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In Article 1, we addressed structural differences between SAFEs and convertible notes. In Article 2, we examined valuation caps and discounts and how they drive
In Article 1, we examined the structural differences between SAFEs and convertible notes—maturity, interest, leverage, and how these instruments behave when timelines shift. This article
SAFE vs. Convertible Note: What Actually Matters in a Financing This article begins a series examining how SAFEs and convertible notes function in real transactions.
I’m currently working on a transaction with a highly disorganized seller, and I must say, I’m glad we haven’t signed the definitive agreement yet. Basic
On the sell side, the first draft of your deal outcome is written before diligence starts. Once buyers engage, the questions are predictable: ownership, approvals,
Not every sponsor-led investment needs a full GP/LP fund structure. For single deals, small pools of investors, or situations where active management is central to
In many venture rounds, companies set a minimum check size for investors. Sometimes that’s purely practical: fewer parties, fewer signatures, cleaner communications, and less administrative
In priced rounds, protective provisions for holders of preferred stock are standard. That’s expected. The baseline items—future equity financings, material debt, and a sale or
In a Series A financing, the lead investor’s focus is usually as much on the valuation as it is on the rights that come with
“Ordinary course of business” shows up everywhere. It’s in operating agreements, stock purchase agreements, credit documents, consent rights, covenants, earnouts, and interim operating covenants between
