Trulia says lockup of certain shares released
SAN FRANCISCO (AP) — Real estate website operator Trulia, which went public in September, said Monday that a lockup of certain shares held by some of its executives and board members has been released.
The company and some of its shareholders are also proposing a follow-on offering of about 5.3 million common shares. The underwriters are being given a 30-day option to buy up to an additional 787,500 shares.
Trulia, which is selling 3.5 million shares in the offering, said it plans to use proceeds for working capital and other general corporate purposes. The company will not get proceeds from the sale of stock by shareholders.
Trulia said that the release of the lockup will take effect the same time as the follow-on offering and that the stock may be sold only in connection with the offering.
Trulia Inc. operates the website Trulia.com and mobile apps. It allows people to research home listings and neighborhoods, while helping real estate agents market their listings. Last month the San Francisco company reported that its fourth-quarter loss narrowed as traffic and subscriptions improved significantly.
In morning trading, shares rose 11 cents to $30.55. Shares have traded between $14.69 and $38.22 since the IPO.