On Announces Early Lock-Up Release

Rhea-AI Summary

On (NYSE: ONON), a Swiss performance sportswear brand, announced a partial early lock-up release of Class A ordinary shares. Approximately 11.8 million shares will be eligible for public sale starting November 19, 2021, following the satisfaction of conditions related to share price. This early release involves 10% of the shares under lock-up agreements for directors, officers, and other shareholders. However, the restricted period remains for all other shares subject to these agreements.

Positive

• Early lock-up release allows approximately 11.8 million shares to be sold, potentially increasing market liquidity.

Negative

• Remaining shares under lock-up agreements continue to restrict trading, limiting overall market activity.

ZURICH, Switzerland--(BUSINESS WIRE)-- Swiss performance sportswear brand On (NYSE: ONON) (“On” or the “Company”) announced today a partial early lock-up release with respect to On’s Class A ordinary shares, CHF 0.10 par value per share (the “shares”), pursuant to the terms of certain lock-up agreements (“lock-up agreements”) entered into by On’s directors, officers, and certain other shareholders with the underwriters of On’s initial public offering (“IPO”).

Pursuant to the terms of the lock-up agreements, the restricted period will end with respect to 10% of the shares subject to each lockup agreement if certain share price and other conditions are met. The conditions for early release were satisfied on November 16, 2021. In addition to the early release under the lock-up agreements, pursuant to the terms of the underwriting agreement between On and the underwriters of the IPO, each of the Company’s other pre-IPO shareholders who did not sign lock-up agreements but who are subject to agreements with market stand-off provisions will be released with respect to 10% of the shares subject to such agreements. Accordingly, the Company estimates that an aggregate of approximately 11.8 million shares will become eligible for sale in the public market at the open of trading on November 19, 2021.

The restricted period will continue to apply with respect to all remaining shares subject to the lock-up agreements and market stand-off provisions.

About On

On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds. Eleven years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. Fueled by customer-recommendation, On’s award-winning CloudTec® innovation, purposeful design and groundbreaking strides in sportswear’s circular economy have attracted a fast-growing global fanbase — inspiring humans to explore, discover and dream on.

On is present in more than 60 countries globally and engages with a digital community on www.on-running.com.

Source: On
Category: Corporate

View source version on businesswire.com: https://www.businesswire.com/news/home/20211116006361/en/

Investor Contact:

On Holding AG

Florian Maag

investorrelations@on-running.com

or

ICR, Inc.

Brendon Frey

brendon.frey@icrinc.com

Media Contact:

On Holding AG

Vesna Stimac

press@on-running.com

Source: On

FAQ

What is the significance of On's early lock-up release on November 19, 2021?

On's early lock-up release allows approximately 11.8 million shares to be sold, increasing market liquidity.

How many shares will be eligible for sale from On on November 19, 2021?

Approximately 11.8 million shares will be eligible for sale at the open of trading.

What conditions must be met for the early release of On's shares?

The early release conditions included specific share price and other terms outlined in the lock-up agreements.

Who is affected by the early lock-up release at On?

The early lock-up release affects On's directors, officers, and other pre-IPO shareholders.