I took a few in the 10c round and under the cash rule, 12 months escrow (20-10=10) so it would be those who did pre-ipo.
There'd be some at lower prices but they'd probably be considered promoters and escrowed for two years.
You can usually see the terms on each funding round by searching a prospectus with the words "capital structure" and looking at the footnotes.
I took a few in the 10c round and under the cash rule, 12 months...
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