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Tilray will release 11 million shares from lock up April 3rd

Tilray Inc (TLRY) currently trades at $6.24 and has fallen by 10% today. The company announced Tuesday that it has released 11 million such shares from lock-up agreements stemming from a corporate reorganization plan affected last September. Share lockups typically occur when a company first issues stock; they are mandated by law to prevent big shareholders from flooding the market with their stock, thereby theoretically driving down the price.

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Based on this information, investorsQ rates this stock 2 out of 10. We give it this rating because That 11 million comprises roughly 14.5% of all locked-up shares. Tilray said the shares will be formally released this Friday, April 3. The high forecast for Tilray Inc is $28.00 and the low is $2.00. Notably, the company’s market cap is $678.89 million with a 52 week high of $64.85 and a 52 week low of $2.43.

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