With the advent of alternative IPO structures – including direct listings and special purpose acquisition companies (SSCs) – and the desire of investment banks to be more flexible to allow companies to design lock-in structures tailored to their needs – we have seen a change in the terms of blocking agreements in recent years. A blocking agreement is a contractual provision that prevents insiders of a company from selling their shares for a certain period of time. They are often used as part of the initial public offering (IPO). A lock-up agreement refers to a legally binding contract between the insiders and underwriters of a company at its initial public offering (IPO). An initial public offering (IPO)An initial public offering (IPO) is the first sale of shares issued to the public by a company. . . .