Founders – Use Your Down Round To Clean Up Your Cap Table
Feld Thoughts
FEBRUARY 9, 2016
I started investing in 1994 and while there was some bumpiness in 1997 and again in 1999, the real pain happened between 2000 and 2005. I’ve seen every imaginable type of liquidation preference structure, pay-to-play dynamic, preferred return, ratchet, share/option bonus, option repricing, and carveout.
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