---
title: What happens if a company I'm invested in goes public?
description: What happens if a company I'm invested in goes public
---

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May 12, 2026

# What happens if a company I'm invested in goes public?

When a company you're invested in goes public, what happens next depends on how it lists.

In a traditional IPO, the SPV is typically subject to a 6-month lockup per the terms of the lockup agreement, during which shares cannot be sold. Some IPOs feature shorter or tiered lockups that allow partial selling if the stock hits certain price targets.

In a direct listing, a company lists existing shares without raising new capital and there is typically no lockup, meaning shares may be transferable sooner.

 In a SPAC (Special Purpose Acquisition Company) merger, lockup terms are set by the merger agreement, and can range from 90 days to 12 months, sometimes with price-based release triggers.

In all cases, once shares are transferable, Augment will initiate the process to distribute the shares to you in-kind. We partner with Morgan Stanley as a brokerage and custodian. You’ll provide your brokerage account details so the shares can be transferred to your account. Upon distribution, the SPV is dissolved and you’ll hold the public shares in your own account to manage.

You'll receive a K-1 reflecting the distribution and dissolution of the SPV. Your cost basis is the price paid per unit plus any commissions at the time of investment.

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