Call Warrant Backing (SPV)
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Overview
Section titled “Overview”Call Warrants are backed by actual private company shares held in a Special Purpose Vehicle (SPV) structure. This ensures that every call warrant has real underlying asset support.
SPV Architecture
Section titled “SPV Architecture”Structure
Section titled “Structure”┌─────────────────────────────────────────────────────────────────┐│ SPV STRUCTURE │├─────────────────────────────────────────────────────────────────┤│ ││ PIPO Operating Company ││ (Singapore / BVI) ││ │ ││ │ 100% ownership ││ ▼ ││ ┌─────────────────────────────────────────────┐ ││ │ PIPO Holdings Ltd (Cayman Islands) │ ││ │ Master SPV │ ││ └────────────────────┬────────────────────────┘ ││ │ ││ ┌───────────────┼───────────────┐ ││ │ │ │ ││ ▼ ▼ ▼ ││ ┌─────────┐ ┌─────────┐ ┌─────────┐ ││ │ SPV-001 │ │ SPV-002 │ │ SPV-003 │ ││ │ SpaceX │ │ OpenAI │ │ Stripe │ ││ │ Holdings│ │ Holdings│ │ Holdings│ ││ └────┬────┘ └────┬────┘ └────┬────┘ ││ │ │ │ ││ ▼ ▼ ▼ ││ [SpaceX [OpenAI [Stripe ││ Common] Common] Common] ││ ││ Custodian: Qualified Fund Administrator ││ Jurisdiction: Cayman Islands ││ │└─────────────────────────────────────────────────────────────────┘Why This Structure?
Section titled “Why This Structure?”| Feature | Benefit |
|---|---|
| Cayman Islands | Tax neutral, established legal framework |
| Segregated SPVs | Isolate risk per underlying |
| Master SPV | Simplified management and governance |
| Qualified Custodian | Regulatory compliance, asset protection |
Share Acquisition
Section titled “Share Acquisition”Sources
Section titled “Sources”Share Sourcing Channels:├── Direct from Employees│ └── Connect with current/former employees seeking liquidity├── Secondary Market Brokers│ ├── Forge Global│ ├── EquityZen│ ├── SharesPost│ └── Direct broker relationships├── VC Distributions│ └── Investors selling allocations├── Tender Offers│ └── Company-sponsored buybacks└── Block Trades └── Large institutional sellersAcquisition Process
Section titled “Acquisition Process”┌─────────────────────────────────────────────────────────────────┐│ SHARE ACQUISITION FLOW │├─────────────────────────────────────────────────────────────────┤│ ││ 1. SOURCING ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • Identify seller (employee, investor, broker) │ ││ │ • Negotiate price and terms │ ││ │ • Verify share authenticity │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 2. DUE DILIGENCE ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • Confirm seller ownership (cap table) │ ││ │ • Check transfer restrictions │ ││ │ • Review ROFR requirements │ ││ │ • Legal review of share class │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 3. TRANSACTION ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • Execute Share Purchase Agreement (SPA) │ ││ │ • Wire funds to seller │ ││ │ • Seller initiates transfer │ ││ │ • Company processes (ROFR waiver if needed) │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 4. SETTLEMENT ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • Shares registered to SPV on cap table │ ││ │ • Custodian confirms receipt │ ││ │ • Warrant tokens minted │ ││ │ • Tokens added to AMM pool │ ││ └─────────────────────────────────────────────────────────┘ ││ ││ Timeline: 30-90 days typical ││ │└─────────────────────────────────────────────────────────────────┘Custody & Safekeeping
Section titled “Custody & Safekeeping”Custodian Role
Section titled “Custodian Role”Custodian Responsibilities:├── Safekeeping: Hold share certificates / cap table entries├── Record-Keeping: Maintain audit trail├── Corporate Actions: Process dividends, splits, etc.├── Reporting: Quarterly statements to PIPO├── Verification: Confirm holdings on request└── Transfer: Execute share transfers as directedCustodian Selection Criteria
Section titled “Custodian Selection Criteria”| Criteria | Requirement |
|---|---|
| Jurisdiction | US, Cayman, or equivalent |
| Regulation | SEC registered or equivalent |
| Insurance | E&O, Fidelity bond |
| Experience | Private company shares |
| Technology | Digital cap table integration |
