Sales, Auction & Tranche Offerings
Sales, Auction & tranche offerings
ULR contract Initial Offerings will use either a sealed bid Dutch Auction with an undisclosed minimum price, or customized offerings to ensure demand-based pricing. Sales are limited to entities that certify they are buying for their own use and/or Qualified Institutional Buyers that certify they have IP transaction experience and are not relying on the efforts of others.
Follow-on Offerings are authorized when all units in the Initial Offering are oversubscribed or sold, or when at least 75% of outstanding ULR contracts have been consumed. Additionally, these offerings are subject to price banding to make certain market prices reflect actual rates of technology adoption.
ULR contracts may also be transacted in the secondary market. Position limits are in place to ensure diversification of ULR contract holders. Additionally, IPXI is committed to market transparency and will publicly report ULR contract trading volumes and aggregate consumption numbers by Operational and Qualified Insitutional Buyers.
