Ann: Top 20 Holders, page-68

@tos, every single company have some sort of early investors, namely angels, private equity, seed or pre-IPO. Unfortunately reality is that start ups need cash and early investors do it for a return. The key question is why and when they would exit and this is related to their return expectations, so in regard of EMV, why to exit now when the MC still under $20m? Most of the companies in this segment reach $100m MC within two years, in addition seed investors have been hand picked and most are long term investors.