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IPO Lockup Expiration: Eargo Inc.

eargo april12 lt

The lockup period of Eargo Inc. (EAR) expires today, i.e., April 14, 2021.

The San Jose, California-based Eargo is a hearing aid manufacturer that markets and sells its products directly to consumers. The company generates revenue from orders processed primarily through its website and over the phone by its sales consultants.

For the year ended December 31, 2020, the company's net loss attributable to common stockholders narrowed to $30.0 million or $3.80 per share from $44.5 million or $173.47 per share last year.

The annual net revenue in 2020 climbed to $69.2 million from $32.8 million in 2019, driven by a higher product volume, higher average selling price, and a decrease in sales return accrual rate.

Looking ahead, the company expects 2021 net revenue of between $87 million and $93 million.

Eargo made its debut on the Nasdaq Global Select Market on October 16, 2020, offering its shares at a price of $18 each and as mentioned above, the 180 day lockup period will end on April 14, 2021.

EAR opened the first day of trading on October 16, at $36.00 and closed at $33.68 that day. The stock has thus far hit a low of $32.58 and a high of $76.75.

EAR closed Tuesday's trading at $49.49, up 0.73%.

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