Thursday, July 12, 2012
Payday Approaches At Bazaarvoice
It looks like it's finally getting close to payday for some executives and employees at Austin-based BazaarVoice, after the company said Thursday that there was a partial release of lock-up restrictions for shares held by officers and directors of the company. The firm said the release of lock-up restrictions come as part of its ongoing, follow-on offering for the company. Bazaarvoice said the release will take effect concurrently with that follow-on, where a number of the firm's stockholders--but not BazaarVoice itself--are selling their shares. Bazaarvoice went public in February. As is typical for firms after an IPO, shareholders of those companies are bound by lock-up agreements, usually lasting six months, to prevent wholesale sales of shares by employees and shareholders at the IPO. Bazaarvoice is currently trading above its IPO, which was at $12.00 per share, around $16.00 a share.