Space Exploration Technologies Corp (NASDAQ:SPCX) shares are extending their slide Monday, continuing to trade firmly below the $135 IPO price as investors brace for a wave of supply that could hit the stock in less than two weeks.

SpaceX ($SPCX) crashed 51% from its peak. Charlie Bilello explains why the August lockup expiration of could tank the stock further.

SpaceX stock SPCX hit an all-time low of $109.53, dropping 18% below its IPO price despite Starship Flight 13 achieving key milestones.