Secondary Transaction Settlement: From Term Sheet to Registered Holding

Settlement Is Where Diligence Gets Tested

Misregistered holdings and missing documentation can take months to unwind and compromise eventual liquidity at a listing event.

Five Steps

Term sheet and wholesale verification; company notice and ROFR window (typically 30 days for OpenAI and Stripe parcels); escrow and funds flow; transfer-agent registration (5–10 business days on Kraken and Groq); post-trade custody inside the investor platform.

Failure Modes

Settling before ROFR closes, releasing funds before registration confirmation, missing information-rights documentation.

OpenAI Pre-IPO Stripe Pre-IPO Kraken Pre-IPO Groq Pre-IPO IPO Index Investor Platform Share Class Mechanics Pre-IPO Operating Manual