News Summary

Figure AI, a robotics startup founded by Brett Adcock, has taken action against unauthorized secondary stock trading by sending cease-and-desist letters to at least two secondary market brokers. These brokers were marketing Figure AI’s stock without the company’s authorization, prompting action to protect its stock from unauthorized sales. The move comes as Figure AI is reportedly seeking a $1.5 billion funding round, significantly increasing its valuation to $39.5 billion from $2.6 billion in February 2024. The company emphasizes that secondary market trading of its shares is not permitted without board approval, and it has consistently taken steps to prevent unauthorized stock sales. The situation highlights ongoing challenges faced by private companies in managing stock trading in secondary markets.