| References | Other SPV clients |
Share Valuation
Section titled “Share Valuation”For Reserve Purposes
Section titled “For Reserve Purposes”Reserve Valuation Methodology:├── Primary: Last funding round price (409A adjusted)├── Secondary: Recent secondary market transactions├── Tertiary: Third-party valuation (PitchBook, CB Insights)└── Fallback: Last arm's length transaction
Update Frequency: Monthly or upon material eventsValuation vs. Oracle Price
Section titled “Valuation vs. Oracle Price”| Purpose | Price Used |
|---|---|
| Reserve adequacy | Conservative (lower of cost or market) |
| Warrant settlement | Oracle price (market consensus) |
| Financial reporting | Fair value (GAAP/IFRS) |
Transfer Restrictions
Section titled “Transfer Restrictions”Common Restrictions
Section titled “Common Restrictions”Typical Share Transfer Restrictions:├── ROFR (Right of First Refusal)│ └── Company can match any outside offer├── Co-Sale Rights│ └── Other shareholders can participate├── Lock-Up│ └── No transfers for specified period├── Board Approval│ └── Some transfers require board consent└── Accredited Investor └── Buyer must be accreditedPIPO Mitigation
Section titled “PIPO Mitigation”PIPO handles restrictions by:├── Pre-clearing with company before acquisition├── Obtaining blanket ROFR waivers where possible├── Structuring SPV as single buyer (simplifies approvals)├── Maintaining relationship with company counsel└── Building buffer inventory (avoiding last-minute scrambles)Physical Delivery Process
Section titled “Physical Delivery Process”For VIP Holders
Section titled “For VIP Holders”Physical Delivery Flow (SPV → Buyer):
1. Buyer requests physical delivery (during exercise window)2. KYC/KYB verification completed3. Share Purchase Agreement drafted4. Buyer pays settlement amount + delivery fee5. SPV initiates transfer to buyer's entity6. Company processes transfer (cap table update)7. Buyer receives confirmation8. Warrant tokens burned
Timeline: 10-15 business daysMinimum: $500,000 positionDiscount: 20% from cash settlement valueRisk Management
Section titled “Risk Management”SPV-Specific Risks
Section titled “SPV-Specific Risks”| Risk | Mitigation |
|---|---|
| Company ROFR | Pre-negotiated waivers, relationship management |
| Valuation decline | Warrant liability declines proportionally |
| Fraud (fake shares) | Custodian verification, cap table confirmation |
| Custodian failure | Insurance, segregated accounts |
| Key person | Multiple authorized signers |
| Jurisdictional | Cayman legal opinion, local counsel |
Reporting & Transparency
Section titled “Reporting & Transparency”Quarterly Report Contents
Section titled “Quarterly Report Contents”SPV Quarterly Report:├── Holdings Summary│ ├── SpaceX: 100,000 shares @ $X per share│ ├── OpenAI: 50,000 shares @ $Y per share│ └── Stripe: 75,000 shares @ $Z per share├── Valuation Basis│ └── Last funding round / secondary market / third-party├── Activity│ ├── Shares acquired: X│ ├── Shares transferred (physical delivery): Y│ └── Shares sold (if any): Z├── Custodian Confirmation│ └── [Attached letter from custodian]└── Reserve Ratio └── 105% (buffer maintained)Legal Structure Details
Section titled “Legal Structure Details”SPV Documents
Section titled “SPV Documents”| Document | Purpose |
|---|---|
| Certificate of Incorporation | SPV formation |
| Operating Agreement | Governance, decision-making |
| Custody Agreement | Custodian relationship |
| Administration Agreement | Fund admin services |
| Share Purchase Agreements | Each acquisition |
| Transfer Documents | For physical delivery |
API Reference
Section titled “API Reference”Get SPV Holdings
Section titled “Get SPV Holdings”const holdings = await pipo.getSPVHoldings('SPACEX');
// Response (admin only){ underlying: 'SPACEX', spvEntity: 'PIPO SpaceX Holdings Ltd', jurisdiction: 'Cayman Islands', custodian: '[Custodian Name]', holdings: { shareClass: 'Common Stock', quantity: 100000, acquisitionCost: 7500000, currentValue: 8200000, lastValuation: '2025-09-30', valuationBasis: 'Last funding round (Series F)' }, warrantLiability: { outstanding: 7800000, reserveRatio: 1.05 }, lastCustodianConfirmation: '2025-09-30'}