When I read it, it felt more like it was putting structure around for what already existed in the form of Second Market (which NASDAQ recently bought). Second Market was where FB employees were selling their stock before FB went public, and caused the stock valuation to settle on what would essentially be the public offering price.<p>Given the different share rights of preferred and common stock in a pre-IPO company, selling common shares does not look anything at all like an &quot;investment round&quot; in the typical sense. It does however impact the 409a valuation and could cause new employees to get a higher strike price on their options when they join.