[SpaceX Plans to Reserve Up to 5% of IPO Shares for Employees and Executives' Friends and Family] BlockBeats News, June 1: In an updated prospectus submitted on Monday, SpaceX explicitly stated for the first time that the company plans to reserve up to 5% of Class A common stock in its upcoming IPO for purchase by certain employees and the friends and family of company executives. Last month, SpaceX disclosed that participants included in its so-called 'friends and family list' would not be subject to lock-up period restrictions. Directed share programs are relatively common in IPOs, where participants are typically bound by lock-up periods and cannot immediately sell their shares. SpaceX noted in the filing that over 60% of pre-IPO issued shares, including those held by Elon Musk, will be subject to a 366-day lock-up period. The document states that Musk has agreed to the 366-day lock-up arrangement.