180-day lockup standard
IPO ProcessMulti
Standard 180-day lockup post-IPO
Source: Fenwick
409A valuation discount
Pre-IPOMulti
409A valuations vs preferred valuations
Source: encyclopedia
Anti-dilution founder share boost
SPAC StructureMulti
Anti-dilution preserves 20% founder share
Source: SPAC Research
Anti-dilution full ratchet
Pre-IPOMulti
Full-ratchet at down round
Source: encyclopedia
Binance listing alpha
Crypto ListingLong
Binance listing alpha pre-announcement
Source: encyclopedia
Bird Scooter SPAC failed
SPAC CasesShort
Bird scooter SPAC fail
Source: encyclopedia
Bonding curve pricing
Crypto ListingMulti
Bonding-curve token issuance
Source: encyclopedia
Bookbuilding price discovery
IPO ProcessMulti
Bookrunners build order book
Source: encyclopedia
Carve-out IPO subsidiary
Other ListingsMulti
IPO subsidiary keep majority
Source: encyclopedia
Co-sale rights piggyback
Pre-IPOMulti
Co-sale rights for minority holders
Source: encyclopedia
Coinbase COIN direct listing
Direct ListingMulti
Coinbase direct listing 2021
Source: encyclopedia
Coinbase listing pump
Crypto ListingLong
Token pumps on Coinbase listing
Source: encyclopedia
Cold IPO breaking issue
IPO TradingShort
Breaking issue (below IPO price) = bad signal
Source: encyclopedia
Confidential filing JOBS Act
IPO ProcessMulti
JOBS Act EGC confidential submissions
Source: encyclopedia
DEBUNKED SPAC efficiency advantage
LessonsMulti
Most de-SPAC underperform IPOs and SPX
Source: encyclopedia
De-SPAC PIPE concession
SPAC StrategiesLong
PIPE investors get concession price
Source: Centri
Direct listing no new shares
Direct ListingMulti
Direct list - sell existing no underwriting
Source: Coindesk
Direct listing primary capital raise
Direct ListingMulti
SEC allowed primary capital raise via DL 2020
Source: encyclopedia
Direct token listing crypto
Crypto ListingMulti
IEO / IDO / ICO crypto listings
Source: encyclopedia
Double-trigger acceleration
Pre-IPOMulti
Double-trigger - change-of-control + termination
Source: encyclopedia
DraftKings DKNG SPAC
SPAC CasesLong
DraftKings successful SPAC
Source: encyclopedia
Drag-along tag-along
Pre-IPOMulti
Drag-along + tag-along provisions
Source: encyclopedia
Dual-class founder control
Other ListingsMulti
Founder retains voting via dual class (META GOOG)
Source: encyclopedia
Employee stock options ISO/NSO
Pre-IPOMulti
ISO vs NSO tax treatment
Source: encyclopedia
EquityZen Linqto pre-IPO
Pre-IPOMulti
EquityZen Linqto pre-IPO platforms
Source: encyclopedia
F-1 foreign issuer
IPO ProcessMulti
F-1 foreign-private-issuer registration
Source: encyclopedia
Faraday Future FFIE SPAC
SPAC CasesShort
Faraday Future SPAC
Source: encyclopedia
First-day-flippers strategy
IPO TradingMulti
Flip allocations day-1 for pop
Source: encyclopedia
Forge Global pre-IPO marketplace
Pre-IPOMulti
Forge Global pre-IPO secondary
Source: encyclopedia
Form 144 selling restrictions
IPO ProcessMulti
Rule 144 control-stock selling rules
Source: encyclopedia
Founder reverse vesting
Pre-IPOMulti
Founder shares reverse-vest 4y/1y cliff
Source: encyclopedia
Founder share 1-for-1 conversion
SPAC StructureMulti
Founder shares 1:1 to common at de-SPAC
Source: SPAC Research
Free warrants strategy
SPAC StrategiesMulti
Get warrants for free post-redemption
Source: encyclopedia
Grab GRAB SPAC
SPAC CasesShort
