PLANO, Texas, May 11, 2021 (GLOBE NEWSWIRE) -- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for U.S.-based financial institutions, announced today a partial early lock-up release with respect to shares of Alkami’s common stock, par value $0.001 per share, pursuant to the terms of certain lock-up agreements entered into by certain of Alkami’s directors, officers, greater than 1% stockholders and other security holders with the underwriters of Alkami’s initial public offering.
Pursuant to the terms of the lock-up agreements, the restricted period will end with respect to either 15% or 25% of the shares subject to each lock-up agreement (depending on whether such lock-up agreement pertains to directors, officers, other members of senior management and investors, or to employees and individual consultants (including former employees and individual consultants)), provided that certain conditions related to the closing trading price of Alkami common stock must be met for the restricted period to end with respect to shares owned by directors, officers, other members of senior management and investors, which conditions have been satisfied. The Company currently estimates that up to approximately 14.3 million shares will become eligible for sale in the public market at the open of trading on May 14, 2021.
In addition, pursuant to the terms of the lock-up agreements, the restricted period will end on the third trading day after the date of Alkami’s earnings release for the quarterly period ending June 30, 2021 with respect to additional shares subject to each lock-up agreement (either 15% or 25% depending on whether such lock-up agreement pertains to directors, officers, other members of senior management and investors, or to employees and individual consultants (including former employees and individual consultants)).
The shares eligible for sale may be sold pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The restricted period will continue to apply with respect to all remaining shares subject to the lock-up agreements.
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. The Alkami Platform is the digital banking and fraud mitigation platform of choice for over 240 financial institutions. Alkami’s investments have resulted in a premium platform that has enabled it to replace older, larger and better-funded incumbents and provide clients with world-class experiences reflecting their individual digital strategies.
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Source: Alkami Technology, Inc.