Brilliant Earth announces early lockdown release date
SAN FRANCISCO, December 02, 2021 (GLOBE NEWSWIRE) – Brilliant Earth Group, Inc. (“Brilliant Earth” or the “Company”) (Nasdaq: BRLT), an innovative, digitally-driven jewelry company and a global leader in fine jewelry ethics, today announced the early release date of certain class A ordinary shares of the Company (the “Shares”) pursuant to lock-up agreements entered into by the directors, officers and holders of the quasi – all of the Company’s equity securities then outstanding with the underwriters of the Company’s initial public offering (the “IPO”).
Subject to certain exceptions, lock-up agreements restrict the ability of shareholders subject to them to sell or transfer shares of the capital stock of the Company until the first of the following days: (i) 180 days after September 22 2021 and (ii) the second full trading day following the second public publication of the Company’s financial results after September 22, 2021 (the period ending first between (i) and (ii), the “Lock-in Period”) . Under the lock-up agreements, the restrictions would end early for 15% of the shares held by the directors, officers and entities affiliated with the Company, and for 25% of the shares held by all other shareholders subject to the agreement of blocking. if certain share prices and other conditions are met. The conditions were met on November 26, 2021.
Once the conditions are met, the early publication will take place on December 7, 2021. Therefore, the Company estimates that approximately 0.7 million Class A ordinary shares of the Company will become eligible for sale on the public market in the United States. ‘opening of trading on December 7, 2021, subject to restrictions applicable under the Securities Act of 1933, as amended, including Rule 144 and Rule 701. Since the Company has not been subject to the requirements of declaration of section 13 or section 15 (d) of the Securities Exchange Act of 1934 for at least 90 days, approximately 12.4 million class A common shares of the Company which would become eligible under the lock-up agreements for sale in the public market on December 7, 2021 that are held by the directors of the Company, officers and entities affiliated with the Company will not be negotiable in accordance with Rule 144 until at least December 22, 2021.
About Shining Earth
Brilliant Earth is a digital-native omnichannel jewelry company and a global leader in ethically-sourced jewelry. Led by our co-founders Beth Gerstein and Eric Grossberg, the company’s mission since its founding in 2005 has been to create a more transparent, sustainable and compassionate jewelry industry. Headquartered in San Francisco, California and Denver, CO, Brilliant Earth has served more than 370,000 customers in all 50 US states and more than 50 countries around the world.
Financial media and investor relations: