\u5bf9\u4ee5\u524d\u6295\u8d44\u8005\u7684\u4fdd\u62a4\uff0d\uff0d\u53cd\u7a00\u91ca\u6761\u6b3e<\/p>\n
\u521b\u4e1a\u8d44\u672c\u5bb6\u7528\u53ef\u8f6c\u6362\u4f18\u5148\u80a1(Convertible Preferred Stock)\u6388\u6743\u6295\u8d44\u8005\u5c06\u6765\u4ee5\u4e8b\u5148\u7ea6\u5b9a\u7684\u529e\u6cd5(\u8bbe\u5b9a\u8f6c\u6362\u516c\u5f0f)\u8f6c\u6362\u4e3a\u666e\u901a\u80a1\uff0c\u5e76\u4eab\u53d7\u6295\u7968\u6743\u3002\u4ece\u5236\u5ea6\u4e0a\u770b\uff0c\u53ef\u8f6c\u6362\u8bc1\u5238\u5de5\u5177\u662f\u521b\u4e1a\u8d44\u672c\u5bb6\u548c\u4f01\u4e1a\u7ba1\u7406\u5c42\u4e4b\u95f4\u4e00\u79cd\u7279\u6b8a\u7684\u5229\u76ca\u8c03\u8282\u673a\u5236\uff0c\u8d77\u7740\u63a7\u5236\u98ce\u9669\u3001\u4fdd\u62a4\u6295\u8d44\u548c\u6fc0\u52b1\u4f01\u4e1a\u7ba1\u7406\u5c42\u7b49\u591a\u65b9\u9762\u4f5c\u7528\u3002\u7167Sahlman\u7684\u89e3\u91ca\uff0c\u201c\u53ef\u8f6c\u6362\u4f18\u5148\u8bc1\u5238\u628a\u4f01\u4e1a\u4e1a\u7ee9\u4e0d\u826f\u7684\u6210\u672c\u8f6c\u79fb\u7ed9\u4f01\u4e1a\u5bb6\u56e2\u961f\u201d\u3002\u8fd9\u5176\u5b9e\u5bf9\u4f01\u4e1a\u5bb6\u5f62\u6210\u4e86\u6fc0\u52b1\u6027\u8865\u507f\u548c\u7504\u522b\u7684\u53cc\u91cd\u673a\u5236\u3002\u4f01\u4e1a\u7ecf\u8425\u5f97\u597d\uff0c\u4f01\u4e1a\u5bb6\u4ece\u4e2d\u83b7\u76ca\uff0c\u800c\u4f4e\u8d28\u91cf\u7684\u4f01\u4e1a\u5bb6\u5c31\u4f1a\u88ab\u6dd8\u6c70\u3002\u4f46\u662f\u8fd9\u4e2a\u8f6c\u6362\u8fc7\u7a0b\u6709\u53ef\u80fd\u7531\u4e8e\u5bf9\u4ee5\u540e\u6295\u8d44\u8005\u9500\u552e\u5ec9\u4ef7\u80a1\u7968\u800c\u4f7f\u4ee5\u524d\u7684\u6295\u8d44\u8005\u7684\u80a1\u6743\u906d\u5230\u7a00\u91ca\uff0c\u4e3a\u6b64\u5728\u80a1\u4e1c\u534f\u8bae(Shareholder Agreement)\u6216\u6295\u8d44\u8005\u548c\u4f01\u4e1a\u7684\u5176\u4ed6\u534f\u8bae\u4e2d\u6709\u4e13\u95e8\u7684\u53cd\u7a00\u91ca\u6761\u6b3e\u3002<\/p>\n
