anti-dilution provision
C2CEFR level
88/100Rarity: very rare
TechnicalRegister
A clause that adjusts an investor's conversion terms to protect them if the company later raises at a lower price.
A full-ratchet anti-dilution provision can devastate founders' ownership in a down round.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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