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????團(tuán)購網(wǎng)站Groupon于上周五提交了一份經(jīng)過再次修訂的S-1文件,，其中承諾在未來減少客戶購買開支（即營銷費(fèi)用），引人注目,。文件還披露了公司首席執(zhí)行官安德魯?梅森八月份發(fā)給員工的備忘錄全文——這封信可以說使得這家團(tuán)購公司打破了靜默期的限制,。

????然而,，對(duì)我而言，最有意思的變化在于：Groupon刪掉了有關(guān)由內(nèi)部人士提供股份的說法,。原本的S-1文件是這樣寫的：

????Groupon, Inc.現(xiàn)提供[空白下劃線]股A級(jí)普通股股份,，同時(shí)售股股東現(xiàn)提供[空白下劃線]股A級(jí)普通股股份。公司將不會(huì)獲得售股股東出售股份得到的任何收入,。

????新的S-1文件只保留了第一句話,。其原因有兩種可能：

????1. 潛在買主認(rèn)為包括梅森在內(nèi)的Groupon內(nèi)部人士拿到的錢已經(jīng)夠多了，不大樂意看到他們拿走更多的錢,。要知道,，Groupon已經(jīng)完成了內(nèi)部分紅，而且從第五輪融資獲得的9.5億美元中拿走了5.73億美元,，用于早期雇員和股東套現(xiàn),。利益分配已經(jīng)顯得有些失衡。

????2. Groupon真的需要將融到的每一分錢用于自身運(yùn)營,。

????第三種可能是,，以上兩種原因兼而有之……

????譯者：向杭

????Groupon filed yet another amended S-1 on Friday, which mostly got attention for a promise to decrease customer acquisition expenses (i.e., marketing) going forward. It also included the entirety of CEO Andrew Mason's August memo to employees – a missive that arguably caused the daily deals company to run afoul of quiet period restrictions.

????For me, however, the most interesting change was right up top: Groupon has dropped language about shares being offered by insiders. The original S-1 read:

????Groupon, Inc. is offering [blank] shares of its Class A common stock and the selling stockholders are offering [blank] shares of Class A common stock. We will not receive any proceeds from the sale of shares by the selling stockholders.

????Now just the first line remains. Two theories:

????1. 1. Prospective buyers weren't too keen on Groupon insiders, including Mason, taking home even more money than they already have. Remember, this is a company that already has completed an insider dividend and used $573 million of a $950 million Series E offering for early employee and shareholder liquidity. The alignment of interests was looking a bit skewed.

????2. 2. Groupon really needs every dollar it can raise to fund its own operations.

????Or a third option: Both of the above…