WageWorks Announces Partial Release of Lock-Up Agreements with Certain Stockholders
WageWorks (NYSE: WAGE), today announced that William Blair & Company, L.L.C. and Stifel, Nicolaus & Company, Incorporated, the joint book-running managers of WageWorks' initial public offering in May 2012, are releasing a lock-up restriction with respect to 4,731,208 shares of WageWorks' common stock held by certain WageWorks stockholders, including 4,097,150 shares held by affiliates of certain of our directors, who are expected to sell shares in WageWorks' recently announced follow-on offering. The release will take effect concurrently with the follow-on offering. As part of the underwriting procedures, all selling stockholders, as well as all officers and directors of WageWorks, have agreed to lock-up agreements for a period of 90 days following the follow-on offering.
As previously announced, on September 13, 2012, WageWorks filed with the Securities and Exchange Commission (SEC) a registration statement on Form S-1 for the follow-on offering, which was amended on September 26, 2012. William Blair & Company, L.L.C. and Stifel Nicolaus & Company, Incorporated are serving as joint book-running managers for the proposed offering, with JMP Securities LLC and Needham & Company, LLC, acting as co-managers.
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