definition

(i) in the context of a convertible note, the price per share that an investor will have to pay to convert their investment amount into shares. Normally this is calculated based on the lower of a valuation cap, and the share price of the next financing round less a discount.

(ii) in the context of rights attaching to shares, the price that is applied on conversion of preference shares into ordinary shares. Initially this is based on the subscription price paid for the preference shares, but can be adjusted downwards due to anti-dilution protection.


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