Businesses can opt-in or opt-out of the Secondary Market
Every business that raises on Republic Europe has the option to opt out of the Secondary Market should they wish. This option will be visible on any given business post-investment page and displayed in the Key Features section. Examples below:
Businesses are still subject to eligibility checks on market open
Just because the businesses has opted in to Secondary Market doesn't mean the business will be eligible to trade. That is subject to certain conditions that you can find out more about here.
As an example, if the share price of a company is about to change and we are made aware of this, we will make the business ineligible until the share price is made effective. Quite often this happens because the company is raising funds, meaning that new shares will be issued with new share price. However we won't generally be able to divulge the reason/s why a given company is not eligible to trade due to confidentiality.
Convertibles and Cohorts
Convertibles cannot be traded on the Secondary Market as share may not be issued yet. However, if the convertible has converted into shares in the underlying business, then those shares may be. Investors must wait until the shares (or ownership rights) are issued before they can be bought and sold.
Cohorts themselves cannot be traded on the Secondary Market. However quite often, as in the case of the EIS100 fund, cohort campaigns invest into Republic Europe' businesses and those may have opted in.
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Please note: The Secondary Market is not yet available to users in European regions. We hope to make this feature available in the near future.