在美国纳斯达克上市后企业如何套现？

Key Points - The article discusses the various legitimate methods for shareholders to cash out after a company goes public on NASDAQ, emphasizing the need to comply with SEC regulations, particularly regarding information disclosure and lock-up periods [1][32]. Group 1: Main Cash-Out Methods - Open Market Sales: Shareholders can sell shares directly on the NASDAQ market after the lock-up period, which is the most common method [3][4]. - Block Trades: Large shareholders can sell a significant number of shares at once, usually facilitated by investment banks, minimizing market impact [9][10]. - Follow-on Offering: Companies or major shareholders can issue additional shares to the public, allowing for substantial cash-out opportunities [16][17]. - Securities-backed Lending: Shareholders can use their shares as collateral for loans, providing liquidity without selling shares [21][22]. - Dividends: Companies distribute cash dividends to shareholders, providing a passive income stream [26][27]. Group 2: Key Considerations and Compliance Requirements - Lock-up Period: A voluntary agreement that restricts insiders from selling shares for a specified period post-IPO, typically 90 to 180 days [32][33]. - SEC Rule 144: This rule applies to affiliates and restricted securities, requiring a holding period and limiting the volume of shares sold [35][36]. - SEC Rule 10b5-1: Allows insiders to set up a pre-established trading plan to avoid insider trading accusations [40][41]. - Insider Trading Prohibition: Trading based on non-public material information is illegal and can lead to severe penalties [45]. - Company Internal Policies: Companies often have specific trading policies that insiders must follow, including trading windows and pre-clearance requirements [46]. - Market Impact and Reputation: Large sell-offs by major shareholders can negatively affect stock prices and market perception, making strategic cash-out methods important [47]. Summary - The article emphasizes the importance of compliance and strategic planning for shareholders looking to cash out after a NASDAQ listing, highlighting various methods and the associated regulatory requirements [49].