NEW YORK, May 14 (Reuters) - Shares of Zulily Inc shot up 9.6 percent to $35.07, reversing course after dropping to an all-time low earlier following the possible expiration of its lockup period.
Traders said short-covering likely bumped up the stock after it hit a low of $28.75. The shares traded as high as $36.37.
The company said in its most recent filing with the SEC it anticipated shares will be sold into the public market as restrictions expire.
“As of March 30, 2014, approximately 110,915,025 shares of Class A common stock issuable upon conversion of outstanding Class B common stock will become eligible for sale into the public market, subject to compliance with applicable securities laws, upon expiration of the underwriter lock-up agreements expiring in mid-May 2014.”
The stock opened at $39 in its debut on Nov. 15, above its IPO price of $22. (Reporting by Caroline Valetkevitch; Editing by Chizu Nomiyama)