SAN FRANCISCO--(BUSINESS WIRE)--ForgeRock, Inc. (“ForgeRock”) (NYSE: FORG), a global leader in digital identity, today announced an upcoming partial early lock-up release with respect to ForgeRock’s Class A common stock, par value $0.001 per share (the “shares”), pursuant to the terms of the lock-up agreements (“lock-up agreements”) entered into by ForgeRock’s equity holders, including current executive officers and directors, with the underwriters of ForgeRock’s initial public offering.
Pursuant to the terms of the lock-up agreements, up to 15% of the shares (including shares underlying vested RSUs and stock options) subject to each lock-up agreement may be sold if certain share price and other conditions are met. Accordingly, ForgeRock expects that up to 11.7 million shares will become eligible for sale in the public market at the open of trading on Monday, November 22, 2021, subject to applicable restrictions under the Securities Act of 1933, as amended, including Rule 144 and Rule 701.
The lock-up restrictions will continue to apply with respect to all remaining securities subject to the lock-up agreements.
There will be no additional partial early lock-up releases other than the one described above prior to the expiration of the lock-up agreements, which expire after two full trading days have passed following the release of ForgeRock’s Q4 and Full Year 2021 earnings. The date, time and conference call information for this earnings release is expected to be announced in the first quarter of 2022.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to our ability to attract new customers and retain and sell additional functionality and services to our existing customers, our ability to sustain and manage our growth, our ability to successfully add new features and functionality to our platform, our ability to compete effectively in an increasingly competitive market, and general market, political, economic, and business conditions, including the impact of COVID-19, and other risks detailed in our filings with the Securities and Exchange Commission (“SEC”), including our final IPO prospectus filed with the SEC on September 17, 2021 and our quarterly report on Form 10-Q filed with the SEC on November 12, 2021.
Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent our views as of the date of this press release. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. We anticipate that subsequent events and developments could cause our views to change. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
ForgeRock®, a global leader in digital identity, delivers modern identity and access management solutions for consumers, employees and things to simply and safely access the connected world. Using ForgeRock, more than 1,300 organizations around the world orchestrate, manage, and secure the complete lifecycle of identities from dynamic access controls, governance, APIs, and storing authoritative data - consumable in cloud or hybrid environments.