Some fake IPO refund math
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ABCDEFGHIJKLMNOPQRST
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Drop threshold20%
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Refund cap5%
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Shares held by insiders day 12,000
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Shares sold in IPO1,000
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Percent of IPO sold by insiders100%
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ConservativeAccurateOptimisticBorderlineAggressiveAggressiver
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IPO price (X)$90$100$110$125$140$175
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3-month price (Y)$100$100$100$100$100$100
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Shares sold by company000000
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Shares sold by insiders1,0001,0001,0001,0001,0001,000
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Shares retained by insiders1,0001,0001,0001,0001,0001,000
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Total proceeds of IPO$90,000$100,000$110,000$125,000$140,000$175,000
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Threshold$72$80$88$100$112$140
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Refund Y/NNNNNYY
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Amount of refund$0$0$0$0$7,000$8,750
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Shares refunded00005050
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After refund:
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Shares held by insiders1,0001,0001,0001,0001,0501,050
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Value of shares held$100,000$100,000$100,000$100,000$105,000$105,000
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Net cash proceeds to insiders$90,000$100,000$110,000$125,000$133,000$166,250
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Total value to insiders$190,000$200,000$210,000$225,000$238,000$271,250
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