From Earlier: Angie's List Announces Partial Release of Lock-Up Agreements With Certain Officers
Angie's List, Inc. (Nasdaq: ANGI) announced yesterday that BofA Merrill Lynch, the lead bookrunning manager of Angie's List's initial public offering in November 2011, is releasing a lock-up restriction with respect to 472,666 shares of Angie's List common stock held by certain Angie's List officers. The release will take effect concurrently with Angie's List's recently announced follow-on offering.
As previously announced, on May 1, 2012, the Company filed a registration statement with the U.S. Securities and Exchange Commission (the "SEC") for a proposed public offering of shares of its common stock, which it amended on May 9, 2012. The proceeds of the primary portion of the offering will be used to fund the company's advertising strategy to drive membership growth and for general corporate purposes, including working capital. Angie's List will not receive any proceeds from shares of common stock to be sold by the selling stockholders. The principal purposes of the offering are to facilitate an orderly distribution of shares by the selling stockholders and increase the company's public float.
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