Shares acquired in the Jumptag purchase. Check out the article on Seeking Alpha. MM is going to tank.
"On August 13th, 2013, Millennial announced that it has entered a definitive agreement to acquire Jumptap for an amount of $232 million in a predominantly stock transaction, whereby shareholders of Jumptap received nearly 24.7 million shares of Millennial, which are approximately 22.5% of Millennial's outstanding shares...
The initial phase of this lockup is ending this week, and releasing 8.3 million shares immediately into the market. The additional 16.4 million shares not being released this week will end their lock up period in early May of this year (in 3 months time).
The volume of shares released from lock up is huge, and amounts to over 20% of the company's outstanding shares. Of extremely high relevance is the identity of the soon to be selling shareholders, and their investment profiles."
Investment venture firms who are holding MM shares will likely sell their shares in blocks to mutual funds and other firms that want to take a position in MM. This will keep the price from falling in the coming days. Moreover, after MM reports quarterly earnings this month, shorts will run to cover their positions, which will propel MM shares higher. Don't be fooled by the shorts' scare tactics.
Yep. The JT VC's are probably not at their first rodeo here. If everyone tries to squeeze through the door at once it will tank the stock - there are very likely arrangements to sell to institutions. Time will tell what the institutions' plans are for those shares - they could end up issuing upgrades to sell (to Joe Retail) into, or they could end up holding.
I would surmise that unless some twinkie working for JT needed to pay his car loan (they're) not going to sell at this price. Why would they?? ....unless they think MM's going into the tank...and if that's the case, why would they have done the (nearly) all-stock deal in the first place?
Not likely to see "millions of new shares entering the market" tomorrow.