When SUJA insiders can sell

SUJA LIFE, INC. · IPO prospectus filed 2026-05-08 · Single cliff · 180-day lock-up

Scheduled lock-up expiry
2026-11-04
Pressure

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 SUJA'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
29.7M
Avg daily volume
166K
Absorb days
179 sessions
Cohort percentile
87th
Offer price
—
Vs offer
—

Exactly 29,736,123 shares, against 166,285 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 $1.6M a day. Heaviest third of the cohort.

Our call: Pressure

SUJA 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.

Issued 2026-10-12, 23 days before the expiry, as call SUJA-2026-11-04. 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.

…of the underwriters, we and they will not, subject to limited exceptions, directly or indirectly sell or dispose of any of the shares of Class A common stock or securities convertible into or exchangeable for, or that represent the right to receive, shares of common stock, including LP Units, through the date that is 180 days after the date of this prospectus. The lock-up restrictions and specified exceptions are described in more detail under "Underwriting." The representatives named above may, in their sole discretion, release all or any portion of the securities subject to these lock-up agreements. See "Underwriting." 189 TABLE OF CONTENTS Prior to the completion of the offering, certain of our employees, including our executive officers, and/or directors may enter into written trading plans that are intended to comply with Rule 10b5-1 under the Exchange Act. Sales under these trading……

Where the share count comes from

29,736,123 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 offering38,625,012
Shares sold in the offering8,888,889
Underwriters' over-allotment option1,333,333
Locked up, coming free at expiry29,736,123
The sentence the count was read from
Class A common stock to be outstanding immediately after this offering 23,788,700 shares of Class A common stock (or 25,122,033 shares of Class A common stock if the underwriters' option is exercised in full). If all outstanding LP Units were exchanged for newly issued shares of Class A common stock, 38,625,012 shares of Class A common stock (or 39,958,345 shares of Class A common stock if the underwriters' option is exercised in full) would be outstanding. Class V common stock to be outstanding immediately after this offering 14,836,312 shares of Class V common stock, which number would not change if the underwriters' option is exercised in full.

Exceptions written into the lock-up (5)

Each of these is a route by which SUJA shares can move before 2026-11-04. 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
  • underwriter discretionary release
10b5-1 plan
…ng." 189 TABLE OF CONTENTS Prior to the completion of the offering, certain of our employees, including our executive officers, and/or directors may enter into written trading plans that are intended to comply with Rule 10b5-1 under the Exchange Act. Sales under these trading plans would not be permitted until the expiration of the lock-up agreements relating to the offering described above. Following the lock-up periods set forth in the agreements described above, and assuming that the representatives of the underwriters do not release any parties from these agreements, all of the shares of our Class A common stock that are restricted securities or are held by our affiliates as of the date of this prospectus will be eligible for sale in the public market in compliance with Rule 144 under the Securities Act.
bona fide gift or charitable transfer
…scribed above 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: (i) as one or more bona fide gifts or charitable contributions, or for bona fide estate planning purposes, including, without limitation, to charitable organizations or educational institutions; (ii) by will, testamentary document or intestate succession; (iii) if the lock-up party is a natural person, to any immediate family member of the lock-up party or to any trust for the direct or indirect benefit of the lock-up party or an immed…
estate planning or family transfer
…he material facts of the proposed transaction, including the proposed aggregate value of the transaction; the impact on a director or a director nominee's independence in the event the related person is a director or an immediate family member of the director or director nominee; the benefits to us of the proposed transaction; if applicable, the availability of other sources of comparable products or services; and an assessment of whether the proposed transaction is on terms that are comparable to the terms available to an unrelated third party or to employees generally. The Audit Committee may only approve those transactions that are in, or are not inconsistent with, our best interests and those of our shareholders, as the Audit Committee determines in good faith.
option exercise or RSU settlement
See "— Exchange Agreement." Issuance of LP Units Upon Exercise of Options or Issuance of Other Equity Compensation Upon the exercise of options issued by us, or the issuance of other types of equity compensation by us (such as the issuance of restricted or non-restricted stock, payment of bonuses in stock or settlement of SARs (as defined below) in stock), we will be required to acquire from Holdings LP a number of LP Units equal to the number of shares of Class A common stock being issued in connection with the exercise of such options or issuance of other types of equity compensation.
underwriter discretionary release
The lock-up restrictions and specified exceptions are described in more detail under "Underwriting." The representatives named above may, in their sole discretion, release all or any portion of the securities subject to these lock-up agreements. See "Underwriting." 189 TABLE OF CONTENTS Prior to the completion of the offering, certain of our employees, including our executive officers, and/or directors may enter into written trading plans that are intended to comply with Rule 10b5-1 under the Exchange Act. Sales under these trading plans would not be permitted until the expiration of the lock-up agreements relating to the offering described above.

How this call scored

Not yet graded. Scoring needs the close on or before 2026-11-04 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 SUJA could be wrong

The lock-up period is restated 4 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. SUJA 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 SUJA 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
FRVO
Fervo Energy Co
2026-11-10205.0M22.3 sessions
GMRS
GMR Solutions Inc.
2026-11-1022.1M32.8 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.

Lesson 6 →

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