\u5236\u8ba2\u53cd\u7a00\u91ca\u6761\u6b3e\u7684\u76ee\u7684\u5728\u4e8e\uff0c\u82b1\u540c\u68371\u7f8e\u5143\uff0c\u8f83\u665a\u7684\u6295\u8d44\u8005\u4e0d\u80fd\u6bd4\u524d\u671f\u7684\u6295\u8d44\u8005\u83b7\u5f97\u66f4\u591a\u7684\u4f01\u4e1a\u6743\u76ca\u3002\u516c\u53f8\u4e3b\u8981\u7684\u6295\u8d44\u8005\u5f80\u5f80\u4e3b\u5f20\u901a\u8fc7\u53cd\u7a00\u91ca\u6765\u4f7f\u81ea\u5df1\u7684\u5229\u76ca\u5f97\u5230\u4fdd\u62a4\u3002\u53cd\u7a00\u91ca\u6761\u6b3e\u4e00\u822c\u89c4\u5b9a\uff0c\u6295\u8d44\u8005\u62e5\u6709\u4f01\u4e1a\u80a1\u4efd\u7684\u6bd4\u4f8b\u5728\u5c06\u6765\u67d0\u4e00\u7279\u5b9a\u7684\u65f6\u671f\u524d\u4e0d\u88ab\u51cf\u5c11\u3002\u5728\u8fd9\u4e2a\u65f6\u671f\u4e4b\u524d\uff0c\u4e3a\u4fdd\u8bc1\u524d\u671f\u6295\u8d44\u8005\u7684\u5229\u76ca\uff0c\u4f01\u4e1a\u6269\u80a1\u884c\u4e3a\u4ee5\u53cc\u65b9\u5546\u5b9a\u7684\u4ef7\u683c\u51fa\u552e\u7ed9\u524d\u671f\u6295\u8d44\u8005\u80a1\u4efd\uff0c\u5982\u679c\u4f01\u4e1a\u628a\u80a1\u4efd\u4ee5\u8f83\u4f4e\u7684\u4ef7\u683c\u51fa\u552e\u7ed9\u4ee5\u540e\u7684\u6295\u8d44\u8005\uff0c\u524d\u671f\u7684\u6295\u8d44\u8005\u5c06\u83b7\u5f97\u514d\u8d39\u7684\u80a1\u4efd\uff0c\u4fdd\u8bc1\u524d\u671f\u6295\u8d44\u8005\u7684\u4efd\u989d\u4e0d\u4f1a\u4e0b\u964d\u3002<\/p>\n
\u4ece\u8d44\u4ea7\u8d1f\u503a\u8868\u6db5\u4e49\u4e0a\u8bf4\uff0c\u7a00\u91ca\u662f\u6307\u878d\u8d44\u540e\u5bfc\u81f4\u6bcf\u80a1\u51c0\u8d26\u9762\u4ef7\u503c\u4e0b\u964d\u3002\u53cd\u7a00\u91ca\u610f\u5473\u7740\u8d44\u672c\u7ed3\u6784\u7684\u91cd\u65b0\u8c03\u6574(Recapitalization)\u3002\u5728\u53cc\u65b9\u5951\u7ea6\u4e2d\uff0c\u6709\u4e24\u79cd\u53cd\u7a00\u91ca\u65b9\u5f0f\uff1a\u4e00\u662f\u68d8\u8f6e\u6761\u6b3e(Full Ratchet Provision)\u3002\u5982\u679c\u4ee5\u524d\u7684\u6295\u8d44\u8005\u6536\u5230\u7684\u514d\u8d39\u80a1\u7968\u8db3\u4ee5\u628a\u4ed6\u7684\u6bcf\u80a1\u5e73\u5747\u4ef7\u683c\u644a\u4f4e\u5230\u65b0\u6295\u8d44\u8005\u652f\u4ed8\u7684\u4ef7\u683c\uff0c\u4ed6\u7684\u53cd\u7a00\u91ca\u6743\u5229\u88ab\u53eb\u505a\u201c\u68d8\u8f6e\u201d\u3002\u68d8\u8f6e\u4f5c\u4e3a\u5f3a\u6709\u529b\u7684\u53cd\u7a00\u91ca\u5de5\u5177\uff0c\u65e0\u8bba\u4ee5\u540e\u7684\u6295\u8d44\u8005\u8d2d\u4e70\u591a\u5c11\u80a1\u4efd\uff0c\u4ee5\u524d\u7684\u6295\u8d44\u