Members are able to sell securities obtained during an IPO whenever they would like. SoFi does not restrict the sale of securities on the secondary market. However, if a member sells within the first 30 calendar days post-IPO, that member will be limited in their ability to participate in future IPOs through SoFi for a defined period of time as outlined below:
- Members who have obtained shares/units of an IPO through SoFi and sell within the first 30 days post-IPO are considered “flippers” and may be prevented from participating in future IPOs for 180 days upon a first violation, 365 days upon a second violation, and permanently in the event of a third violation.
- In addition, SoFi may charge a $50 fee for the sales of securities obtained through the IPO process if the sales take place prior to the 120th day of trading. This fee will step down to $5 for each subsequent sale that takes place prior to the first 120 days of trading.