EP26: Secondary Tenders and Founder Liquidity — The Number on Your Cap Table Isn't the Price
The number on your cap table isn't the price of the company — it's a data point. Drew and Reese unpack how company-sponsored secondary tender offers actually clear under the SEC's tender offer rules, why tender prices and primary round prices are two different things, and the 4-step playbook every operator and LP should run before touching a tender window. Sign-off: Position before you predict. YouTube: https://youtu.be/m2EfEhgKU98. Educational content, not investment advice.
The skinny
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