Qualitas (ASX:QAL) will release over 30 million shares from voluntary escrow on July 29, accelerating the final tranche of initial public offering (IPO) lock-up and lifting its free float to 72.4% of issued capital, according to a Tuesday filing with the Australian bourse.
The released shares mark the final one-third of shares held at the time of the IPO by certain employees, with the earlier two-thirds released from escrow in August 2022 and December 2023, the filing said.
The board has decided to release the shares early to improve free float, despite their original release date being December 2026.
After this release, all the company's shares will be free of voluntary escrow, and the company will no longer be recorded as a substantial shareholder, preventing potential errors in free float calculations, the filing added.
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