8005\u90fd\u4f1a\u83b7\u5f97\u989d\u5916\u7684\u514d\u8d39\u80a1\u7968\u3002\u6709\u65f6\u68d8\u8f6e\u4e5f\u540c\u8ba4\u80a1\u6743\u548c\u53ef\u8f6c\u6362\u4f18\u5148\u80a1\u7ed3\u5408\u8d77\u6765\uff0c\u5728\u5b9e\u65bd\u8ba4\u80a1\u6743\u65f6\u9644\u9001\u989d\u5916\u7684\u80a1\u7968\u6216\u5728\u8f6c\u6362\u65f6\u83b7\u5f97\u989d\u5916\u7684\u80a1\u7968\u3002\u8fd9\u6837\u505a\u53ef\u4ee5\u4fdd\u8bc1\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u6301\u80a1\u6bd4\u4f8b\u4e0d\u4f1a\u56e0\u4e3a\u4ee5\u8f83\u4f4e\u4ef7\u683c\u53d1\u884c\u65b0\u80a1\u65f6\u53d1\u751f\u80a1\u6743\u7a00\u91ca\u73b0\u8c61\uff0c\u4ece\u800c\u5f71\u54cd\u5176\u8868\u51b3\u6743\u3002
\u8fd8\u6709\u4e00\u79cd\u6e29\u548c\u7684\u53cd\u7a00\u91ca\u6761\u6b3e\uff0c\u79f0\u4e3a\u52a0\u6743\u5e73\u5747\u53cd\u7a00\u91ca\u6761\u6b3e(Weighted Average Antidilution Provision)\u3002\u52a0\u6743\u5e73\u5747\u6cd5\u662f\u4f7f\u7528\u4e00\u4e2a\u516c\u5f0f\u6765\u786e\u5b9a\u4ee5\u540e\u5ec9\u4ef7\u9500\u552e\u80a1\u7968\u7684\u7a00\u91ca\u6548\u5e94\uff0c\u5e76\u901a\u8fc7\u6388\u4e88\u6295\u8d44\u8005\u8db3\u591f\u7684\u514d\u8d39\u80a1\u7968\u62b5\u6d88\u8fd9\u4e00\u6548\u5e94\u3002\u5b83\u8003\u8651\u5728\u7a00\u91ca\u878d\u8d44\u4e2d\u53d1\u884c\u591a\u5c11\u65b0\u80a1\u7684\u57fa\u7840\u4e0a\u964d\u4f4e\u65e7\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u3002\u5177\u4f53\u505a\u6cd5\u662f\u7528\u5c0f\u4e8e1\u7684\u56e0\u5b50\u4e58\u4ee5\u65e7\u7684\u6bcf\u80a1\u53ef\u8f6c\u6362\u4ef7\u683c\uff0c\u8ba1\u7b97\u65b0\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u3002\u540e\u8005\u5c0f\u4e8e\u524d\u8005\uff0c\u6295\u8d44\u8005\u76f8\u5e94\u5730\u5f97\u5230\u66f4\u591a\u7684\u8f6c\u6362\u540e\u80a1\u4efd\uff0c\u4e5f\u5c31\u7a00\u91ca\u4e86\u666e\u901a\u80a1\u4e1c\u7684\u80a1\u6743\u3002<\/p>\n
