G/YCombinator-SAFE-2020/Form/Base/v1-1.md

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“Direct Listing” means the Company’s initial listing of its Common Stock (other than {shares_of/of-Common_Stock} not eligible for resale under Rule 144 under the Securities Act) on a {national_securities_exchange.cl} by means of an effective registration statement {on_Form S-1.cl} filed by the Company with the {SEC.cl} that registers {shares_of_existing_capital_stock.cl} for resale, as approved by the Company’s board of directors. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten offering and shall not involve any underwriting services.