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At a previous company all of the employees (there weren't many left) demanded options be repriced. They were. Unfortunately, they still were worthless when the company was "acquired" in a fire sale.



Which is why nobody likes down rounds, as it's indicative of where everything is going (and so the music stops).


Yep. But when your startup is burning through cash and you're not going to make next month's payroll, you're pretty much force to accept whatever terms you're offered. (Assuming you're offered any.)


Isn’t that what venture debt is for?


If you can't show you're going to have the cashflow to pay it back any time soon (or later), you may have trouble with that.




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