Grab Asia super-app SPAC underperformed
Source: encyclopedia
Greenshoe over-allotment 15%
IPO ProcessMulti
Greenshoe option to sell 15% extra
Source: encyclopedia
Hot IPO oversubscription
IPO TradingLong
Heavy oversubscription -> stronger pop
Source: encyclopedia
IPO ETF Renaissance IPO
IPO TradingLong
Renaissance IPO ETF
Source: encyclopedia
IPO long-run underperformance
IPO TradingShort
IPOs underperform 3-5y post-IPO Loughran/Ritter
Source: encyclopedia
IPO pop first-day return
IPO TradingLong
IPO first-day pops average ~15-20%
Source: encyclopedia
IPO pricing-range adjustment
IPO TradingMulti
Above-range pricing = strong demand signal
Source: encyclopedia
Late-stage growth equity
Pre-IPOMulti
Tiger Coatue late-stage funding
Source: encyclopedia
Liquidation if no deal
SPAC StructureMulti
If no deal - liquidate trust + return cash
Source: Carta
Liquidation preference 1x non-part
Pre-IPOMulti
Series-A 1x non-part typical
Source: encyclopedia
Liquidity Bootstrapping LBP
Crypto ListingMulti
Balancer LBP fair-launch
Source: encyclopedia
Lockup early-release blackout
IPO ProcessMulti
Early lockup release tied to blackouts
Source: Fenwick
Lockup expiration short
IPO TradingShort
Pre-lockup expiry short due to supply
Source: encyclopedia
Lockup price-based release
IPO ProcessMulti
Lockup release on price hitting milestones
Source: Fenwick
Lordstown Motors LMC SPAC
SPAC CasesShort
Lordstown SPAC fraud allegations
Source: encyclopedia
Lucid Motors LCID SPAC
SPAC CasesMulti
Lucid Motors via Churchill IV
Source: encyclopedia
Memecoin pump.fun fair launch
Crypto ListingMulti
pump.fun bonding-curve memecoins Solana
Source: encyclopedia
Nikola NKLA SPAC
SPAC CasesShort
Nikola SPAC Hindenburg short
Source: encyclopedia
No lockup direct listing
Direct ListingMulti
Direct listings no lockup
Source: Coindesk
Opening cross auction
Direct ListingMulti
Opening auction determines first trade
Source: encyclopedia
Participating preferred
Pre-IPOMulti
Participating preferred takes share + pref
Source: encyclopedia
Polestar SPAC
SPAC CasesMulti
Polestar via Gores Guggenheim
Source: encyclopedia
Post-merger long target
SPAC StrategiesLong
Long de-SPAC target post-merger
Source: encyclopedia
Post-merger short target
SPAC StrategiesShort
Short de-SPAC target post-merger (most fall)
Source: encyclopedia
Pre-IPO SPVs accredited
Pre-IPOMulti
Single-asset SPVs to access pre-IPO
Source: encyclopedia
Pre-deal commons trade
SPAC StrategiesMulti
Trade commons on rumor of target
Source: encyclopedia
Pre-merger arb yield-to-trust
SPAC StrategiesIncome
Buy SPAC at <$10 - downside-floored at trust value
Source: encyclopedia
Pricing the IPO night before
IPO ProcessMulti
Pricing committee night before listing
Source: encyclopedia
Public 80% units IPO
SPAC StructureMulti
Public 80% via units
Source: PwC
QSBS Section 1202 5y holding
Pre-IPOMulti
QSBS 0% capital gain after 5y hold
Source: encyclopedia
Quiet period 25 days post-IPO
IPO ProcessMulti
Quiet period - no analyst reports
Source: encyclopedia
ROFR right of first refusal
Pre-IPOMulti
ROFR limits secondary sales
Source: encyclopedia
RSU vs option pre-IPO
Pre-IPOMulti
RSU vs option pre-IPO comp
Source: encyclopedia
Reference price NYSE designated
Direct ListingMulti
Designated market maker sets reference
Source: encyclopedia
Reverse merger backdoor listing
