When CSQR insiders can sell
Csquare, Inc. · IPO prospectus filed 2026-07-16 · 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.
How much stock, against how much trades
"Absorb days" is the shares coming free divided by average daily volume: how many full sessions of CSQR's entire turnover the release amounts to. It is a ratio, not a forecast — it does not know who wants to sell, and a founder with no intention of selling counts the same as a fund that has been waiting six months.
Exactly 105,020,702 shares, against 2,076,515 shares a day averaged over 20 sessions. Volume source: yahoo-finance2 daily bars (symbol not in our price table), through 2026-11-06. Dollar volume $29.8M a day. Lightest third of the cohort.
Our call: Absorbed
CSQR sits in the lightest third of a cohort of 47 deals — lightest third at or below 54.1 sessions, heaviest at or above 109 sessions. The call is cohort-relative, not a fixed threshold, so the same absorb-day figure could read differently against a different month's IPOs. Expected excess return against SPY: non-negative.
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.
…rds ." Lock-up Agreements We, Brookfield and all of our directors and executive officers, who collectively hold substantially all of our issued and outstanding common stock, have agreed not to sell any common stock or securities convertible into or exercisable or exchangeable for shares of common stock for a period of 180 days from the date of this prospectus, subject to certain exceptions. Please see " Underwriting (Conflicts of Interest) " for a description of these lock-up provisions. The representatives, in their sole discretion, may at any time release all or any portion of the shares from the restrictions in such agreements, subject to applicable notice requirements. Rule 144 After giving effect to this offering, we expect that 103,887,373 shares of our outstanding common stock will be "restricted" securities under the meaning of Rule 144 under the Securities Act and may not be sol……
Where the share count comes from
105,020,702 shares — derived: shares outstanding after the offering, less the shares sold in it. A count the prospectus prints and a count derived from two of its other numbers are not the same quality of claim, so which one this is gets said rather than implied.
| Shares outstanding after the offering | 155,020,702 |
| Shares sold in the offering | 50,000,000 |
| Underwriters' over-allotment option | 7,500,000 |
| Locked up, coming free at expiry | 105,020,702 |
After the completion of this offering (assuming no exercise of the underwriters' option to purchase additional shares), we will have 155,020,702 shares of common stock outstanding. All shares of our common stock sold in this offering will be freely tradable without restriction or further registration under the Securities Act. The remaining number of outstanding shares of common stock are "restricted securities," as defined under Rule 144 under the Securities Act, and eligible for sale in the public market subject to the requirements of Rule 144. We, Brookfield and each of our executive officers and directors, who collectively hold substantially 49 TABLE OF CONTENTS all of…
Exceptions written into the lock-up (6)
Each of these is a route by which CSQR shares can move before 2027-01-12. 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
- directed share program participants
- option exercise or RSU settlement
- underwriter discretionary release
…ling shall become a publicly-filed registration statement during the restricted period; (vii) facilitating the establishment of a trading plan on behalf of any of our shareholders, officers or directors pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock, subject to certain restrictions; and (viii) bona fide gifts to charitable organizations provided that any such transfer will not involve a disposition for value. The lock-up agreements applicable to Brookfield and all of our directors and executive officers are subject to specified exceptions, including: (i) common stock acquired in this offeri…
…shment of a trading plan on behalf of any of our shareholders, officers or directors pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock, subject to certain restrictions; and (viii) bona fide gifts to charitable organizations provided that any such transfer will not involve a disposition for value. The lock-up agreements applicable to Brookfield and all of our directors and executive officers are subject to specified exceptions, including: (i) common stock acquired in this offering (other than, for officers and directors of the Company, any issuer-directed shares of common stock purchased in thi…
…ich we were a party or will be a party, in which: the amounts involved exceeded or will exceed $120,000; and any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest. This Offering Brookfield Securities LLC, an affiliate of Brookfield, is an underwriter in this offering and will receive a portion of the underwriting discounts and commissions in connection with this offering. See " Underwriting (Conflicts of Interest) ." As more fully discussed in " Underwriting (Conflicts of Interes…
See "Underwriting (Conflicts of Interest)—Directed Share Program" for additional information. We have granted the underwriters an option to purchase up to 7,500,000 additional shares of common stock, solely to cover over-allotments, if any, from us at the initial public offering price, less underwriting discounts and commissions, within 30 days from the date of this prospectus. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
…fers to the Company upon the undersigned's death, disability or termination of employment or other service relationship with the Company; (ix) transfers to the Company upon the "net" or "cashless" vesting, settlement or exercise of stock options or other equity awards granted pursuant to our equity incentive plans described herein; (x) transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of our common stock that has been approved by our board of directors and involving a change of control of the Company; (xi) in the case of Brookfield only, transfers to an…
LLC and TD Securities (USA) LLC on behalf of the underwriters may, in their sole discretion, release all or any portion of the shares subject to lock-up agreements at any time and for any reason. In addition, Brookfield has certain rights to require us to register the sale of common stock held by them including in connection with underwritten offerings. Sales of significant amounts of stock in the public market upon expiration of lock-up agreements, the perception that such sal…
How this reading of CSQR could be wrong
The lock-up period is restated 3 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. CSQR 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 2027-01 (4)
Lock-ups cluster, because IPOs cluster: these priced in the same window as CSQR and come free in the same month. Several heavy releases landing together is a different situation from one.
| Deal | Expiry | Shares free | Absorb days |
|---|---|---|---|
| STDN Standard Nuclear, Inc. | 2027-01-12 | 150.7M | 631 sessions |
| SCTX Scribe Therapeutics, Inc. | 2027-01-23 | — | — |
| REF Reformation Inc. | 2027-01-26 | 49.6M | 108 sessions |
| APMD Apnimed, Inc. | 2027-01-27 | — | — |
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 · CSQR's prospectus on EDGAR · what funds carried these companies at before listing