Gogo dives as lockup ends; P-E firm distributes shares and leaves board

|About: Gogo (GOGO)|By:, SA News Editor

With its post-IPO lockup having expired, Gogo (GOGO -9.5%) announces P-E firm Ripplewood Holdings is distributing all 27.6M shares it owns (good for a 32.8% stake) to its limited partners. (PR)

In tandem with the move, all three Ripplewood directors on Gogo's board are resigning. Gogo says it will "promptly consider" whether to find replacements.

Investor Oakleigh Thorne, Gogo's other major P-E backer, intends to hold onto a 29% stake in the in-flight Wi-Fi services provider.

Shares shot higher yesterday in advance of the lockup expiration. Altogether, 56.8M shares (67% of outstanding shares) have become eligible for sale.