Vancouver’s Hiive, a fast-growing stock exchange for private companies, sued by Nasdaq spinoff
Vancouver's Hiive Company Ltd. is facing a lawsuit from Nasdaq Private Market LLC for alleged patent infringement. The lawsuit threatens Hiive's rapid growth in the private share market, which has gained popularity as technology companies remain private longer. Hiive's CEO has stated that the lawsuit is without merit and that the company will vigorously defend itself.
- ▪Nasdaq Private Market LLC is suing Hiive for allegedly infringing on its patent related to private company share transfers.
- ▪Hiive has rapidly grown since its launch in 2022, facilitating US$300 million in trades per month.
- ▪The lawsuit could potentially force Hiive to cease operations in the U.S. if Nasdaq is successful.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountA leading American stock exchange for private companies is suing its Canadian rival for alleged patent infringement, threatening to derail Vancouver-based The Hiive Company Ltd.’s explosive growth.Nasdaq Private Market LLC (NPM), a spinoff of Nasdaq Inc., and Hiive operate exchanges that allow clients to swap shares of privately held companies. Their marketplaces are used by employees and private capital investors in “pre-IPO” startups who want to sell their equity but have limited opportunities to do so. NPM alleged in a May 6 claim filed in the United States District Court for Delaware that Hiive infringed on its patent for standardizing the clearing and settlement of private company share transfers.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
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