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Corporate actions that affect a listed company’s status as a private entity trigger defined procedures. Primi’s rules are automatic and do not involve discretionary review.

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IPO or S-1 filing

If a listed company files an S-1 or announces an IPO registration, it immediately triggers a wind-down. The company is no longer eligible for listing on Primi — our markets are designed specifically for companies that have not entered the public listing process. The company enters a 5-trading-day wind-down period from the date of the filing announcement. All open positions settle at the last valid index price at the close of the wind-down period.

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Acquisition or merger

If a listed company is acquired by or merges with a public company, the same logic applies: the company ceases to be an independent private entity and is no longer eligible. A wind-down is triggered with the same 5-trading-day settlement procedure. If a listed company is acquired by another private company, eligibility is re-evaluated against all five listing criteria for the surviving entity. If the surviving entity meets the criteria, it may be listed as a new market. Existing positions in the acquired company settle at the last valid index price.

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Delisting for data insufficiency

If a listed company falls below the volume or quote frequency thresholds defined in Eligibility Criteria, it enters the 5-trading-day wind-down period automatically. This is a rules-based trigger with no discretionary override.

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Wind-down procedure

In all cases, the wind-down procedure is:
  1. Wind-down is announced and a 5-trading-day settlement window begins.
  2. No new positions may be opened during the wind-down period.
  3. Existing positions remain marked to market through the final trading day.
  4. At the close of the final trading day, all open positions are cash-settled at the last valid index price.
  5. The market is removed from the platform.