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Please correct me if I am wrong but I just want clarification.

Company XYZ sells widgets and has 50 million shares authorized and 10 million 
shares outstanding

 step1)company received x amount of dollars in mezzanine financing for 10% of 
company(1 million shares).Therfore the company now retains 90%(9 million 
shares)

 step 2)the company decides to go public,they fill out all the forms with the 
SEC, find a venture capitalist who gives them(or commits) x$'s for 40% of 
company(4 million shares),they do their road show and then the IPO comes out 
at $10.00.

 Does company who retained 5 million shares get $50 million? Where are the 
selling restrictions for insiders? What is the lock-up period?
Are they restricted from issuing more of their authorized shares after IPO?  

Thank you,
JAC