Overview

Each Pre-IPO Company will be assigned its own symbol. The Pre-IPO Company symbol will serve as the "base" for each SPV-specific symbol. See the link here for a comprehensive list of the symbols assigned to each Pre-IPO company.

The prefix and suffix(es) that are prepended or appended to the "base" symbol provide additional information around the structure of the SPV and the shares that it holds. This enables market participants to quickly gather an understanding of what they are investing in when acquiring shares in an SPV. Monark will assign each SPV its own symbol upon creation. The SPV will maintain the same symbol throughout it's entire lifecycle.

Production Symbology

The table below uses SpaceX (SPAX.PVT) as as the "base" symbol.

Security Categorization	CMS Suffix	Example
Preferred	PR	SPAX.PVT.PR
Preferred Class "A"*	PRA	SPAX.PVT.PRA
Preferred Class "B"*	PRB	SPAX.PVT.PRB
Preferred Held in SPV	SPR	SPAX.PVT.SPR
Preferred Class "A"* Held in SPV	SPRA	SPAX.PVT.SPRA
Preferred Class "B"* Held In SPV	SPRB	SPAX.PVT.SPRB
Common		SPAX.PVT
Common Held in SPV	S	SPAX.PVT.S
Common Class "A"*	A	SPAX.PVT.A
Common Class "B"*	B	SPAX.PVT.B
Common Class "A"* Held In SPV	SA	SPAX.PVT.SA
Common Class "B"* Held In SPV	SB	SPAX.PVT.SB
TEST Symbol	TEST	SPAX.PVT.TEST

*Class “B” though Class “Z” securities are denoted using the same format as Class “A” securities on this matrix.

Sandbox Symbology

To avoid replication across environments, and to ensure you can run both systems in parallel, Monark will create a level of separation in the symbols used in sandbox from the symbols used in production. This is achieved by adding a "Z" in front of the SPV symbol. See matrix below.

Security Categorization	CMS Suffix	Example
Preferred	PR	ZSPAX.PVT.PR
Preferred Class "A"*	PRA	ZSPAX.PVT.PRA
Preferred Class "B"*	PRB	ZSPAX.PVT.PRB
Preferred Held in SPV	SPR	ZSPAX.PVT.SPR
Preferred Class "A"* Held in SPV	SPRA	ZSPAX.PVT.SPRA
Preferred Class "B"* Held In SPV	SPRB	ZSPAX.PVT.SPRB
Common		ZSPAX.PVT
Common Held in SPV	S	ZSPAX.PVT.S
Common Class "A"*	A	ZSPAX.PVT.A
Common Class "B"*	B	ZSPAX.PVT.B
Common Class "A"* Held In SPV	SA	ZSPAX.PVT.SA
Common Class "B"* Held In SPV	SB	ZSPAX.PVT.SB
TEST Symbol	TEST	ZSPAX.PVT.TEST

Duplicate SPVs

You may encounter a situation in which there are multiple SPVs with the same structure, holding shares of the same company. We account for this by prepending a single letter to the SPV symbol. The prefix will be the letter "A" for the first duplicate, "B" for the second duplicate, and so on throughout the alphabet for all subsequent duplicates. Though unlikely, once the 26th duplicate is reached (letter "Z"), Monark will update the naming convention to account for additional SPVs.

For example: if there are 5 SPVs holding shares of Preferred Class A stock in SPAX.PRIV, the following symbology would apply:

First SPV: SPAX.PVT.PRA
Second SPV: ASPAX.PVT.PRA
Third SPV: BSPAX.PVT.PRA
Fourth SPV: CSPAX.PVT.PRA
Fifth SPV: DSPAX.PVT.PRA

CUSIPs

Monark will assign each SPV a unique CUSIP identifier, set up slightly differently for sandbox and production environments.

Production CUSIPs

Each CUSIP generated by Monark's system in production will be structured as "ALTM + Four Characters + Checksum."

Example: ALTM12348

Sandbox CUSIPs

Each CUSIP generated by Monark's system in the sandbox environment will be structured as "ZALTM + Three Characters + Checksum."
Similar to the SPV symbology above, the "Z" prefix in the CUSIP prevents confusion across sandbox and production environments.

Example: ZALTM1230