A discussion of the perspective of companies and investors on the main economic and control rights negotiated in a venture financing term sheet. Includes liquidation preference, anti-dilution provisions, board rights and employment matters.

A summary of the business and legal due diligence that parties conduct in a venture financing deal. Includes what to look for when reviewing key areas such as corporate governance and intellectual property, as well as an explanation of a cap table tie-out.

Cap tables and pro forma cap tables are used before, during and after a deal. This course uses Excel examples to explain their structure, content and uses.

After the main financial terms of a venture deal are agreed, it’s usually up to the lawyers to work out the actual price per share. This course explains how these calculations work, and suggests a couple of useful Excel tips.

How to calculate the conversion of a convertible note into preferred stock when the note has a discount, a valuation cap or both.

How to calculate dividends and liquidation preference in a venture financing deal.

How to calculate the investment amount and number of shares to be issued in accordance with an investor’s pro rata right.

Once the financial terms of a venture deal are set, the lawyers need to work out exactly how much each investor is investing and how many shares they’ll be issued. This course explains the calculations involved.