Not exact matches
«We've already seen a couple of deals
in Europe where it's been pre-negotiated that, if there's a
subsequent funding
round, you're going to get bought out at a set
price,» says Swart.
In order to calculate the valuation cap adjusted
price per share for convertible note holders, the valuation cap on the note should be divided by the pre-money valuation of the
subsequent round and apply that to the Series A
price per share.
The convertible notes payable were convertible at the election of the note holder into either the securities issuable
in a
subsequent round of financing at the per share
price of such financing, or into Series D convertible preferred stock at a per share
price of $ 2.44.
The conversion
price of these convertible notes was equal to 40 % of the
price of the shares sold
in the
subsequent round of financing.
This was conceived as a way for angel investors to invest with some protection against the terms and
pricing negotiated with traditional venture funds
in the
subsequent rounds.
The convertible note discount rate allows investors to convert the amount of their loan, plus accrued interest, into equity at a reduced
price relative to the investors
in that
subsequent round.
Ticket
prices for
Round 1 were the same as they were
in the regular season;
in the two
subsequent rounds,
prices increased 10 % to 15 %
in each series.