dispose of any shares of common stock, or any options or warrants to purchase any shares of common stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of common stock (such shares of common stock, options, rights, warrants or other securities, collectively, “Lock-Up Securities”), including without limitation any such Lock-Up Securities now owned or hereafter acquired by the Lock-Up Party, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the Lock-Up Party or someone other than the Lock-Up Party), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of common stock or other securities, in cash or otherwise, or (iii) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i) or (ii) above.
Subject to certain additional limitations, including those relating to public filings required to be or voluntarily made in connection with a transfer, the above restrictions on the Lock-Up Parties do not apply to: (i) bona fide gifts or for bona fide estate planning purposes, (ii) transfers to any member of the Lock-Up Party’s immediate family or to any trust for the direct or indirect benefit of the Lock-Up Party or the immediate family of the Lock-Up Party, or if the Lock-Up Party is a trust, to a trustor, trustee or beneficiary of a trustor, trustee or beneficiary of such trust, (iii) in the case of the selling shareholder, a distribution to stockholders of the selling shareholder, (iv) transfers to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iii) above, (v) transfers pursuant to an order of a court or regulatory agency, (vi) transfers in connection with transactions relating to shares of common stock acquired in open market transactions after the completion of this offering, (vii) in the case of the selling shareholder, transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction in each case made to all holders of shares of our common stock involving a change of control, provided, that in the event that such tender offer, merger, consolidation or other such transaction is not completed, the Lock-Up Securities shall remain subject to the lock-up restrictions, (viii) transfers by will or the laws of intestate succession, (ix) transfers to us in connection with the repurchase of shares of common stock issued pursuant to equity awards granted under a stock incentive plan or other equity award plan, which plan is described in this prospectus supplement, or pursuant to the agreements pursuant to which such shares were issued; provided, that such repurchase of shares of common stock is in connection with the termination of the Lock-Up Party’s relationship with us or (x) the entry into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act, provided, that the securities subject to such plan may not be transferred until after the expiration of the lock-up period.
Listing
Our common stock is listed on the New York Stock Exchange under the trading symbol “SOLV.”
Price Stabilization and Short Positions
In connection with this offering, the underwriter may purchase and sell our common stock in the open market. These transactions may include short sales, purchases on the open market to cover positions created by short sales and stabilizing transactions. Short sales involve the sale by the underwriter of a greater number of shares than it is required to purchase in this offering. Because an option to purchase additional shares of common stock has not been granted to the underwriter, the underwriter must close out any short sales by purchasing shares in the open market. Stabilizing transactions consist of various bids for, or purchases of, shares of our common stock made by the underwriter in the open market prior to the completion of this offering.
Similar to other purchase transactions, the underwriter’s purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our common stock or preventing or slowing a decline in the market price of our common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. The underwriter is not required to engage in these activities and may end any of these activities at any time. The underwriter may conduct these transactions on the New York Stock Exchange, in the over-the-counter market or otherwise.
None of us, the selling shareholder or the underwriter makes any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. In addition, none of us, the selling shareholder or the underwriter makes any representation that the underwriter will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.