When a lack of liquidity becomes an HR problem for companies. You can restrict your current employees from selling, but you can’t prevent them from leaving and selling afterwards…

As always, I think this ultimately comes down to an IR problem. Companies need to engage their common shareholders, inform them and create an infrastructure for them to access a form of limited and appropriate liquidity. An IR program which includes selected prospective secondary buyers would provide exactly such an infrastructure and would not entail any commissions to be paid by shareholders and buyers alike.

Note that the JOBS act has increased the ceiling to 2.000 shareholders…

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