\u4f7f\u7528\u7684\u56e0\u5b50\u662f\u52a0\u6743\u8ba1\u7b97\u7684\u4e24\u79cd\u5173\u7cfb\u7684\u7ed3\u5408\u3002\u7b2c\u4e00\u662f\u878d\u8d44\u524d\u80a1\u4efd\u548c\u878d\u8d44\u540e\u80a1\u4efd\u7684\u5173\u7cfb(\u5206\u522b\u4ee5A\u548cB\u8868\u793a)\uff0c\u8981\u8003\u8651\u7a00\u91ca\u878d\u8d44\u8fc7\u7a0b\u4e2d\u53d1\u884c\u80a1\u7968\u7684\u6570\u76ee\u3002\u7b2c\u4e8c\u662f\u5018\u82e5\u4f7f\u7528\u65e7\u7684(\u8f83\u9ad8\u7684)\u53ef\u8f6c\u6362\u4ef7\u683c\u53d1\u884c\u7684\u80a1\u4efd\u548c\u4ee5\u65b0\u4ef7\u683c\u5b9e\u9645\u53d1\u884c\u7684\u80a1\u4efd\u95f4\u7684\u5173\u7cfb(\u5206\u522b\u4ee5C\u548cD\u8868\u793a)\u3002\u628a\u53d1\u884c\u524d\u540e\u80a1\u4efd\u6570\u91cf\u548c\u53d1\u884c\u524d\u540e\u80a1\u4efd\u7684\u4ef7\u683c\u7ed3\u5408\u8d77\u6765\u5f97\u5230\uff1a<\/p>\n
(A\uff0bC)\/(B\uff0bD)\uff1d\u65e7\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u6362\u7b97\u6210\u65b0\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u7684\u56e0\u5b50(\u767e\u5206\u6bd4)<\/p>\n
\u5f88\u660e\u663e\uff0c\u53cd\u7a00\u91ca\u6761\u6b3e\u5f71\u54cd\u4e0d\u53d7\u8be5\u6761\u6b3e\u4fdd\u62a4\u7684\u80a1\u4e1c\u7684\u5229\u76ca\u3002\u4f01\u4e1a\u7684\u7ba1\u7406\u5c42\u4e5f\u4f1a\u53d7\u5230\u5f71\u54cd\u3002<\/p>\n
\u4e3a\u4e86\u4fdd\u62a4\u7ba1\u7406\u5c42\uff0c\u5168\u90e8\u53cd\u7a00\u91ca\u6761\u6b3e\u4e00\u822c\u90fd\u6709\u660e\u786e\u7684\u6709\u6548\u671f\u3002\u5230\u4f01\u4e1a\u516c\u5f00\u53d1\u552e\u3001\u4f01\u4e1a\u88ab\u517c\u5e76\u6216\u9500\u552e\u65f6\uff0c\u53cd\u7a00\u91ca\u6761\u6b3e\u5c31\u544a\u7ec8\u7ed3\uff0c\u5426\u5219\u5c06\u4f1a\u5f71\u54cd\u7ba1\u7406\u5c42\u5728\u516c\u5171\u5e02\u573a\u6216\u6761\u4ef6\u6709\u5229\u65f6\u517c\u5e76\u3001\u9500\u552e\u7b79\u8d44\u7684\u80fd\u529b\u3002\u53e6\u5916\uff0c\u65e0\u8bba\u4ec0\u4e48\u65f6\u5019\uff0c\u4e3a\u4e86\u4f01\u4e1a\u5438\u5f15\u6216\u7559\u4f4f\u5173\u952e\u5458\u5de5\uff0c\u5728\u6fc0\u52b1\u6027\u8ba4\u6743\u8ba1\u5212\u548c\u5176\u4ed6\u5458\u5de5\u6fc0\u52b1\u8ba1\u5212\u4e2d\uff0c\u6295\u8d44\u8005\u7684\u53cd\u7a00\u91ca\u6743\u5229\u4e0d\u9002\u7528\u4e8e\u5bf9\u7ba1\u7406\u5c42\u53d1\u884c\u7684\u7279\u6b8a\u80a1\u4efd\u3002<\/p>\n
