ZURICH, Switzerland, (BUSINESS WIRE) -- Swiss performance sportswear brand On /zigman2/quotes/229331620/composite ONON -3.12% (“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.
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 .
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