The Silliness Of Recapping Seed Rounds
Feld Thoughts
JULY 14, 2015
It usually happens in a later round, when the company is in fact worth much less than the liquidation preference overhang and insiders use a pay-to-play and a low valuation to reset the preferences and the cap table. And, everyone, in either case, felt good about how things played out. Sure – it happens.
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