Other ListingsMulti
Reverse-merge into shell to go public
Source: encyclopedia
Roadshow investor meetings
IPO ProcessMulti
2-week roadshow building book
Source: encyclopedia
Roblox RBLX direct listing
Direct ListingMulti
Roblox direct listing 2021
Source: encyclopedia
S-1 registration filing
IPO ProcessMulti
S-1 IPO registration with SEC
Source: encyclopedia
SEC 2024 SPAC rules tightening
LessonsMulti
SEC 2024 final SPAC rules - more disclosure
Source: encyclopedia
SOFI Banking SPAC
SPAC CasesLong
SoFi via Social Capital Hedosophia
Source: encyclopedia
SPAC Research database
SPAC StrategiesMulti
SPAC Research transaction-detail database
Source: SPAC Research
SPAC arbitrage redeem at deal
SPAC StrategiesIncome
Buy units redeem at $10 if deal not loved
Source: encyclopedia
SPAC blank-check shell
SPAC StructureMulti
Shell raises IPO funds for future acquisition
Source: Wikipedia
SPAC bubble 2020-21 collapse
LessonsMulti
2020-21 SPAC bubble bust 2022-23
Source: encyclopedia
SPAC redemption rate signal
SPAC StrategiesMulti
High redemption = poor sentiment
Source: encyclopedia
Search period 18-24 months
SPAC StructureMulti
SPAC must find target in 18-24 months
Source: SPAC Research
Secondary tender offers
Pre-IPOMulti
Pre-IPO tender for liquidity (Stripe etc)
Source: encyclopedia
Slack WORK direct listing
Direct ListingMulti
Slack direct listing 2019
Source: encyclopedia
Spinoff IPO
Other ListingsMulti
Parent spins off division as new public company
Source: encyclopedia
Sponsor 20% promote founder shares
SPAC StructureLong
Sponsor ~20% founder shares "promote"
Source: PwC
Sponsor short bet
SPAC StrategiesShort
Short SPACs bet sponsor's promote dilutes
Source: encyclopedia
Spotify SPOT direct listing 2018
Direct ListingMulti
Spotify pioneered direct listing 2018
Source: encyclopedia
Stabilization bid first 30 days
IPO ProcessMulti
UW stabilizes price post-listing 30 days
Source: encyclopedia
Token unlocks calendar
Crypto ListingMulti
Track token unlock cliffs/vests
Source: encyclopedia
Tracking stocks
Other ListingsMulti
Tracking stocks track segment performance
Source: encyclopedia
Trump DJT SPAC
SPAC CasesMulti
Trump Truth Social DJT via DWAC SPAC
Source: encyclopedia
Trust account 100% IPO proceeds
SPAC StructureIncome
IPO proceeds in trust earning T-bill yield
Source: Carta
Underwriter spread typical 7%
IPO ProcessMulti
7% gross spread for sub-$1B IPOs
Source: encyclopedia
Underwriter syndicate book
IPO ProcessMulti
Lead-left + co-lead underwriters
Source: encyclopedia
Unit common + 1/2 warrant
SPAC StructureMulti
Each unit = 1 share + fractional warrant
Source: PwC
Up-C structure tax benefits
Other ListingsMulti
Up-C structure - tax-receivable agreements
Source: encyclopedia
VC token cliff selling
Crypto ListingShort
Short tokens at VC cliff release
Source: encyclopedia
Virgin Galactic SPCE
SPAC CasesMulti
Virgin Galactic Branson SPAC
Source: encyclopedia
Voting agreement
Pre-IPOMulti
Voting agreement among shareholders
Source: encyclopedia
Warrant exercise $11.50 typical
SPAC StructureMulti
Warrants typical $11.50 exercise
Source: Carta
WeWork SoftBank SPAC
SPAC CasesShort
WeWork via BowX 2021 SPAC
Source: encyclopedia
Weighted-average anti-dilution
Pre-IPOMulti
Standard broad-based weighted anti-dilution
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.