Common shareholders restricted from selling stock post-spinoff?

All,

Say a hedge fund owns a 15% stake in Company A, which is a listed entity on the NYSE. Company A is looking to spin-off part of its business into another public entity.

If this were to happen, would the hedge fund be restricted from selling its shares in the spinco for the traditional 4-6 month lock-up period?

Thanks

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Common shareholders restricted from selling stock post-spinoff?

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