JFrog Shares Drop; Post-IPO Lockup Will End Early

JFrog's shares dropped after the software-development platform said its post-IPO stock lockup would end early.
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JFrog  (FROG) - Get Report shares dropped Monday after the software-development platform said its post-IPO lockup would end early.

The Israeli company debuted on the Nasdaq in mid-September. A quarter of the shares that were subject to lockup after the initial public offering will be eligible for sale as of the opening bell on Nov. 25, the company said. 

JFrog said that conditions of the early release were satisfied on Nov. 20.

When it filed for its IPO earlier this year, the company had said that 88% of its ordinary shares outstanding would be locked up for 180 days. 

JFrog said it had 88.7 million shares outstanding following its debut. 

The stock closed its opening session up 47% from its IPO price of $44 a share. At last check JFrog shares were down 5.3% to $57.97. 

JFrog focuses on a growing niche called developer operations, or DevOps, which aims to streamline software development and management within organizations. 

The company's platform powers what it calls continuous delivery of software updates, helping to get new software versions to end customers more quickly and reliably.

The company says that covid-19 has increased the urgency of fast, reliable software updates -- and demand for its platform. 

"Every company is a software company today ... that is evident and clear," JFrog Chief Technology Officer Yoav Landman said. "You’ll be eaten by your competition if you can't release software versions fast enough."