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For shareholders 1 min read

Before you list: three things to check in your own paperwork

Transfer restrictions, vesting, and whether the shares are actually yours to sell yet.

Most listings that stall do so because of something that was already written down before the shareholder ever opened a marketplace.

1. Transfer restrictions

Your shareholders' agreement, the company's articles, and any option grant will each say something about transferring. Look for a right of first refusal, a co-sale or tag-along right, an outright prohibition on transfers to competitors, and any requirement for board consent.

2. Vesting and exercise

Unvested options are not shares. Vested but unexercised options are not shares either — they are a right to acquire shares, usually for money, often with a tax consequence at exercise. Only what you have actually exercised and hold can be listed.

3. Whether anybody else has a claim

Shares pledged as security, subject to a divorce settlement, or held in a trust with its own rules are all situations where the register says one thing and the legal position says another.

What verification looks like here

A listing is not published on your word. The holding is verified against evidence before anything becomes visible to buyers, and a listing that cannot be verified goes back to you with the reason rather than quietly sitting in a queue.