Steve Tuck
👤 SpeakerAppearances Over Time
Podcast Appearances
There's a good faith aspect of this.
Like, no, we're not raising more.
We're just going to have to like, someone, some of you are going to have to be disappointed.
I guess all of you are going to have to be a little bit disappointed.
And I mean, Steve, you and I both like love our investors.
We really, really did not want to disappoint folks.
And also then the other thing that made it challenging is when investors invest, they often, maybe always, but certainly very often have pro rata rights.
And pro rata rights give you the right to maintain your ownership percentage of the company by investing as time goes on.
And there's a bit of like, when you've got an oversubscribed round, what are people gonna do?
There are people out there with pro rata rights
And I think that there was some conventionalism like, oh, don't worry.
Like they won't take their pro rata rights.