When GMRS insiders can sell

GMR Solutions Inc. · IPO prospectus filed 2026-05-14 · Single cliff · 180-day lock-up

Scheduled lock-up expiry
2026-11-10
Absorbed

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 GMRS'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.

Shares coming free
22.1M
Avg daily volume
673K
Absorb days
32.8 sessions
Cohort percentile
17th
Offer price
$15.00
Vs offer
-17.1%

Exactly 22,106,835 shares, against 673,335 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 $8.4M a day. Lightest third of the cohort.

Our call: Absorbed

GMRS 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.

Issued 2026-09-27, 44 days before the expiry, as call GMRS-2026-11-10. The ledger is append-only and lives in git, so the date on that row cannot be moved after the fact — which is the entire reason these calls are published ahead of the event instead of tested afterwards.

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.

Morgan Securities LLC, for a period of 180 days after the date of this prospectus (the "lockup period"). The restrictions described in the immediately preceding paragraph and contained in the lock-up agreements between the underwriters and the lock-up parties do not apply, subject in certain cases to various conditions, to certain transactions, including (a) transfers of lock-up securities: (i) by gift or by will or intestacy to a family member or certain estate planning vehicles, (ii) by a corporation, partnership, limited liability company, trust or other entity, to (a) transfer lock-up sec…

Where the share count comes from

22,106,835 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 offering54,021,728
Shares sold in the offering31,914,893
Locked up, coming free at expiry22,106,835
The sentence the count was read from
Following this offering and the Concurrent Transactions, we will have 54,021,728 shares of Class A common stock outstanding and 169,123,306 Company Warrants exercisable for shares of Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock will be identical, except with respect to voting and conversion. Each share of Class A common stock will be entitled to one vote per share and shares of Class B common stock will be non-voting, except as may be required by law or otherwise provided by the certificate of incorporation. Each share of Class B common stock will automatically convert into one share of Class A common stock upon the sale or other transfer of such share of Class B common stock by the holder thereof.

Exceptions written into the lock-up (5)

Each of these is a route by which GMRS shares can move before 2026-11-10. 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
10b5-1 plan
…ropriating or otherwise disposing of the lock-up securities in connection with a loan (including any margin loan) or other financing transaction and (xiv) the establishment by lock-up parties of trading plans under Rule 10b5-1 under the Exchange Act, provided that such plan does not provide for the transfer of lock-up securities during the lock-up period; provided that (A) in the case of any transfer or distribution pursuant to clauses (i) through (v) above, it shall be a condition to such transfer that each transferee executes and delivers to J.P. Morgan Securities LLC a lock-up letter in the form of the lock-up agreement stating t…
bona fide gift or charitable transfer
…any partnership or limited liability company of which a participant, or such participant and such participant's family members, are the sole member(s), and a beneficiary to whom donations are eligible to be treated as "charitable contributions" for tax purposes. Amendment and Termination The Human Capital and Compensation Committee may amend, alter, suspend, discontinue, or terminate the 2026 Equity Incentive Plan or any portion thereof at any time; but no such amendment, alteration, suspension, discontinuance or termination may be made without stockholder approval if (i) such approval is necessary to comply with any regulatory requirement applicable to the 2026 Equity Incentive Plan or for changes in U.S.
estate planning or family transfer
…the lock-up parties do not apply, subject in certain cases to various conditions, to certain transactions, including (a) transfers of lock-up securities: (i) by gift or by will or intestacy to a family member or certain estate planning vehicles, (ii) by a corporation, partnership, limited liability company, trust or other entity, to (a) transfer lock-up securities to another corporation, partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 12b-2 under the Exchange Act) of the lock-up party or (b) as part of a distribution to limited partners, limited liabil…
directed share program participants
See "Dividend Policy." Directed Share Program At our request, the underwriters have reserved up to 1,276,596 shares of our Class A common stock, or 4% of the shares offered by this prospectus, for sale at the initial public offering price through 24 TABLE OF CONTENTS a directed share program to our employees, officers and directors based in the United States. Fidelity Brokerage Services LLC and Fidelity Capital Markets, a division of National Financial Services LLC, a selling group member in this offering, will administer our directed share program.
option exercise or RSU settlement
…issued shares of common stock into 22,106,835 shares of Class A common stock, and excludes: 35,158,650 shares of Class A common stock, including (i) 15,438,319 shares of Class A common stock that may be issued upon the exercise of outstanding options at an average weighted exercise price of $8.24 and (ii) 19,720,331 shares of Class A common stock that may be issued upon the vesting of restricted and performance stock units issued under our 2015 Equity Incentive Plan (as defined in "Executive and Director Compensation), including 683,245 shares of Class A common stock issuable upon the vesting of cash-based awards based on an aggregate net value of $10.2 million, assuming the price at which such awards settle is the initial public offering price of $15.00 per share of Class A common stock.

How this call scored

Not yet graded. Scoring needs the close on or before 2026-11-10 plus the next 5 and then 21 sessions, so a result cannot exist before those sessions have happened. This space is empty because the clock has not run, not because the result is being withheld — and when it fills, it fills whichever way the market went. The full scoreboard publishes every graded leg against the naive baseline that every unlock gets absorbed.

How this reading of GMRS could be wrong

The lock-up period is restated 2 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. GMRS 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 2026-11 (10)

Lock-ups cluster, because IPOs cluster: these priced in the same window as GMRS and come free in the same month. Several heavy releases landing together is a different situation from one.

DealExpiryShares freeAbsorb days
REA
Rare Earths Americas, Inc.
2026-11-03——
HAWK
HawkEye 360, Inc.
2026-11-0377.1M44.3 sessions
ODTX
Odyssey Therapeutics, Inc.
2026-11-0427.1M94.8 sessions
SUJA
SUJA LIFE, INC.
2026-11-0429.7M179 sessions
FRVO
Fervo Energy Co
2026-11-10205.0M22.3 sessions
CBRS
Cerebras Systems Inc.
2026-11-10212.9M18.7 sessions
EROK
EagleRock Land, LLC
2026-11-10——
BXDC
Blackstone Digital Infrastructure Trust Inc.
2026-11-11——
GUAC
Berto Acquisition Corp. II
2026-11-14——
LCLN
Lincoln International, Inc.
2026-11-17——

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.

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Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · GMRS's prospectus on EDGAR · what funds carried these companies at before listing