Etsy (NASDAQ:ETSY) fell to an all-time low on Monday, the day that a lock-up agreement, preventing senior management from selling about 21.9 million shares, expired.
The shares covered by the lock-up were owned by executive officers, directors and "certain stockholders," according to a SEC filing.
Shares of the Brooklyn, New York-based artisan marketplace decreased 8.2% to $7.69 at 11:30 a.m. in New York, after hitting $7.62, the lowest intraday price since the company's first day of trading on April 17, 2015.
That’s less than half its initial public offering price of $16 per share and a quarter of the $30 closing price on its first day of being public.
Etsy was among a relatively smaller number of technology IPOs last year and has been closely watched by other companies considering going public.
The next lock-up expiration is on April 10.