Today's SEC filing (seems to show shares have to be registered before selling):
On January 5, 1998, Yahoo! Inc., a California corporation ("Yahoo!"),
announced that it has entered into an agreement with GeoCities, a California
corporation ("GeoCities"), to leverage the personalized Web features of both
companies to bring value-added community and communication services to Yahoo!
users and GeoCities members. The companies also announced that Yahoo! has
purchased approximately $5 million in equity of GeoCities pursuant to a stock
purchase agreement by and among Yahoo!, SOFTBANK Holdings, Inc. ("Softbank"),
GeoCities, and certain shareholders of GeoCities. The investment by Yahoo!
was paid for with newly-issued Yahoo! common stock and represents a minority
interest in GeoCities. Softbank, a significant shareholder of Yahoo!, also
announced that it is acquiring approximately $51 million in equity of
GeoCities through a combination of an exchange of Yahoo! common stock and
cash proceeds from sales of some Yahoo! common stock in the open market. This
investment by Softbank follows a prior minority investment in GeoCities by a
Softbank venture affiliate. In connection with the stock purchase agreement,
Yahoo! has agreed to register the resale of all shares of Yahoo! common stock
acquired by GeoCities and the GeoCities shareholders in the transaction. |
