Offerings · Secondaries

Liquidity, with the issuer in the loop.

Three parties, three screens: an employee offering vested shares, a buyer bidding on a block, a syndicate pooling into one bid — against a reference price with a history, with issuer approval and ROFR on the page.

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HomeSecondaries deskQuillon+⌘K search · Elena M.
Secondaries desk / Quillon / Employee⌕ Search companies, investors, deals, people, widgets…⌘KTax previewSubmit offer
Data live · 09:41 ET3,109 indexed6EM
Quillon · Secondaries✓ VerifiedWindow · 3–17 Nov
Reference $4.25 · 409A $3.60 (Jun 26) · issuer approval required · ROFR 15 days · board range $4.10 – $4.50
EmployeeBuyerSyndicate
✓Window open✓Your holdings3Offer4Issuer approval5ROFR6Match7Settle
Your holdings · from the cap tableCarta
⤢ ⋯
Grants on record3 · ISO
Vested38,500 of 60,000
Exercised30,000
Eligible this window7,700 (20% of vested)
Cost basis$1.10 avg · $33,000
409A at grant$1.10 · $1.80 · $3.10
202312000202415000202518000202636500
Vested (teal) vs unvested by grant year
Offer
⤢ ⋯
Visible to
Approved buyersSyndicatesExisting holders only
Estimated proceeds$33,495
Gross $33,495 · fee 0.5% · est. tax (ISO, held 2y+) long-termnet ≈ $28,900
Window rules (issuer)
⤢ ⋯
Window3 – 17 Nov 2026
Eligible classesCommon · exercised options
Max per holder20% of vested
Board approvalPre-approved range
ROFRExisting holders · 15 days
Co-saleNot applicable
BuyersAccredited · KYC passed
Rules are set by the company in its Secondaries program.
Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%
Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET
HomeSecondaries deskQuillon+⌘K search · Elena M.
Secondaries desk / Quillon / Buyer⌕ Search companies, investors, deals, people, widgets…⌘KWatch blockMessage sellerPlace bid
Data live · 09:41 ET3,109 indexed6EM
Quillon · Secondaries✓ VerifiedWindow · 3–17 Nov
Reference $4.25 · 409A $3.60 (Jun 26) · issuer approval required · ROFR 15 days · board range $4.10 – $4.50
EmployeeBuyerSyndicate
Order book · Quillon commonSourced
⤢ ⋯
ref $4.25$3.90$4.25$4.75
Cumulative depth · bids (green) and asks (red) around the reference
BidSizeParty
$4.2025,000Orrin Family Office
$4.1540,000Kestrel Syndicate (pooled)
$4.1012,000Accredited · verified
$4.0060,000Pellbrook Capital
$3.9018,000Accredited · verified
AskSizeParty
$4.3520,000Employee window
$4.4015,000Early investor
$4.5030,000Employee window
$4.6010,000Founder (approved)
$4.7525,000Early investor
Mid $4.28 · spread 3.5% · depth 155k / 100k shLast $4.30 · 45,000 sh · 3 Sep 2026
Bid composer
⤢ ⋯
Notional · vs reference · ownership$105,000 · −1.2% · 0.12% FD
Accreditation · KYCVerified · passed
Issuer approvalPre-approved range
ROFR clearance15 days after match
Seller profiles
⤢ ⋯
?
Employee window · 6 sellers
Tenure 2–4y · 52,000 sh · ask $4.35–4.50
Nov window
?
Early investor
15,000 sh · ask $4.40 · pro-rata waived
Live
?
Founder (approved)
10,000 sh · ask $4.60 · board-approved
Live
Recent printsSharesPrice
3 Sep 26 · block45,000$4.30
18 Feb 26 · window120,000$4.40

Names reveal on match; tenure band and class only.

