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A stock purchase agreement (SPA) is a contract between a seller and a potential buyer of company shares. SPAs outline the number of shares for sale, cost per share, and transaction date. Private entities must provide due diligence period for buyers, while purchasers of public stock are protected under the Securities Act of 1933. Different classes of stock have varying voting rights, with Class A having three votes per share, Class B with two votes, and Class C with one vote. SPAs should detail the terms of the sale, representations and warranties, and closing conditions.