The 2019 class of tech IPOs is entering the final phase of their public debuts—lockup expiration. That’s when the stocks get their real grade from investors. And so far, the grade hasn’t been good.
In recent months, lockup expiration—when pre-IPO shareholders are allowed to sell—has depressed stocks already poorly performing like Lyft, as well as those not, like Pinterest. Next up is Uber, whose lockup expires on Wednesday, potentially triggering another sell-off in that battered stock. Various high-flying tech IPOs, from Zoom Video to Fiverr, have also sold off as their lockups approached.