What are Piggyback Registration Rights?

释义

Piggyback registration rights are a form of registration rights that grants the investor the right to register their unregistered stock when either the company or another investor initiates a registration. This type of registration right is seen as inferior to demand registration rights because this class of right-holders cannot initiate the registration process.

附带登记权是一种登记权，其授予投资者在公司或其他投资者发起登记时登记其未登记股票的权利。此类登记权次于要求登记权，因为此类权利人无法启动登记程序。

KEY TAKEAWAYS

要点

Piggyback registration rights are a form of registration rights that enables investors to register their stock during a public offering.

附带登记权是一种登记权形式，使投资者能够在公开发售期间登记其股票。

They can be excluded from a public offering by an underwriter but it is easier to include them because adding shares with piggyback rights is relatively cheaper.

承销商可以将其排除在公开发行之外，但将其包括在内相对更方便，因为添加附带权利的股票相对便宜。

Understanding Piggyback Registration Rights

理解

Since piggyback registration rights are considered inferior to demand registration rights, they are sometimes excluded from registrations in favor of investors with demand registration rights. This could happen if the underwriter of the registration determines that the market will not be able to handle all of the shares that are part of the registration. However, investors with piggyback registration rights are allowed to participate usually in an unlimited number of registrations, compared with investors, who have demanded registration rights.

由于附带登记权次于要求登记权，因此有时将其排除在登记之外，有利于拥有要求登记权的投资者。如果登记的承销商确定市场将无法处理登记中的所有股份，就可能发生这种情况。然而，与要求登记权的投资者相比，拥有附带登记权的投资者通常可参与无限次数的登记。

What Piggyback Registration Rights Might Include

组成

The right to cut back investor shares in an offering. Piggyback registration rights provisions typically allow underwriters to completely eliminate investors as selling shareholders in an IPO. In subsequent offerings, the investors will typically negotiate that they cannot be cut back to less than 25% or 30% of the offering.

减持投资者股份的权利。附带注册权条款通常允许承销商在首次公开募股中完全排除投资者出售股东的可能性。在随后的发行中，投资者通常会协商不能将其削减至发行的 25% 或 30% 以下。

The priority of investor shares to be included in an offering. Some venture funds aggressively negotiate the priority of any shares that the underwriters allow being registered in a company-initiated registration. A later investor may also request that their shares be included in a registration before any non-company shares.

投资者股票的优先发行权。一些风险基金积极协商承销商允许在公司发起的登记中登记的任何股票的优先权。后来的投资者也可以要求在登记任何非公司股票之前将其股票列入登记册。

Piggyback registration rights for founders and management. Founders typically want piggyback registration rights for the same reason that venture funds want them. Absent registration, founders that are affiliates will need to comply with volume restrictions under Rule 144. A registered public offering may be one of the few orderly ways that a founder can sell a large number of shares.

创始人和管理层的附带登记权。创始人通常想要附带登记权，其原因与风险基金原因相同。如果没有登记，作为附属公司的创始人将需要遵守规则 144 下的数量限制。登记公开发行可能是创始人可以出售大量股票的少数有序方式之一。

Demand Registration Rights vs. Piggyback Registration Rights

区分|要求登记权和附带登记权

Unlike demand registration, where shareholders are entitled to demand that a company undertakes an IPO, investors relying on piggyback registration to sell their shares do not have the right to force an IPO. Instead, they must wait for the IPO to be demanded by other investors, effectively “piggybacking” on other investors’ demand registration rights.

与要求登记权不同，股东有权要求公司进行首次公开募股，而附带登记权出售其股份的投资者无权强制进行首次公开募股。 相反，他们必须等待其他投资者要求首次公开募股，实际上是“附带”其他投资者的要求登记权。

Piggyback registration rights holders also may hold a great deal of influence over company management when it comes to the timing of the registration. Piggyback registration rights are also exercised much more frequently than demand registration rights because adding shares associated with piggyback registration rights is relatively cheaper (in terms of marginal cost) on an ongoing registration process.

在登记时间方面，附带登记权持有人也可能对公司管理产生很大影响。附带登记权的行使也比要求登记权更频繁，因为在正在进行的登记过程中添加与附带登记权相关的股票相对便宜（就边际成本而言）。

（英文来源：https://www.investopedia.com/terms/p/piggybackrights.asp）