SPVs

Lifecycle

The state transitions are tracked by the MonarkStage attribute, which can be found in the PreIPOCompanySPV object.

MonarkStage	Description	Potential Next Status(es)
`WAITING_MONARK_REVIEW`	Describes the stage where a deal has been sourced in the open market and Monark team members are reviewing the opportunity.	`FUND_ADMIN_REVIEW`
`FUND_ADMIN_REVIEW`	Describes the stage where the SPV is under review by the fund administrator.	`PRIMARY_FUNDRAISE`, `WAITING_MONARK_REVIEW`
`FUND_ADMIN_APPROVED`	Describes the stage after the SPV has been approved by the fund administrator, and is under final review by Monark team members before beginning to accept subscriptions.	`PRIMARY_FUNDRAISE`
`PRIMARY_FUNDRAISE`	Describes the only stage where the SPV is active and ready to accept subscriptions. When an SPV is in this phase, Partners can expose the PreIPOCompanySPV and the associated PreIPOCompanyInvestment/PreIPOCompany to their Investors, who will be able to subscribe to the SPV.	`PRE_CLOSE_REVIEW`, `CLOSE_FAILED`
`PRE_CLOSE_REVIEW`	Describes the stage where the SPV has met the total allocation associated with the deal and Monark's team is performing final admin review checks prior to initiating the closing process. SPVs in this stage can no longer accept subscriptions. All `Pending` Subscriptions will be updated to `Rejected` at this stage.	`CLOSE_REQUESTED`, `CLOSE_FAILED`
`CLOSE_REQUESTED`	Represents the stage where the total allocation has been met and Monark has made a request to our fund administrator to close the SPV. At this point, all `Processing` Subscriptions associated with the SPV should have their Open GTC orders "filled" and monies moved from the investor's brokerage account into the SPV account. SPVs will stay in this stage until funds have been sent to the SPV account.	`CLOSE_IN_PROGRESS`, `CLOSE_FAILED`
`CLOSE_IN_PROGRESS`	Represents the stage where the fund admin is starting the process of closing the SPV. At this stage, Monark will deliver cash to the seller or seller's broker and sign/countersign documents with the seller or target.	`FUNDS_SENT_TO_TARGET`, `CLOSE_FAILED`
`FUNDS_SENT_TO_TARGET`	Describes the stage when the SPV has sent funds to the seller or seller's broker. SPVs may stay in this stage as transfer of cash is being confirmed. Monark will send signed subscription documents (if layered SPV) and proof of wire transfer for visibility. Once this is done, Monark will instruct the fund administrator to close the SPV.	`CLOSED`, `CLOSE_FAILED`
`CLOSED`	Represents a state when the SPV is closed. At this stage, all `PROCESSING` Subscriptions associated with the SPV will be moved to `COMPLETE`, and all investor subscription documents will be batch countersigned by the fund administrator.	`REGULATORY_HOLD_PERIOD`
`REGULATORY_HOLD_PERIOD`	Describes the phase when the fund has been fully syndicated on the primary offering, funds have been sent to the seller, and the SPV is in its "seasoning" period. The date that the PreIPOCompanySPV moves into`REGULATORY_HOLD_PERIOD`" marks the start of the seasoning period, and this date will be captured in the "`CloseDate`" attribute. The length of the seasoning period will be determined by the "`TradingExemption`" attribute. If the PreIPOCompany held by the SPV undergoes a liquidation event prior to shares in the SPV becoming tradable, the SPV's status will move directly to `LIQUIDATION`	`ACTIVELY_TRADING`, `LIQUIDATION`
`ACTIVELY_TRADING`	Describes the phase when the SPV shares have met the regulatory hold period and have become tradable on the MMM Securities LLC ATS. Monark will provide a CUSIP after the first trade has been executed on the ATS.	`HALTED`
`CLOSE_FAILED`	Describes the phase when the SPV fails to close. SPVs can fail to close if: (1) the total allocation is not met, or (2) the diligence phase uncovers an issue that cannot be resolved within a reasonable time frame.	`MONARK_DILIGENCE`, `PRIMARY_FUNDRAISE`
`HALTED`	Describes a phase when trading of the SPV has been halted on the ATS.	`ACTIVELY_TRADING`, `LIQUIDATION`
`LIQUIDATION`	If the securities held by the SPV undergo an IPO or acquisition process, the SPV will be moved to the `LIQUIDATION` stage. Trading will stop and Monark will collaborate with the fund administrator to ensure that shares or cash are distributed to the proper Investor brokerage accounts.	`DISSOLVED`
`DISSOLVED`	Describes the phase where the SPV has been dissolved and the LLC has been wound down. SPVs can move to this state for a number of reasons, which may include a liquidation event, failure to meet the required allocation, a bankruptcy in the underlying holding, or others. SPVs in this stage will never revert back to another stage. Once an SPV is moved to the `DISSOLVED` stage it will be wound down as a legal entity and will cease to exist.	`DISSOLVED`