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A Stock Purchase Agreement (SPA) is a contract between a seller of company shares and a buyer, outlining the purchase of ownership in a business entity. Key elements include the number of shares for sale, the price per share, and the transaction date. Private companies must allow a due diligence period for buyers, while public stock purchases are regulated by the Securities Act of 1933. Different classes of stock often have distinct voting rights; for example, Class A shares may grant three votes each, Class B two votes, and Class C one vote. A comprehensive stock purchase agreement should detail these aspects to ensure clarity in the transaction.