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Bill Gurley: Lock-up agreements require underwriter contract, not just firm assertion

Bill Gurley: Lock-up agreements require underwriter contract, not just firm assertion
Lock-up agreements require formal contracts

Bill Gurley challenges the legitimacy of lock-up agreements imposed without a formal contract between firms and lead underwriters.

He contends that such agreements are only valid when a contract is signed with the underwriter, and asserts that claims to the contrary are either false or based on misinformation. Gurley describes lock-ups as mechanisms primarily engineered by underwriters to facilitate secondary offerings rather than serving broader interests.

Gurley has previously highlighted mechanisms that shape IPO outcomes. He has explained how the greenshoe option in IPOs can increase deal size by 15 percent and help stabilize prices. In other commentary, Gurley noted that Chinese LLM model companies are attracting notable venture capital and revenue.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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