01 · Exits & Liquidity
How SpaceX's staged IPO lockups released 911.5 million shares, why the stock rose anyway, and what founders should map before calling an IPO a liquidity event.
Exits & Liquidity
Calculate 1x non-participating, participating, multiple, and senior liquidation preferences before a sale turns the headline price into a very different common-stock payout.
9 min read · July 29th, 2026
A contra-CUSIP usually means your position was segregated for a tender, appraisal claim, or other corporate-action instruction. Here is what the code proves, what it cannot prove, and what to ask your broker.
Ungranted option pool shares usually receive no acquisition consideration, but the pricing concession they created at financing survives to closing. Model the pool twice.
Zong Fuli inherited 29.4% of Wahaha, while its state shareholder, employee vehicle, trademarks, operating network and US$1.8 billion offshore account all answer to different decision makers.
Artius II raised $220 million, found no merger by its deadline, and chose liquidation. Here is what expires, who gets cash, and what target founders should learn.
A $465 million sale that paid the founders zero, a court that called it entirely fair, and the arithmetic that turns a decade of your life into a below-market engineering salary.