When BSP insiders can sell
Bending Spoons S.p.A. · IPO prospectus filed 2026-07-01 · Single cliff · 180-day lock-up
That is the calendar date the clause computes to, counted from the prospectus date. It is the only date computable without knowing a future earnings date, which is why everything that could pull it earlier is printed below it on this page rather than folded into it.
The lock-up clause, in the issuer's words
Every other free lock-up calendar tells you 180 days and moves on. This is the actual sentence the date above was computed from, so that if the words do not support the number, the number is wrong and the filing is one click away.
Pursuant to such lock-up agreements, each Lock-Up Party agreed that, subject to certain exceptions as described below, for a period of 180 days after the date of this prospectus (such period, the "Restricted Period"), they will not (and will not cause any of their direct or indirect affiliates to), without the prior written consent of Goldman Sachs International, J.P. Morgan Securities LLC, and Allen & Company LLC, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any securiti…
Where the share count comes from
The prospectus never prints the number of shares coming free, and nothing in it lets the figure be derived. That is why this deal carries no flow math.
Exceptions written into the lock-up (4)
Each of these is a route by which BSP shares can move before 2026-12-28. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.
- 10b5-1 plan
- bona fide gift or charitable transfer
- estate planning or family transfer
- option exercise or RSU settlement
…ny assumed benefit plan pursuant to a merger, acquisition, or other strategic transaction; or (v) the facilitation of the establishment of a trading plan on behalf of a shareholder, officer, or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of ordinary shares, provided that (a) such plans do not provide for the transfer of ordinary shares during the Company Lock-Up Period and (b) no filing by any party under the Exchange Act or other public announcement is required or made voluntarily in connection with such trading plan (other than any required disclosure on Form 20-F of the entry into any trading plan during the relevant fiscal period, provided that such disclosure includes a statement that no transfers may be made pursuant to such trading plan during the Company Lock-Up Period).
…in the open market after the completion of this offering or (ii) in this offering, in each case if the Lock-Up Party is not one of our directors or officers; (c) any transfer of a Lock-Up Party's Lock-Up Securities as a bona fide gift or gifts, including to charitable organizations or educational institutions, or for bona fide estate planning purposes; provided that the donee or donees agree to be bound in writing by the restrictions set forth in the lock-up agreement; (d) any transfer of a Lock-Up Party's Lock-Up Securities to any beneficiary of the Lock-Up Party pursuant to a will, other testamentary document, or intestate success…
…p Party is not one of our directors or officers; (c) any transfer of a Lock-Up Party's Lock-Up Securities as a bona fide gift or gifts, including to charitable organizations or educational institutions, or for bona fide estate planning purposes; provided that the donee or donees agree to be bound in writing by the restrictions set forth in the lock-up agreement; (d) any transfer of a Lock-Up Party's Lock-Up Securities to any beneficiary of the Lock-Up Party pursuant to a will, other testamentary document, or intestate succession to the legal representatives, heirs, or beneficiaries of the Lock-Up Party, provided that the transferee…
…ons, stock grants, restricted stock, restricted stock units, or other equity grants and the issuance of ordinary shares or securities convertible into or exercisable or exchangeable for ordinary shares (whether upon the exercise of stock options or otherwise) to our employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan described in this prospectus, provided that such recipients have entered into, or will enter into, a lock-up agreement with the underwriters for the remainder of the Company Lock-Up Period; (iii) the issuance of up to 10% of the outstanding ordinary shares, or se…
What we could not establish
BSP is read but not publishable: the prospectus does not state how many shares come free. So there is no absorb-day figure on this page and no call, and there will not be one until the number exists in a filing.
The common case is a prospectus that says "substantially all" of the locked shares become eligible for sale without ever printing a count. The clause above is quoted in full so you can see that for yourself. An estimate presented with a filing link beside it would read as a filing figure, and that is worse than an admission — it is the one failure mode a reader cannot detect.
How this reading of BSP could be wrong
The lock-up period is restated 6 times in this prospectus. Issuers repeat the clause on the cover, in the summary, in the risk factors and in the underwriting section, and the wording is not always identical. The parser resolved them to one period; if a reader finds a restatement that disagrees, the quote above is the one it used.
The volume is a vendor's, not ours. BSP is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.
Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.
The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.
Also unlocking in 2026-12 (13)
Lock-ups cluster, because IPOs cluster: these priced in the same window as BSP and come free in the same month. Several heavy releases landing together is a different situation from one.
| Deal | Expiry | Shares free | Absorb days |
|---|---|---|---|
| LFTO Liftoff Mobile, Inc. | 2026-12-01 | 5.0M | 7.4 sessions |
| INIO INNIO N.V. | 2026-12-01 | — | — |
| SSMR Sunshine Silver Mining & Refining Co | 2026-12-02 | — | — |
| QNT Quantinuum Inc. | 2026-12-02 | 233.0M | 95.0 sessions |
| EROC ERock, Inc. | 2026-12-07 | — | — |
| PBLS Parabilis Medicines, Inc. | 2026-12-08 | — | — |
| LIME Neutron Holdings, Inc. | 2026-12-09 | — | — |
| SPCX SPACE EXPLORATION TECHNOLOGIES CORP | 2026-12-09 | 11.96B | 109 sessions |
| KARD Kardigan, Inc. | 2026-12-15 | 64.3M | 124 sessions |
| FCBM First Carolina Financial Services, Inc. | 2026-12-15 | 20.4M | 121 sessions |
| DPC DPC Holdings Ltd | 2026-12-23 | — | — |
| SIND Sinda Ltd. | 2026-12-26 | — | — |
| ITG ITG, Inc./DE/ | 2026-12-29 | 101.7M | 129 sessions |
Learn to read these clauses yourself
The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.
Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · BSP's prospectus on EDGAR · what funds carried these companies at before listing