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Elastic shares fall after software company's post-IPO lock-up period expires

Jordan Novet

Elastic ESTC shares dropped 3.5 percent Wednesday after the software company's initial post-IPO lock-up period expired, allowing insiders to sell stock for the first time. Elastic, which provides open-source search software used by businesses, went public in October at $36 a share and the stock has since surged, closing on Tuesday at $87.14. Last week the company said that 25 percent of the shares that have been subject to lock-up agreements will be released and available for sale, so long as the stock's closing price on Monday was at least 33 percent higher than the IPO price.