When ITG insiders can sell
ITG, Inc./DE/ · IPO prospectus filed 2026-07-02 · 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 ITG'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 101,718,194 shares, against 791,475 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 $3.6M a day. Heaviest third of the cohort.
Our call: Pressure
ITG sits in the heaviest 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: 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.
…ers of a substantial majority of all of our capital stock and securities convertible into our capital stock (each such person, a "lock-up party") have entered into lock-up agreements with the representatives prior to the commencement of this offering pursuant to which each of these persons or entities, for a period of 180 days after the date of this prospectus (the "Restricted Period"), may not 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, or, in the case of the Company, file with the SEC a registration statement under the Securities Act relating to, any Class A common stock or any securities convertible into or exercisable or exchangeable for Class A common 172 Table of Contents stock or enter into an……
Where the share count comes from
101,718,194 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 | 121,230,390 |
| Shares sold in the offering | 19,512,196 |
| Underwriters' over-allotment option | 2,926,829 |
| Locked up, coming free at expiry | 101,718,194 |
Shares of Class A Common Stock to be Outstanding Immediately After This Offering 45,517,704 shares (or 48,444,533 shares if the underwriters exercise in full their option to purchase additional shares to cover over-allotments), representing approximately 37.55% of the combined voting power of all of ITG, Inc.'s common stock, 100.0 % of the economic interest in ITG, Inc. and 37.55% of the indirect economic interest in ITG Parent (or approximately 39.02% of the indirect economic interest in ITG Parent if the underwriters exercise in full their option to purchase additional shares of Class A common stock to cover over-allotments).
Exceptions written into the lock-up (5)
Each of these is a route by which ITG shares can move before 2026-12-29. 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
…rsuant to the Company's benefit plans described in this prospectus, as such plans may be amended; or (7) facilitating the establishment of a trading plan on behalf of a stockholder, officer, or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Class A common stock, provided that (i) such plan does not provide for the transfer of Class A common stock during the Restricted Period (except as otherwise permitted under the lock-up agreement) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding the establishment of such…
…transfers, dispositions or distributions of shares of Class A common stock or any security convertible into or exercisable or exchangeable for Class A common stock as: (i) a bona fide gift, including, without limitation, to a charitable organization or educational institution, or for bona fide estate planning purposes, (ii) by will, testamentary document or intestacy, (iii) to any corporation, partnership, limited liability company or other entity that controls, is controlled by or managed by, or is under common control with, the lock-up party, or the immediate family of the lock-up part…
…to which we are a party in which the amount involved exceeded or exceeds $120,000 and in which any of our directors, executive officers, holders of more than 5% of any class of our voting securities or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than compensation arrangements with directors and executive officers, which are described under "Executive Compensation" and "Management—New Director Compensation Program." History of ITG, Inc. and Partnership with Oaktree We are a preferred provider of mission critical services to the digital and other utility infrastructure industries throughout the United States.
See "Dividend Policy." Listing We have been approved to list our Class A common stock on Nasdaq under the symbol "ITG." Directed Share Program At our request, Morgan Stanley & Co. LLC (the "DSP Underwriter") has reserved up to 5% of the shares of Class A common stock to be issued by us and offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase from us to cover over-allotments, at the initial public offering price, to certain friends and family of our Continuing Equity Owners, officers, directors, employees and certain related persons.
In addition, you may also experience additional dilution upon future equity issuances, the exercise of stock options to purchase Class A common stock granted to our employees and directors under our stock option and equity incentive plans or the exercise of warrants to purchase common stock. See "Dilution." As an emerging growth company within the meaning of the Securities Act, as modified by the JOBS Act, we may utilize certain modified disclosure requirements, and we cannot be certain if these reduced requirements will make our Class A common stock less attractive to investors.
How this reading of ITG 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. ITG 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 ITG 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 | — | — |
| BSP Bending Spoons S.p.A. | 2026-12-28 | — | — |
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 · ITG's prospectus on EDGAR · what funds carried these companies at before listing