Hey there, tech fans! Let’s dive into an intriguing story where a robotics startup, Figure AI, mixes cutting-edge innovation with a bit of legal firepower.

Last month, Brett Adcock, the brain behind Figure AI, proudly proclaimed on X that his company’s private stock is now the hottest ticket in the secondary market.

But wait, drama alert! Figure AI ended up sending cease-and-desist letters to at least two brokers who were trying to trade its stock without the company’s blessing.

The brokers shared with TechCrunch that Figure’s legal notes demanded an end to their stock marketing, sparking questions about unauthorized trading.

This crackdown appeared shortly after Bloomberg revealed that Figure is aiming for a hefty $1.5 billion funding round, valuing the startup at a whopping $39.5 billion — a huge leap from last year.

Figure AI’s spokesperson stressed that these letters aren’t new; they’re their way of stopping any unauthorized brokers from selling shares without official approval.

Since Figure AI isn’t public, its stock isn’t easy to trade freely. This limitation is why alternative secondary markets popped up, giving investors early options before any IPO party.

Those brokers think some CEOs aren’t thrilled because cheaper shares in secondary markets might undercut their company’s shiny new valuation.

Sim Desai, founder of the secondary marketplace Hiive, pointed out that while firms might block certain sales fearing competition, active trading could actually boost interest in primary funding rounds.

At the end of the day, if shares don’t sell, it often comes down to price and valuation, not just capital availability.

Meanwhile, Figure AI keeps making headlines with big clients like BMW and has even threatened legal action against inaccurate press coverage.

The big question remains: How much will Figure raise next, at what valuation, and will their early investors get to cash out in this secondary stock saga?