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Palantir insiders struggled to promote shares due to software program glitch – Information by Automobilnews.eu

Palantir insiders struggled to promote shares due to software program glitch


Folks stroll by a banner that includes the brand of Palantir Applied sciences (PLTR) on the New York Inventory Trade (NYSE) on the day of their preliminary public providing (IPO) in Manhattan, New York Metropolis, U.S., September 30, 2020.

Andrew Kelly | Reutersa

Palantir workers and alumni complained on Wednesday of being unable to promote shares after the corporate’s direct itemizing as a result of they could not transact on a platform supplied by Morgan Stanley.

Palantir shares opened at $10 on the New York Inventory Trade. Current buyers are allowed to promote as much as 20% of their shares earlier than the lockup expires. However a number of former staff, who requested to not be named as a result of they weren’t licensed to talk to the general public, instructed CNBC that they and a few present workers could not get into Morgan Stanley’s Shareworks system.

The inventory traded as excessive as $11.42 earlier than dipping again beneath $10.50. Present and former workers have been texting with one another about the issue and complaining of their lack of ability to promote. One former worker adopted up with CNBC to say the system lastly began working late within the morning, Pacific Time. 

Palantir, which makes information evaluation software program for presidency businesses and large companies, debuted on the New York Inventory Trade with a direct itemizing as an alternative of conventional IPO. One of many advantages is that current buyers can promote some shares somewhat than ready for a typical 180-day lockup to run out.

Morgan Stanley declined remark, and Palantir did not instantly reply to a request for remark.

— CNBC’s Leslie Picker contributed to this report.

WATCH: CNBC’s interview with Palantir CEO Alex Karp

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Palantir insiders struggled to promote shares due to software program glitch – Information by Automobilnews.eu
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