skills/bigdata-post-ipo-day179/assets/report-template.md

# Post-IPO day-179 lock-up note — report template

Follow this structure. Keep the section order. Where a table or section has no data, write "Not available" rather than dropping it. Add inline citations `[1]`, `[2]` immediately after claims, hyperlinked to the document URL.

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# Report Template — Post-IPO Day 179 (180-Day Lock-Up Expiry)

Seven sections. Target 4–7 pages. Analyst prose; tables for data-dense content. No recommendation, price target, or conviction rating. Cite lock-up terms from the filing — do not assume a generic 180 days for every holder.

## 1. Executive Summary (~½ page)

Lock-up snapshot table:

| Field | Value |
|---|---|
| Issuer / Ticker / Exchange | |
| Lock-up expiry date | |
| Shares unlocking | |
| Current free float → post-expiry float | |
| Float increase (× current / % shares out) | |
| Overhang in days-to-trade (shares / ADV) | |
| Short interest / days-to-cover | |

Then 3–4 takeaways: size of the unlock, overhang magnitude, and how positioning has set up. No view.

## 2. Lock-Up Terms (~½–1 page)

From the prospectus and any 8-K/424B (cited): expiry date, who is locked (founders, employees, pre-IPO VC/PE, strategic), the share count releasing, and any tiered or early-release provisions (price/time triggers, underwriter waivers). Distinguish this 180-day tranche from a later founder tranche.

## 3. Float & Overhang Math (~1 page)

Show inputs:

| Input | Value | Source/Assumption |
|---|---|---|
| Shares outstanding | | |
| Current free float (shares / %) | | |
| Shares unlocking | | |
| Post-expiry float (shares / %) | | current + unlocked |
| Average daily volume (ADV) | | |
| Days-to-trade (overhang) | | unlocked / ADV |

## 4. Selling-Intention Signals (~½–1 page)

Disclosed secondary offerings, 10b5-1 plans, prior insider sales, and management/VC commentary. Note that end-of-life VC funds are more likely distributors than long-horizon founders.

## 5. Positioning Into the Event (~½ page)

Short interest and days-to-cover, borrow availability/cost, options skew, recent price action. Heavy pre-positioning may mean the overhang is partly discounted.

## 6. Historical Lock-Up Effect (~½ page)

The typical pattern (often modest negative drift into/just after expiry, scaled by float increase, insider ownership, and post-IPO performance) with 1–2 recent analogs.

## 7. Two-Sided Read & Watch Points (~½ page)

Bear: dilution of tradable supply, insider distribution. Bull: overhang already priced, expiry as a clearing event, float increase aiding liquidity/index eligibility. Watch points: exact expiry date, any early release/waiver, follow-on secondary, next earnings.

## Style rules

- Inline citations [1], [2] immediately after claims, hyperlinked to the document URL.
- Every number traces to a source or a shown, labeled calculation; "not disclosed" where missing.
- Neutral analyst tone. Banned: "we recommend", "sell into the unlock", "avoid", any conviction rating.
- Tables for data, prose for analysis. No section may be a bare bullet list.

## Sources

Full list of every source cited inline: source name, title, date, URL. Bigdata.com content branded "Bigdata.com" linked to the URL.

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## Disclaimer

This output is for informational and research-assistance purposes only. It does **not** constitute investment, legal, tax, accounting, or other professional advice, and it is **not** a recommendation to buy, sell, or hold any security or instrument or to pursue any strategy. Information may be incomplete, estimated, delayed, or inaccurate. Past performance does not guarantee future results. Verify material facts independently and consult qualified advisors before making decisions.

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