In the evening, after the two negotiations ended, Zhang Qingxue and Lin Shicheng returned to the hotel to report to Zhao Chen.
Harrington's 0.8% and Vance's 0.5% have been finalized, totaling 1.3% of SpaceX shares, with a total amount of approximately 312 million US Dollar.
Zhao Chen After listening, he leaned on the sofa and was silent for a moment.
"When can we see the two companies recommended by Harrington?" he asked.
Zhang Qingxue Open the notebook.
"A company called Crescent Capital entered the company in 2011. The fund's maturity date is the end of this year, and it holds about 1.2% of the shares.
The other company is called Meridian Ventures, which was entered in 2013. The LPs have recently been urging for an exit, and they hold about 1.5% of the shares.
Both companies are interested in transferring, and Lawyer Lin has made an appointment with Friday in the morning and afternoon."
Zhao Chen's fingers tapped lightly on the armrest twice.
"1.2 plus 1.5, 2.7%. Adding today's 1.3%, Existing Shares can close 4%. Add in 0.47% of new shares, and the total holdings exceed 4.4%."
He paused and his voice became calmer,
"When negotiating with these two companies, the conditions can be relaxed appropriately. A premium of less than 15% is acceptable.
The lock-in period is three years, Board of Directors Seat is not sought, and SpaceX has the right of first refusal when exiting in the future.
The only bottom line - eat them all, no batches."
Zhang Qingxue nodded.
"Understood. I will talk to Lawyer Lin Friday and try to win it at once."
Zhao Chen stood up and walked to the window.
The night view of Manhattan spread out outside the glass window, and the spire of Empire State Building was lit with white lights.
"You don't have too many shares in SpaceX. Whether it's 4% or 5%, it's all Financial Investment.
As long as it does not threaten Control of Elon Musk, the higher the shareholding ratio, the better."
March 29, Friday, morning.
The office of Crescent Capital is located at No. Wall Street 40, an old office building.
The partner is Thomas Grant, who is in his fifties, bald, wearing a pair of gold-rimmed glasses, and speaks slowly.
The SpaceX shares in his hand were invested by Series C in 2011 at a very low cost, and now their valuation has increased more than ten times.
Negotiations took place in Grant's office.
He leaned on the armchair, crossed his hands in front of his abdomen, and glanced back and forth between Zhang Qingxue and Lin Shicheng.
"Harrington told me about your situation. Era Vanguard, Tesla and second Major Shareholder. Elon spoke highly of you."
Grant paused, "You want to buy 1.2% of my SpaceX shares, valued at 24 billion, 288 million US Dollar."
I can accept the price, but I have three conditions."
Zhang Qingxue nodded. "You said."
Grant held out three fingers.
"First, the lock-in period is five years. Not three years. I heard that you gave Harrington and Vance both three years, but I don't agree.
My fund matures in one year, but I want the shares to be held for the long term rather than thrown onto the market after three years.
This is the only thing I can do for Elon, the five-year lock-in period, not even one day less will be enough."
Zhang Qingxue did not answer immediately.
She glanced at Lin Shicheng, who nodded slightly.
Grant continued:
"Second, it must be clearly written in the agreement that Era Vanguard promises not to transfer the shares to any third party that may seek SpaceX Control.
If you want to exit in the future, SpaceX has the right of first refusal, and you may not sell your shares to a buyer that Elon Musk expressly objects to."
Zhang Qingxue nodded. "We can accept these two items. What about the third one?"
Grant said, "The third rule is a premium of 15%. It's not 11.6%, it's 15%. It's based on a valuation of 24.8 billion.
Harrington and Vance took a premium of 11.6%, but I invested earlier than them and took more risk. I want 15%."
Zhang Qingxue lowered his head and did some calculations.
1.2% of the shares, with a valuation of 24.8 billion, worth approximately 297.6 million US Dollar.
It was about 9.6 million US Dollar more than the 24 billion valuation. She raised her head and looked at Grant.
"15% is acceptable. A five-year lock-in period is also acceptable.
But there is one thing - after the agreement is signed, the delivery will be completed within two weeks. The funds are already in place and we don't want to delay."
Grant was silent for a few seconds, then stretched out his hand. "Deal."
Zhang Qingxue held his hand. "It's a pleasure to cooperate."
Afternoon, Meridian Ventures.
The partner is Sophia Chen, she is in her early forties, Chinese, has short hair, and is wearing a black turtleneck sweater.
Her office is in a new office building in downtown Manhattan, Floor-to-Ceiling Window is directly opposite Statue of Liberty.
The SpaceX shares in her hand were invested in 2013, accounting for 1.5%, and the cost was not high.
The negotiations went much smoother than in the morning.
Sophia Chen's LP has been urging her to exit recently, and she needs to clear her position before the third quarter of this year.
The appearance of Era Vanguard just solved her urgent need.
"Ms. Zhang, I can see that you are really optimistic about this project.
I have read the conditions you offered. A valuation of 24 billion, a three-year lock-in period, no Board of Directors Seat, and SpaceX's right of first refusal. I can accept all of these."
Sophia Chen flipped through the documents on the table and said in a calm tone, "But I have an additional request."
Zhang Qingxue Waiting for her to continue.
Sophia Chen said, "I know that Era Vanguard holds nearly 10% of the shares of Tesla, and now it wants to buy SpaceX.
If one day in the future, Elon Musk merges Tesla with SpaceX, or there is a major Related Party Transaction between the two companies, I hope that Era Vanguard can support the management's decision-making.
Do not join forces with other shareholders to oppose it."
Zhang Qingxue thought for a while.
"Era Vanguard's investment strategy is to hold for the long term and support management.
We have not sold a single share of Tesla's shares so far, and we will not hinder the management's decision-making of SpaceX's shares.
This can be written into the agreement, but it is not a legal binding, but a business commitment."
Sophia Chen looked at her, was silent for a few seconds, and then smiled.
"Okay. That's it. 1.5%, valuation of 24 billion, three-year lock-in period. Your lawyer will contact our legal department regarding the terms of the agreement."
Zhang Qingxue stood up and extended his hand. "Happy cooperation."
Sophia Chen held her hand.
"Thank you. Also thank Elon for me. The things he made are worth holding for a long time."
In the evening, Zhang Qingxue and Lin Shicheng returned to the hotel and reported the results of the whole day's negotiations to Zhao Chen.
Obtaining 4% of the shares is the basic guarantee of his future wealth.
This time, the mission of United States was overfulfilled.