The sale of private company shares on the secondary market is becoming increasingly prevalent as the timeline to reach a liquidity event has lengthened over the last decade. In order to proactively manage secondary transactions, the boards, management teams, and investors of these companies need to be aware of the relevant issues, challenges and considerations. Unlike public markets, where information disclosure rules are well established, rights and privileges of existing investors are limited and securities laws are well defined, the world of secondary share sales in private companies is much less understood.
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