Grab execs extend stock lockup period as shares tumble

Members of Grab‘s executive committee have signed an extension to the lockup of their shares in the Singapore super app, which would prevent them from selling their shares. The lockup is now scheduled to expire on May 30, 2023 after being initially set for May 30 this year.

Grab co-founders ring the opening bell in Singapore as Grab goes public on Nasdaq / Photo credit: Grab

The executive committee of Grab includes Anthony Tan (group CEO and co-founder), Hooi Ling Tan (co-founder), Ming Maa (president), Peter Oey (CFO), Chin Yin Ong (chief people officer), and Alex Hungate (COO). According to a filing with the US Securities and Exchange Commission, the move reflects the committee’s belief in Grab’s business fundamentals and prospects.

For Hungate, who joined Grab after the execution of the initial lockup period, the change will apply to any shares that he received before the new extension date.

The move comes after Grab announced a 44% drop in revenue for the fourth quarter ended December 2021, which was primarily due to a downturn in its mobility business. The announcement wiped out US$7.2 billion in market cap for Grab, with its stock ending down 37% to US$3.28 apiece on the day of the release of its earnings.

Grab’s share price ended on March 14 at its lowest at US$3.02 apiece.

See also: Grab’s financial health in 8 charts