Priceline.com Informed Of Sale Transaction
NORWALK, Conn.--(BUSINESS WIRE)--January 10, 2000--Priceline.com (Nasdaq: PCLN) said today that it has been informed that several major institutional investors have purchased 5.0 million shares of priceline.com common stock in a trade from General Atlantic Partners and 2.0 million shares of priceline.com common stock from Vulcan Ventures Inc. (the investment organization of Paul G. Allen). Priceline.com's underwriters gave a limited release to General Atlantic and Vulcan Ventures from their lock-up agreement expiring on February 7, 2000 for purposes of this transaction.
Following completion of this transaction, General Atlantic Partners and Vulcan Ventures and their respective affiliates beneficially own 20,491,834 shares and 7,098,966 shares of priceline.com common stock, respectively. In connection with this transaction, General Atlantic Partners and Vulcan Ventures have agreed to extend the lock-up on 85% of their remaining shares (17,418,058 shares and 6,034,121 shares, respectively) until May 8, 2000. The lock-up on the remaining 15% of those shares (3,073,776 shares and 1,064,845 shares owned by General Atlantic Partners and Vulcan Ventures, respectively) will expire on February 7, 2000.
CONTACT: priceline.com Brian Ek, 203-299-8167 firstname.lastname@example.org