Price trail & referenceSourced
⤢ ⋯
Mar 22Mar 23Jun 24Jun 25Feb 26Oct 26$4.25
1D1W1M3MYTD1YALL⇤ brush to zoom · ⌥ drag to measure
Settlement
⤢ ⋯
1Match2Issuer approval3ROFR4Escrow5Transfer6Settled
Escrow · typicalTaidou escrow · 21 days
Last settled3 Sep 2026 · 45,000 sh
Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%
Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET
HomeSecondaries deskQuillon+⌘K search · Elena M.
Secondaries desk / Quillon / Syndicate⌕ Search companies, investors, deals, people, widgets…⌘KShare to membersPool bid
Data live · 09:41 ET3,109 indexed6EM
Quillon · Secondaries✓ VerifiedWindow · 3–17 Nov
Reference $4.25 · 409A $3.60 (Jun 26) · issuer approval required · ROFR 15 days · board range $4.10 – $4.50
EmployeeBuyerSyndicate
Pooled bid
⤢ ⋯
$166k
Soft-circled$28,000
Hard commits$98,000
Members in23 of 144
Member commitmentsSourced
23 members · 6 shown⤢ ⋯
MemberSoftHardAccreditedKYC
Member 014—$12,000✓✓
Member 031—$10,000✓✓
Member 008$8,000—✓Pending
Member 052—$25,000✓✓
Member 019$5,000—✓✓
Member 027—$15,000✓✓
Block on offerSourced
⤢ ⋯
Employee window · 52,000 sh
Ask $4.35–4.50 · 6 sellers · closes 17 Nov
Matching
Our bid covers40,000 of 52,000 sh
Price gap$0.20 below lowest ask
ROFR holdersCastellan · Harbor & Vale · Orrin
If matchedSPV · one cap-table line
How a pooled secondary settles
⤢ ⋯
LeadMembers (hard)Members (soft)Kestrel SPVKestrel SPVSellers (6)

Members fund the SPV; the SPV buys the block; one line on the cap table; K-1 per member.

Documents
Open in CLM →⤢ ⋯
DocumentStatus
SPV operating agreementSigned · template
Stock transfer agreementDrafted
Issuer consentRequired at match
Member subscription (23)19 signed
Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%
Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET
On the desk

Employee · Buyer · Syndicate.

Each party sees only what is theirs: an employee sees their own line from the cap table; a buyer sees the book and the reference; a syndicate sees its members and the pooled bid.

HomeSecondaries deskQuillon+⌘K search · Elena M.
Secondaries desk / Quillon / Employee⌕ Search companies, investors, deals, people, widgets…⌘KTax previewSubmit offer
Data live · 09:41 ET3,109 indexed6EM
Quillon · Secondaries✓ VerifiedWindow · 3–17 Nov
Reference $4.25 · 409A $3.60 (Jun 26) · issuer approval required · ROFR 15 days · board range $4.10 – $4.50
EmployeeBuyerSyndicate
✓Window open✓Your holdings3Offer4Issuer approval5ROFR6Match7Settle
Your holdings · from the cap tableCarta
⤢ ⋯
Grants on record3 · ISO
Vested38,500 of 60,000
Exercised30,000
Eligible this window7,700 (20% of vested)
Cost basis$1.10 avg · $33,000
409A at grant$1.10 · $1.80 · $3.10
202312000202415000202518000202636500
Vested (teal) vs unvested by grant year
Offer
⤢ ⋯
Visible to
Approved buyersSyndicatesExisting holders only
Estimated proceeds$33,495
Gross $33,495 · fee 0.5% · est. tax (ISO, held 2y+) long-termnet ≈ $28,900
Window rules (issuer)
⤢ ⋯
Window3 – 17 Nov 2026
Eligible classesCommon · exercised options
Max per holder20% of vested
Board approvalPre-approved range
ROFRExisting holders · 15 days
Co-saleNot applicable
BuyersAccredited · KYC passed
Rules are set by the company in its Secondaries program.
Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%
Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET
Employee liquidity
Vested and eligible shares from the cap table, an offer composer, a tax preview against the 409A on record.
HomeSecondaries deskQuillon+⌘K search · Elena M.
Secondaries desk / Quillon / Buyer⌕ Search companies, investors, deals, people, widgets…⌘KWatch blockMessage sellerPlace bid
Data live · 09:41 ET3,109 indexed6EM
Quillon · Secondaries✓ VerifiedWindow · 3–17 Nov
Reference $4.25 · 409A $3.60 (Jun 26) · issuer approval required · ROFR 15 days · board range $4.10 – $4.50
EmployeeBuyerSyndicate
Order book · Quillon commonSourced
⤢ ⋯
ref $4.25$3.90$4.25$4.75
Cumulative depth · bids (green) and asks (red) around the reference
BidSizeParty
$4.2025,000Orrin Family Office
$4.1540,000Kestrel Syndicate (pooled)
$4.1012,000Accredited · verified
$4.0060,000Pellbrook Capital
$3.9018,000Accredited · verified
AskSizeParty
$4.3520,000Employee window
$4.4015,000Early investor
$4.5030,000Employee window
$4.6010,000Founder (approved)
$4.7525,000Early investor
Mid $4.28 · spread 3.5% · depth 155k / 100k shLast $4.30 · 45,000 sh · 3 Sep 2026
Bid composer
⤢ ⋯
Notional · vs reference · ownership$105,000 · −1.2% · 0.12% FD
Accreditation · KYCVerified · passed
Issuer approvalPre-approved range
ROFR clearance15 days after match
Seller profiles
⤢ ⋯
?
Employee window · 6 sellers
Tenure 2–4y · 52,000 sh · ask $4.35–4.50
Nov window
?
Early investor
15,000 sh · ask $4.40 · pro-rata waived
Live
?
Founder (approved)
10,000 sh · ask $4.60 · board-approved
Live
Recent printsSharesPrice
3 Sep 26 · block45,000$4.30
18 Feb 26 · window120,000$4.40

