medium · Private Credit & Debt documentation-covenants-terms
A venture capital fund invests $6M in a startup. The investment includes 'full-ratchet' anti-dilution protection at a $9.00 conversion price.
If the company subsequently raises a 'down round' at $6.00 per share, what is the fund's new conversion price?
- $8.53
- $6.00
- $7.50
- $9.00
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