What are the mechanics of employee participation in a CartaX auction?

Yeah. it's a two week order entry period, where -- and instead of talking about things in terms of employees and investors, we talk about like buyers and sellers. Because the seller can be an employee, it could be an ex-employee, it could be a consultant, it could also be an existing investor -- so sellers and buyers both have the opportunity to put in limit orders.

So if I want to sell my stock, I basically can say, okay, if the stock trades at $15,  I'll sell 10% of my stock; if it trades at $20, I'll sell 20% of my stock. And that's based on eligibility requirements. And so when Henry sets up our transaction and our CFO, Charlie, they will determine what percentage of vested shares that employees can sell, X employees can sell and whatnot. So  when I say percentages, I'm referring to percentage of eligibility. I'll say at $15, I'll sell this amount, at $20, I'll sell this amount. I put in multiple limit orders. On the buy side, they do the exact same thing, different limit orders -- at this dollar price, I'll buy this much of stock, this dollar I'll buy x more of stock. And then what we do after the order entry period, there's a lot of complexities that go into this actual auction. There's an ascending round. So after the two week order entry period, the seller orders are frozen. They're locked in. So sellers have two weeks basically to go in and update prices and reconfigure their limit orders.

At the end of the two weeks, sellers are frozen and the buyers will have three different opportunities to up their bid against a reference price. So then what we'll do is we'll go back to the buyers and we'll say, hey, you bid $14. If you actually want to buy, you're going to have to up your bid to $15. And then  the ones that want to up their bid will up their bid, and then the next day we'll have another round.

And we'll say, actually, it's at $15.50 now, based on where the numbers are, you need to up your bid to $15.50. And so after three different days of having the opportunity to up their bid, we will close the transaction at the single price point where maximum liquidity lies. So we're looking at the maximum supply and the maximum demand and the intersection where most of it exists, and that's where we run the transaction.