(CNN/Money) Groupon’s first six months on the stock market have been nightmarish — and the drama continued Friday, the first day that some company insiders were allowed to dump their shares.
Groupon’s (GRPN) stock fell as much as 10% Friday morning to a new low of below $10 per share. The stock closed the day about 9% lower at $9.69. Shares are down about 19% for the past week.
Groupon made its debut on the Nasdaq on Nov. 4. Like many initial public offerings, the deal included a typical 180-day “lockup” agreement for insiders. That provision prevented certain early investors from unloading their Groupon shares until the end of the six-month period, which expired Friday.