Unintended Consequences: When SAFE and Convertible Notes Go Awry
Pascal's View
JULY 9, 2017
Unfortunately, what the CEO/founder forgets most often is that the notes have a multiplier effect in the post-money calculation; the more notes and the further the cap is from the new priced equity, the greater the variance between actual and nominal pre- and post-money valuations. It’s going to be great!”.
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