SpaceX Reserves Up to 5% of IPO Stock for Staff and Friends (1)

SpaceX will reserve up to 5% of shares in its upcoming initial public offering for certain employees and friends and family of its executive officers, the company disclosed in an amended filing.

The amount of Class A stock the company is setting aside for its directed share program is newly specified in the filing Monday. Space Exploration Technologies Corp. already had disclosed last month that participants on its so-called friends and family list will not be subject to a lock-up restriction.

While directed share programs are a fairly common feature of IPOs, participants often are subject to lock-ups that ...