intraday peak of USD225.64 on June 16 and were 43% below the record closing high of USD211.39 reached that day.

According to Forbes' real-time billionaires ranking, Musk's net worth exceeded USD1 trillion on June 12, while it stood at about USD786 billion as of Monday this week.
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AASTOCKS Financial News
Website: www.aastocks.com

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