| SAN FRANCISCO
SAN FRANCISCO Oct 1 Twitter Inc's bankers
contacted early investors this week asking them to sign a
180-day lock-up agreement by Wednesday afternoon, showing the
company is moving swiftly toward its initial public offering.
The email from Goldman Sachs, the lead underwriter of
Twitter's IPO, asked shareholders to sign and return a form by 5
pm Pacific time on Wednesday acknowledging that they would be
prohibited from selling shares for 6 months after the firm
lists, according to two shareholders who received the email.
Twitter declined to comment.
Twitter and Goldman are moving swiftly to prepare for the
IPO and could soon disclose its S-1 documents that lay out
Twitter's IPO plans and its well-guarded financial numbers.
Quartz, the business news website, first reported on Sunday
that Twitter intended to make its IPO plans public this week.
Companies often use lock-up agreements to prevent insiders
from selling shares simultaneously following an IPO, thereby
flooding the market and depressing the stock price.
Twitter, which is expected to be valued at up to $15
billion, tweeted on Sept 12 that it had filed with U.S.
regulators to go public, but had done so confidentially and
without providing a timeline under a process available to
emerging growth companies.