Agora, Inc. (API) experienced a 5.04% plummet in its stock price during Monday's trading session, following an announcement from the company's senior management team regarding a voluntary lock-up period for their shares.
In a press release, Agora revealed that its executive officers, including CEO Bin Zhao, CTO Sheng Zhong, CFO Jingbo Wang, and Vice President Robbin Liu, have agreed to refrain from selling any of their directly or indirectly owned company shares until December 31, 2025. This move is seen as a vote of confidence in Agora's long-term value by the senior leadership team.
The only exception to the lock-up is that CTO Sheng Zhong plans to sell up to 400,000 American Depositary Shares (ADSs), representing 1.6 million Class A ordinary shares, for personal financial reasons before the end of 2024.
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