EquityZen vs. Hiive: Pre-IPO Secondary Markets in 2026
The pre-IPO secondary market hit a consolidation turning point in early 2026: Morgan Stanley closed its acquisition of EquityZen on January 27, 2026 and immediately cut buyer-side fees from 5% to 2.5%
ROFR Explained: How Right of First Refusal Affects Your Exit
**TL;DR: Right of First Refusal (ROFR) gives your company and other investors the right to match any third-party offer on your shares before you can sell them. This restriction can delay your secondar
ROFR in Private Markets: How Right of First Refusal Blocks Your Exit
TL;DR: ROFR gives founders, companies, or existing investors the legal right to block your share sale by matching the buyer's offer. In pre-IPO secondaries, you have a 30-day window of uncertainty.
ROFR (Right of First Refusal): What It Means, When It Protects You, and When It Costs You
In 2008, craigslist co-founders Jim Buckmaster and Craig Newmark tried to use a right of first refusal to dilute eBay’s 28.4% stake in their company. The mechanics were creative: offer new shares to anyone who...
Right of First Refusal: The Clause That Can Lock You In or Kill Your Deal
Right of First Refusal: The Clause That Can Lock You In or Kill Your Deal A $250M acquisition died because a seed-stage investor exercised their ROFR. The buyer walked. The seller waited 30 days for a match that was...