skills/bigdata-post-ipo-day365/assets/report-template.md

# Post-IPO day-365 founder 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 365 (366-Day Founder/Investor Lock-Up & Float Expansion)

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

## 1. Executive Summary (~½ page)

Float-expansion snapshot table:

| Field | Value |
|---|---|
| Issuer / Ticker / Exchange | |
| Lock-up expiry date (366-day tranche) | |
| Founder/investor shares becoming eligible | |
| Current free float → projected float (target 15–20%) | |
| New supply in days-to-trade (shares / ADV) | |
| Est. float-adjusted index reweight demand (days of ADV) | |
| Net technical (supply − passive demand) | |

Then 3–4 takeaways: how far float expands, the supply-vs-index-demand net, and realistic founder selling. No view.

## 2. Lock-Up Structure (~½–1 page)

From the prospectus and subsequent filings (cited): the 366-day tranche's covered holders (founders, major VC/PE, strategic), share count releasing, how it stacks on the 180-day unlock, and dual-class/super-voting structure.

## 3. Float Expansion Math (~1 page)

Show inputs:

| Input | Value | Source/Assumption |
|---|---|---|
| Shares outstanding | | |
| Current free float (shares / %) | | |
| Founder/investor shares becoming eligible | | |
| Projected post-expiry float (shares / %) | | check vs 15–20% expectation |
| Average daily volume (ADV) | | |
| Days-to-trade (ceiling) | | eligible / ADV |

## 4. Offsetting Demand — Float-Adjusted Index Reweight (~1 page)

Float-weighted indices raise the company's weight as float rises, triggering mechanical passive buying at the next reweight. Estimate the weight change and implied passive demand (show the math, label as estimate); net it against the new supply.

## 5. Realistic Supply Assessment (~½ page)

Founders typically diversify gradually (often via 10b5-1 plans) rather than dump; end-of-life VC funds may distribute to LPs. Disclosed plans, prior selling behavior, and management commentary.

## 6. Governance Angle (~½ page)

Whether founders retain voting control via super-voting shares after selling economic stake, and what that means for the alignment narrative.

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

Bear: meaningful new founder/VC supply, signaling. Bull: float increase improves liquidity, index weight, and institutional accessibility; passive demand offsets supply. Watch points: exact expiry date, index reweight date, disclosed sale plans, 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 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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