The issue of inconsistent registration rights provisions, which are routed through separate agreements for each cycle, is indeed sensitive. If the company`s standard is that the rights should not be due for three years from the date of the investment, what to do with investors in previous rounds who have held shares for almost three years? Will they have the first exclusive chance to have access to public securities? If the A-Series was sold last year (with a 51 per cent trigger) and the current favourite B-series is sold, is it possible to force Series A holders to join Series B (provided the number of shares in each series is the same) to avoid a situation where the trigger is suddenly held at 25.1 per cent (compared to 51 per cent) of the stock of the preferred share? Is the language of the agreement such that investors can claim, in previous cycles, to have a first priority for listing their shares in a “loon”? Finally, the inclusion of one`s own shares in a publicly signed offer is not the only way to sell shares. A holder of limited securities may sell his shares in a private company, albeit with an increase due to illiquidity; More importantly, it can “dribble” shares after the company`s publication in accordance with Rule 144. The registration rights of the holder of limited shares of an already public company are therefore redundant, unless the holder wants to sell before the expiry of the detention period under Rule 144 or the blockage is such that it cannot be “dribbled” within the “volume” or “type of sale” limits set by the rule. There are two main categories of registration fees: application rights and piggybacking rights. With the right to register on request, investors have the right to require a company to register shares with the SEC. After registration, shareholders will then be able to sell their shares to external investors and leave the company. With purchase rights, investors have the right to force a company to register common shares so that the investor can sell them without restriction on the public market. As a result, the company makes an IPO when the company is not yet public. Piggyback rights give the investor the right to include his shares in a registration made by the company.  The term “declaring” refers to the issuer of the securities for which the registration statement is filed. “33 Gesetz, Regel 405.  A “reverse piggyback” right occurs when investors exercise a right of application, impose a registration at their own expense (as part of the agreement) and the company seeks the right to “pawn” certain shares newly issued when registering investors.
See Frome – Max, Raising Capital: Private Placement Forms and Techniques, 673 (1981). Piggyback rights also allow investors to take precedence over acompany shareholders. This means that they can participate in the registration process, while others are excluded. Registration fees are displayed in the form of either “piggyback” or “request” (“Piggyback” or “request.” Piggyback rights allow investors to include their shares in a registration currently in the planning phase of the business. Piggyback rights are generally not a problem for a company. The copyright is the nature of the registration fees described in the previous sections, and these may be controversial for the reasons examined. Unless there are clear and compelling reasons to initiate an IPO process, the founders and key players will reject the exercise of application rights. General restrictions – size, frequency and range. The natural interest of an investor is to negotiate open registration fees that allow unlimited and frequent registration of as many or fewer securities as desired. From the company`s point of view, limiting the number or frequency of recordings (or “take-downs” as part of a registration statement) for a given period (or in absolute terms) and f