Pay-to-play bridge trap: how your stake shrinks
A pay-to-play bridge can force existing investors to add cash or lose rights, so check the penalty, discount, conversion price, forced list, and cap table.
Fundraising Mechanics
September 2026
Read the Term Sheet Like a Cap Table: The Checklist That Shows What You’re Really Giving Up
Treat the term sheet as a cap table event: name the instrument, model conversion, check control rights, and catch local-law triggers before signing.
How to Read a SAFE Before It Converts: The Cap Table Math That Decides Your Dilution
A SAFE is a promise to convert, and the cap or discount is the price that decides how much ownership the investor gets.
Calculate Your Convertible Note's True Dilution Before You Sign
The real cost of a convertible note is the lowest conversion price created by discount, interest, and cap, not the discount alone.
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