Varant, sahibine ihra\u00e7\u00e7\u0131n\u0131n belirli say\u0131da hissesini sabit bir fiyatta (kullan\u0131m fiyat\u0131<\/a>) tan\u0131mlanm\u0131\u015f bir d\u00f6nem i\u00e7inde (tipik olarak 5-10 y\u0131l) sat\u0131n alma hakk\u0131 (ancak y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc de\u011fil) veren bir finansal ara\u00e7t\u0131r. Varantlar bor\u00e7 ile birlikte “\u00f6z sermaye kicker” sa\u011flamak i\u00e7in veya M&A i\u015flemlerinde yayg\u0131n olarak kullan\u0131l\u0131r, \u00e7al\u0131\u015fan hisse senedi opsiyonlar\u0131ndan farkl\u0131 ancak benzerdir.<\/p>\n Hem varantlar hem de hisse senedi opsiyonlar\u0131 sahiplerine sabit fiyattan hisse sat\u0131n alma hakk\u0131 verir, ancak \u00f6nemli yollarla farkl\u0131la\u015f\u0131rlar: varantlar tipik olarak \u015firket taraf\u0131ndan do\u011frudan yat\u0131r\u0131mc\u0131lara, kredi verenlere veya kar\u015f\u0131 taraflara (\u00e7al\u0131\u015fanlara de\u011fil) ihra\u00e7 edilir, genellikle daha geni\u015f finansman veya ticari i\u015flemlerin par\u00e7as\u0131 olarak; opsiyonlar tipik olarak \u00e7al\u0131\u015fan tazminat\u0131d\u0131r. Varantlar\u0131n genellikle \u00e7al\u0131\u015fan opsiyonlar\u0131ndan (tipik olarak 10 y\u0131l ama daha k\u0131sa s\u00fcrelerde kullan\u0131labilir) daha uzun s\u00fcreleri vard\u0131r (5-10 y\u0131l). Kullan\u0131ld\u0131\u011f\u0131nda, her ikisi de yeni ihra\u00e7 edilen hisselerle sonu\u00e7lan\u0131r, mevcut pay sahiplerini seyreltir.<\/p>\n Varantlar bir\u00e7ok ba\u011flamda g\u00f6r\u00fcn\u00fcr: risk borcu<\/a> finansman\u0131 (kredi verenler tipik olarak kredi ile birlikte \u00f6z sermaye kat\u0131l\u0131m\u0131 olarak varant al\u0131r\u2014”kicker”), halka arz underwriting (underwriter’lar tazminat\u0131n bir par\u00e7as\u0131 olarak varant alabilir), M&A i\u015flemleri (al\u0131c\u0131 \u00f6zel oldu\u011funda veya belirli anla\u015fma yap\u0131lar\u0131 i\u00e7in sat\u0131c\u0131lar al\u0131c\u0131 varantlar\u0131 alabilir), ortakl\u0131k ve stratejik ittifak d\u00fczenlemeleri (\u00e7\u0131karlar\u0131 hizalayan bir orta\u011fa varantlar) ve SPAC yap\u0131lar\u0131 (kamu yat\u0131r\u0131mc\u0131 birimlerine eklenen varantlar, ek yukar\u0131 y\u00f6n sa\u011flar).<\/p>\n Standart varant ko\u015fullar\u0131 \u015funlar\u0131 i\u00e7erir: kullan\u0131m fiyat\u0131 (genellikle mevcut de\u011ferlemeye primli, \u00f6rn. sonraki tur fiyat\u0131), sona erme tarihi, kullan\u0131m mekanikleri (nakit kullan\u0131m vs. nakitsiz\/net kullan\u0131m\u2014likidite i\u00e7in \u00f6nemli), anti-dil\u00fcsyon h\u00fck\u00fcmleri (imtiyazl\u0131 hisse senedine benzer\u2014a\u011f\u0131rl\u0131kl\u0131 ortalama veya mandal<\/a>), transfer k\u0131s\u0131tlamalar\u0131 ve halka a\u00e7\u0131k \u00e7\u0131k\u0131\u015f<\/a> i\u00e7in kay\u0131t haklar\u0131. “Nakitsiz kullan\u0131m” veya “net kullan\u0131m” sahibinin kullan\u0131m fiyat\u0131n\u0131 nakit olarak \u00f6demeden daha az hisse almas\u0131na izin verir\u2014ihra\u00e7\u00e7\u0131 kullan\u0131m fiyat\u0131na e\u015fit de\u011ferde hisseleri tutar.<\/p>\n","protected":false},"excerpt":{"rendered":" TLDR: Varant, sahibine ihra\u00e7\u00e7\u0131n\u0131n belirli say\u0131da hissesini sabit bir fiyatta (kullan\u0131m fiyat\u0131) tan\u0131mlanm\u0131\u015f bir d\u00f6nem i\u00e7inde (tipik olarak 5-10 y\u0131l) sat\u0131n alma hakk\u0131 (ancak y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc de\u011fil) veren bir finansal ara\u00e7t\u0131r. Varantlar bor\u00e7 ile birlikte “\u00f6z sermaye kicker” sa\u011flamak i\u00e7in veya M&A i\u015flemlerinde yayg\u0131n olarak kullan\u0131l\u0131r, \u00e7al\u0131\u015fan hisse senedi opsiyonlar\u0131ndan farkl\u0131 ancak benzerdir. Varantlar vs. Hisse […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12586","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12586"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12586\/revisions"}],"predecessor-version":[{"id":12906,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12586\/revisions\/12906"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Varantlar vs. Hisse Senedi Opsiyonlar\u0131<\/h3>\n
Yayg\u0131n Kullan\u0131m Alanlar\u0131<\/h3>\n
Anahtar Varant Ko\u015fullar\u0131<\/h3>\n