Alkami Announces Early Lock-Up Release

Rhea-AI Summary

Alkami Technology (Nasdaq: ALKT), a cloud-based digital banking solutions provider, announced a partial early lock-up release for its common stock. The restricted period for 15% to 25% of shares, held by directors, officers, and significant stockholders, will end on May 14, 2021. Approximately 14.3 million shares will be eligible for public trading, subject to meeting certain trading price conditions. The release will also apply to additional shares after Alkami's earnings release for Q2 2021. Overall, the platform serves over 240 U.S. financial institutions, enhancing their digital banking capabilities.

Positive

• Approximately 14.3 million shares will become eligible for sale on May 14, 2021, indicating liquidity.
• Alkami serves over 240 financial institutions, showcasing strong market presence.

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• None.

PLANO, Texas, May 11, 2021 (GLOBE NEWSWIRE) -- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for U.S.-based financial institutions, announced today a partial early lock-up release with respect to shares of Alkami’s common stock, par value $0.001 per share, pursuant to the terms of certain lock-up agreements entered into by certain of Alkami’s directors, officers, greater than 1% stockholders and other security holders with the underwriters of Alkami’s initial public offering.

Pursuant to the terms of the lock-up agreements, the restricted period will end with respect to either 15% or 25% of the shares subject to each lock-up agreement (depending on whether such lock-up agreement pertains to directors, officers, other members of senior management and investors, or to employees and individual consultants (including former employees and individual consultants)), provided that certain conditions related to the closing trading price of Alkami common stock must be met for the restricted period to end with respect to shares owned by directors, officers, other members of senior management and investors, which conditions have been satisfied. The Company currently estimates that up to approximately 14.3 million shares will become eligible for sale in the public market at the open of trading on May 14, 2021.

In addition, pursuant to the terms of the lock-up agreements, the restricted period will end on the third trading day after the date of Alkami’s earnings release for the quarterly period ending June 30, 2021 with respect to additional shares subject to each lock-up agreement (either 15% or 25% depending on whether such lock-up agreement pertains to directors, officers, other members of senior management and investors, or to employees and individual consultants (including former employees and individual consultants)).

The shares eligible for sale may be sold pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The restricted period will continue to apply with respect to all remaining shares subject to the lock-up agreements.

About Alkami

Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. The Alkami Platform is the digital banking and fraud mitigation platform of choice for over 240 financial institutions. Alkami’s investments have resulted in a premium platform that has enabled it to replace older, larger and better-funded incumbents and provide clients with world-class experiences reflecting their individual digital strategies.

Investor Relations Contact
Rhett Butler
ir@alkami.com

Media Relations Contacts
Jennifer Cortez
jennifer.cortez@alkami.com

Audrey Pennisi
audrey@outlookmarketingsrv.com  

FAQ

What is the significance of the lock-up release for Alkami Technology (ALKT)?

The lock-up release allows approximately 14.3 million shares to be traded publicly, enhancing liquidity for investors.

When will Alkami Technology (ALKT) shares become eligible for trading?

Shares will be eligible for trading on May 14, 2021, following the end of the restricted period.

How many shares of Alkami Technology (ALKT) will be released from the lock-up agreement?

Up to approximately 14.3 million shares will be released from the lock-up agreement.

What conditions must be met for the early lock-up release for Alkami Technology (ALKT)?

The release conditions are tied to the closing trading price of Alkami common stock.