Names reveal on match; tenure band and class only.

Price trail & referenceSourced
⤢ ⋯
Mar 22Mar 23Jun 24Jun 25Feb 26Oct 26$4.25
1D1W1M3MYTD1YALL⇤ brush to zoom · ⌥ drag to measure
Settlement
⤢ ⋯
1Match2Issuer approval3ROFR4Escrow5Transfer6Settled
Escrow · typicalTaidou escrow · 21 days
Last settled3 Sep 2026 · 45,000 sh
Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%
Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET
Buyer
Order book, bid composer, reference price with its trail, settlement steps.
HomeSecondaries deskQuillon+⌘K search · Elena M.
Secondaries desk / Quillon / Syndicate⌕ Search companies, investors, deals, people, widgets…⌘KShare to membersPool bid
Data live · 09:41 ET3,109 indexed6EM
Quillon · Secondaries✓ VerifiedWindow · 3–17 Nov
Reference $4.25 · 409A $3.60 (Jun 26) · issuer approval required · ROFR 15 days · board range $4.10 – $4.50
EmployeeBuyerSyndicate
Pooled bid
⤢ ⋯
$166k
Soft-circled$28,000
Hard commits$98,000
Members in23 of 144
Member commitmentsSourced
23 members · 6 shown⤢ ⋯
MemberSoftHardAccreditedKYC
Member 014—$12,000✓✓
Member 031—$10,000✓✓
Member 008$8,000—✓Pending
Member 052—$25,000✓✓
Member 019$5,000—✓✓
Member 027—$15,000✓✓
Block on offerSourced
⤢ ⋯
Employee window · 52,000 sh
Ask $4.35–4.50 · 6 sellers · closes 17 Nov
Matching
Our bid covers40,000 of 52,000 sh
Price gap$0.20 below lowest ask
ROFR holdersCastellan · Harbor & Vale · Orrin
If matchedSPV · one cap-table line
How a pooled secondary settles
⤢ ⋯
LeadMembers (hard)Members (soft)Kestrel SPVKestrel SPVSellers (6)

Members fund the SPV; the SPV buys the block; one line on the cap table; K-1 per member.

Documents
Open in CLM →⤢ ⋯
DocumentStatus
SPV operating agreementSigned · template
Stock transfer agreementDrafted
Issuer consentRequired at match
Member subscription (23)19 signed
Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%
Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET
Syndicate pooled bid
Lead and member commitments pooled into one block; one line on the cap table.
How it works

Program rules → window → approval → ROFR → match → settle.

01RulesThe issuer sets the window, eligible classes, maximum per holder and approvals.
02WindowEmployees see their own line; buyers and syndicates see the book.
03Approval & ROFRBoard approval and investor ROFR tracked on the page.
04SettleEscrow, transfer and a cap-table update, with an audit trail.

Liquidity that the company controls

Employees, buyers and syndicates on one page.

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Offerings

Everything on the page.

Seven offerings, one verified page underneath.

Primaries

Raise, or invest in open rounds, on a verified page.

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Secondaries

Liquidity for employees and early investors; blocks for buyers.

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Special Purpose Vehicles

Pool cheques into one line on the cap table.

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Co-Invest

Share allocation with mandate-matched investors.

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Sourcing

Filings, connections, screens and thesis matches.

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Investor Database

Who invests in what, with provenance.

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Exchange Marketplace

Scoped engagements priced on rate cards.

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