Lockup period

First, please remember that by investing through EquityZen, you do not directly purchase shares of a company, but purchase ownership interests in a fund that will own the shares. Shares that are the subject of investment through EquityZen are generally subject to a lock-up period of up to 180 days after the effectiveness of a company's IPO filing, during which time shareholders are restricted from selling their shares. These restrictions are typically put in place by the underwriters to assist in a successful IPO. Once the lock-up period expires, EquityZen will either (i) transfer the shares from the account of the fund to a brokerage account you designate (after which you can do whatever you like with the shares) or (ii) sell the shares in the open market and deliver to you your portion of the proceeds.