Delphi Automotive plc (NYSE: DLPH) had a big day with a 6.5% gain to $28.59 today, but shares are lower by almost 3% in the after-hours session due to the company filing with the SEC to allow shareholders to unload stock at the expiration.
The selling shareholders are permitted to offer ordinary shares from time to time following expiration of the lock-up period through public or private transactions or through other means. If any shares are sold, the selling shareholders will pay any brokerage commissions and/or similar charges incurred for the sale of such shares.
This relates to the resale of up to an aggregate of 90,470,573 ordinary shares of Delphi Automotive PLC by the selling shareholders.
Delphi Automotive PLC is not selling any ordinary shares according to the prospectus and the company itself will not receive any of the proceeds from the sale of any ordinary shares to be sold by the selling shareholders. While technically not dilution, this waters down the free float considerably if the full amount of shares come out.
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