团购网站Groupon于上周五提交了一份经过再次修订的S-1文件，其中承诺在未来减少客户购买开支（即营销费用），引人注目。文件还披露了公司首席执行官安德鲁•梅森八月份发给员工的备忘录全文——这封信可以说使得这家团购公司打破了静默期的限制。

    然而，对我而言，最有意思的变化在于：Groupon删掉了有关由内部人士提供股份的说法。原本的S-1文件是这样写的：

    Groupon, Inc.现提供[空白下划线]股A级普通股股份，同时售股股东现提供[空白下划线]股A级普通股股份。公司将不会获得售股股东出售股份得到的任何收入。

    新的S-1文件只保留了第一句话。其原因有两种可能：

    1. 潜在买主认为包括梅森在内的Groupon内部人士拿到的钱已经够多了，不大乐意看到他们拿走更多的钱。要知道，Groupon已经完成了内部分红，而且从第五轮融资获得的9.5亿美元中拿走了5.73亿美元，用于早期雇员和股东套现。利益分配已经显得有些失衡。

    2. Groupon真的需要将融到的每一分钱用于自身运营。

    第三种可能是，以上两种原因兼而有之……

    译者：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…