Thank you to those who participated in this week’s SecondMarket auction
for Facebook shares. The auction was successful and fully cleared
at a per share price of $28.26. Next week, the floor price will
be $26.25 and we will require a minimum sale of 25,000 shares. In
observance of the national MLK, Jr. holiday, please find the
adjusted auction timeline for next week below.
I've never used Second Market, so hopefully someone can explain things:
* How the heck is are they organizing their auctions? If someone wants to dump FB shares at $25.47, what's the problem?
* Why the minimum trade size of 25k shares? Is this driven by some sort of reporting requirement?
* They state that 2.7m shares have cleared their exchange. Should I conclude that the volume of shares on Second Market is 500k?
* How the heck is are they organizing their auctions? If someone wants to dump FB shares at $25.47, what's the problem?
* Why the minimum trade size of 25k shares? Is this driven by some sort of reporting requirement?
* They state that 2.7m shares have cleared their exchange. Should I conclude that the volume of shares on Second Market is 500k?
Something just doesn't seem to add up.