Full Ratchet Anti-Dilution Protection

A type of anti-dilution protection for preferred stock in the event of a down round of series financing that adjusts the number of common shares the preferred shares can be converted into based on the new share price.


Dilution is a reduction in the ownership percentage of a share of stock caused by the issuance of new stock.

The Direct Listing Craze Blog Post

Since 2019, we have witnessed the rise of the Direct Listing. Though they are not exactly new structures, following the heavily-publicized Direct Listings of tech giants Spotify and Slack, they…

Super Voting Stock: What is it and how can I get it? Blog Post

Very often founders raise the concern about protecting against dilution.  Specifically, they are concerned that, as they grow their business and issue stock to investors, employees, and advisors, their shares,…

Establishing the Ownership Culture: Stock vs Options Blog Post

Most startups offer equity participation in their company to people providing services to the company, whether as employees, consultants, advisors or otherwise (which we will call “service providers” in this…