Up to 319 million shares were unlocked for trading on August 20, making another block of insider stock eligible to be traded.
According to MarketWatch, the shares represent about 7% of stock held by early investors and employees under Space Exploration Technologies Corp.’s (NASDAQ: SPCX) staggered lockup schedule.
The event is the second scheduled release since SpaceX went public in June. The first unlock made about 911 million shares eligible for sale on August 6.
However, eligibility does not mean insiders will sell the shares. By the end of August 7, SPCX had risen 23% from the day before the first unlock, MarketWatch reported. Shares owned by Chief Executive Elon Musk and some other investors remain subject to longer restrictions.
Read: SpaceX Q2 Revenue Jumps 92% to $7.81 Billion
Morgan Stanley analyst Adam Jonas described the lockup expiry as a potential opportunity in a client note cited by MarketWatch. His view represents analyst opinion rather than a company forecast.
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SpaceX shares fell 2.6% on August 19 to close below USD 140, according to MarketWatch. Further staged unlocks are scheduled under the company’s 180-day lockup structure through December.
