Remove Early Stage Remove Pay to Play Remove Seed Capital Remove Syndication
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The Silliness Of Recapping Seed Rounds

Feld Thoughts

But instead of adding it on to the note or doing an equity round with a price, which could still be an early stage price but below the cap, they make the argument that since the company couldn’t raise a round, the company is worthless. So they recapitalize the company. Sure – it happens.