Kilit anla\u015fmas\u0131 (lock-up agreement), kurucular, y\u00f6neticiler, \u00e7al\u0131\u015fanlar, IPO \u00f6ncesi yat\u0131r\u0131mc\u0131lar gibi i\u00e7erideki ki\u015filerin bir IPO’yu takip eden belirli bir d\u00f6nem boyunca hisselerini satmaktan ka\u00e7\u0131nma s\u00f6zle\u015fmesel taahh\u00fct\u00fcd\u00fcr, tipik olarak 180 g\u00fcn. Lock-up’lar yeni halka a\u00e7\u0131lan \u015firketleri ticaret fiyatlar\u0131n\u0131 dengesizle\u015ftirebilecek ve halka a\u00e7\u0131k yat\u0131r\u0131mc\u0131lara zarar verebilecek an\u0131nda i\u00e7erideki ki\u015fi sat\u0131\u015f bask\u0131s\u0131ndan korur. ABD IPO’lar\u0131nda esasen evrenseldir ve \u00e7o\u011fu b\u00fcy\u00fck pazarda e\u015fde\u011fer k\u0131s\u0131tlamalar mevcuttur.<\/p>\n
Tipik lock-up h\u00fck\u00fcmleri \u015funlar\u0131 i\u00e7erir: IPO fiyatlama tarihinden itibaren 180 g\u00fcnl\u00fck k\u0131s\u0131tlama d\u00f6nemi, t\u00fcm y\u00f6neticiler, direkt\u00f6rler, \u00f6nemli \u00f6z sermayeli \u00e7al\u0131\u015fanlar ve anlaml\u0131 pozisyon tutan IPO \u00f6ncesi yat\u0131r\u0131mc\u0131lara uygulan\u0131r, \u015funlar i\u00e7in s\u0131n\u0131rl\u0131 istisnalarla: iyi niyetli hediyeler, belirli miras planlama transferleri, \u015firket politikalar\u0131na uyan opsiyon kullan\u0131mlar\u0131 ve IPO a\u00e7\u0131k piyasada edinilen hisseler. Lock-up transfer temsilcisi k\u0131s\u0131tlamalar\u0131, broker tutmalar\u0131 ve s\u00f6zle\u015fmesel taahh\u00fctler taraf\u0131ndan y\u00f6netilir. Baz\u0131 son IPO’lar belirli hisse fiyat\u0131 e\u015fikleri s\u00fcrd\u00fcr\u00fcld\u00fc\u011f\u00fcnde erken serbest b\u0131rakmaya izin veren “lock-up serbest b\u0131rakma tetikleyicileri” i\u00e7ermi\u015ftir.<\/p>\n
Modern varyasyonlar \u015funlar\u0131 i\u00e7erir: kademeli lock-up’lar (farkl\u0131 i\u00e7erideki ki\u015fi kategorileri i\u00e7in farkl\u0131 serbest b\u0131rakma tarihleri), fiyat tabanl\u0131 serbest b\u0131rakma tetikleyicileri (Spotify, Slack bunlar\u0131 kulland\u0131), kontrol ki\u015fileri i\u00e7in daha uzun lock-up’lar (baz\u0131 anla\u015fmalarda kurucular i\u00e7in 12-18 ay) ve hay\u0131rsever ba\u011f\u0131\u015flar ve belirli vak\u0131f transferleri i\u00e7in lock-up istisnalar\u0131. Do\u011frudan listelemeler (Spotify 2018, Slack 2019, Roblox 2021) tipik olarak geleneksel lock-up’lar i\u00e7ermez, ilk g\u00fcnden i\u00e7erideki ki\u015fi likiditesine izin verir\u2014baz\u0131 kurumsal yat\u0131r\u0131mc\u0131lar\u0131n daha temiz fiyat ke\u015ffi i\u00e7in tercih etti\u011fi bir \u00f6zellik.<\/p>\n
Lock-up sona ermesi yak\u0131ndan izlenen bir olayd\u0131r: hisse fiyatlar\u0131 i\u00e7erideki ki\u015fi sat\u0131\u015f\u0131 m\u00fcmk\u00fcn hale geldik\u00e7e genellikle m\u00fctevaz\u0131 \u015fekilde d\u00fc\u015fer (“lock-up sona erme etkisi”). Sofistike i\u00e7erideki ki\u015filer tipik olarak planlanm\u0131\u015f \u00e7\u0131k\u0131\u015flara sahiptir: lock-up sona ermeden \u00f6nce uygulanan 10b5-1 ticaret planlar\u0131, yap\u0131land\u0131r\u0131lm\u0131\u015f sat\u0131\u015f programlar\u0131 ve ara\u015ft\u0131rma analistleriyle a\u00e7\u0131klama zamanlamas\u0131 \u00fczerinde koordinasyon. T\u00fcrk IPO’lar\u0131 SPK kurallar\u0131 alt\u0131nda kurucular\/\u00f6nemli pay sahipleri i\u00e7in tipik olarak 1-2 y\u0131ll\u0131k zorunlu tutma d\u00f6nemlerine sahiptir, genellikle ABD 180 g\u00fcnl\u00fck lock-up’lar\u0131ndan daha uzundur.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLDR: Kilit anla\u015fmas\u0131 (lock-up agreement), kurucular, y\u00f6neticiler, \u00e7al\u0131\u015fanlar, IPO \u00f6ncesi yat\u0131r\u0131mc\u0131lar gibi i\u00e7erideki ki\u015filerin bir IPO’yu takip eden belirli bir d\u00f6nem boyunca hisselerini satmaktan ka\u00e7\u0131nma s\u00f6zle\u015fmesel taahh\u00fct\u00fcd\u00fcr, tipik olarak 180 g\u00fcn. Lock-up’lar yeni halka a\u00e7\u0131lan \u015firketleri ticaret fiyatlar\u0131n\u0131 dengesizle\u015ftirebilecek ve halka a\u00e7\u0131k yat\u0131r\u0131mc\u0131lara zarar verebilecek an\u0131nda i\u00e7erideki ki\u015fi sat\u0131\u015f bask\u0131s\u0131ndan korur. ABD IPO’lar\u0131nda esasen evrenseldir […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12614","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12614"}],"version-history":[{"count":0,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12614\/revisions"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}