3 ms·
I think this case might be slightly different than the standard lockup issues. For example this quote: > BuzzFeed sent an e-mail to former employees reiteratin
by bryan0 5y ago
I think this case might be slightly different than the standard lockup issues. For example this quote:
> BuzzFeed sent an e-mail to former employees reiterating the need to print and sign the e-mail in order to make the stock conversion. “For context, only yesterday did we learn that holders of Class B shares would have to take additional steps to convert their shares to Class A,” it read.
I’ve never heard a company say they were ignorant of how their share lockup would work.
Anyway, this should be a lesson to everyone: don’t expect your company to tell you how to cash out after an IPO. You need to get your own advisers to analyze the legal and tax situation.
- filmgirlcw 5y agoI agree with your last point. The problem here is the transfer agent didn’t get anyone who wasn’t automatically converted enough notice to even do a transfer before the stock went public. They also didn’t include the paperwork needed to transfer stuff. So even if you did everything right, you would still be screwed because the email that some employees got with incomplete information, didn’t arrive until Friday night, ahead of a Monday morning IPO.