Par value - the secondary shares are being offered at the same price as the last primary fundraising by the Company, at the same indicative valuation.

Premium - the secondary shares are being offered at a higher price than the last primary fundraising by the Company, representing an increased indicative valuation.

Discount - the secondary shares are being offered at a lower price to the last primary fundraising by the Company, representing a decreased indicative valuation. This is the most common way to structure pricing for a Secondary Share Sale, and has the potential to generate the highest liquidity for a transaction.