Can I use a Box Spread to get around margin loan restrictions during IPO lock-up Period?

If an IPO's lock-up terms prevent pledging shares/using shares as collateral for margin/pledged asset loans, can this be circumvented usign a Box Spread on SPX options?

Basically a box spread uses offsetting options contracts to create a synthetic loan. Would this get around the IPO restrictions since the options aren't involving my company stock (rather spx options), and this technically wouldn't be an actual loan, just an options strategy that replicates a loan?