Secondary Sale
Определение
A secondary sale is the sale of existing shares by current holders (founders, employees, early investors) to new buyers, as opposed to a primary issuance where the company sells new shares.
Как это возникает в процессе рейза
Later-stage rounds often include secondary components letting early holders take partial liquidity before an exit.
Часто задаваемые вопросы
When can founders sell secondary?
Typically small portions during strong later rounds, with investor consent; taking meaningful money off the table at seed reads poorly.
How are secondary shares priced?
Usually at or below the concurrent primary round price, reflecting common-versus-preferred differences and liquidity discounts.
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