At IPO, early investors and insiders are typically subject to lock-up periods—usually 90 to 180 days—during which they are prohibited from selling their shares on the public market.
Only after this lock-up period ends can Richard legally sell his shares on the exchange. Alternatively, he could explore secondary sales to private investors or arrange block trades and direct placements. These routes help prevent flooding the open market and thereby protect the share price from a sharp drop.
Originally, Richard intended to settle the issue with NCSA in court. But after discussing it with Lewis, they realized the legal path would be long—and would likely take more than the 180 days he could afford to wait, especially since the presidential election in France had already concluded.