\u52a0\u6743\u5e73\u5747\u7684\u53cd\u7a00\u91ca\u65b9\u6cd5\u6bd4\u68d8\u8f6e\u65b9\u6cd5\u5bf9\u7ba1\u7406\u5c42\u80a1\u4e1c\u66f4\u6709\u5229\u3002\u5728\u6b64\u65b9\u6cd5\u4e0b\uff0c\u65e0\u8bba\u5bf9\u4ee5\u540e\u7684\u6295\u8d44\u8005\u53d1\u884c\u591a\u5c11\u80a1\u4efd\uff0c\u53d7\u4fdd\u62a4\u7684\u6295\u8d44\u8005\u90fd\u80fd\u5f97\u5230\u8db3\u591f\u7684\u80a1\u4efd\u4f7f\u4ed6\u7684\u6bcf\u80a1\u4ef7\u683c\u964d\u5230\u4e0e\u4ee5\u540e\u6295\u8d44\u8005\u540c\u6837\u7684\u4ef7\u683c\u6c34\u5e73\u3002\u4ee5\u4e0b\u7684\u8fd9\u4e2a\u4f8b\u5b50\u53ef\u4ee5\u770b\u51fa\u4e24\u8005\u7684\u5dee\u522b\u3002\u5047\u8bbe\u6295\u8d44\u8005\u4ee5\u6bcf\u80a12\u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70300000\u80a1\u516c\u53f8\u80a1\u7968\uff0c\u7ba1\u7406\u5c42\u62e5\u6709700000\u80a1\u80a1\u7968\u3002\u4ee5\u540e\u7684\u6295\u8d44\u8005\u4ee5\u6bcf\u80a11\u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70200000\u80a1\uff0c\u68d8\u8f6e\u5c06\u7ed9\u4ee5\u524d\u7684\u6295\u8d44\u8005300000\u65b0\u80a1\u4f7f\u4e4b\u6bcf\u80a1\u4ef7\u683c\u964d\u81f31\u7f8e\u5143\u3002\u5728\u52a0\u6743\u5e73\u5747\u65b9\u6cd5\u4e0b\uff0c\u4ee5\u524d\u6295\u8d44\u8005\u7684300000\u80a1\u52a0\u7ba1\u7406\u5c42\u7684700000\u80a1\uff0c\u4e58\u4ee52\u7f8e\u5143\uff0c\u5f97\u5230\u76842000000\u7f8e\u5143\u518d\u52a0\u4e0a\u4ee5\u540e\u6295\u8d44\u8005\u652f\u4ed8\u7684200000\uff0c\u7b49\u4e8e2200000\u7f8e\u5143\u3002\u7528\u5b83\u9664\u4ee5\u603b\u80a1\u65701200000\u80a1\uff0c\u5f97\u5230\u6bcf\u80a11.83\u7f8e\u5143\u3002\u4ee5\u524d\u7684\u6295\u8d44\u8005\u6295\u5165600000\u7f8e\u5143\uff0c\u9664\u4ee51.83\u7f8e\u5143\uff0c\u5171\u5f97\u5230327\uff0c869\u80a1\uff0c\u56e0\u6b64\u4ee5\u524d\u7684\u6295\u8d44\u8005\u8fd8\u9700\u514d\u8d39\u5f97\u523027869\u80a1(\u8be6\u89c1\u88681)\u3002
\u88681 \u4e24\u79cd\u53cd\u7a00\u91ca\u65b9\u6cd5\u6bd4\u8f83<\/p>\n
\u52a0\u6743\u5e73\u5747 \u68d8\u8f6e
\u6295\u8d44\u8005\u8d2d\u4e70\u7684\u80a1\u4efd 300000 300000
\u6295\u8d44\u8005\u5f97\u5230\u7684\u514d\u8d39\u80a1\u4efd 27869 300000
\u6295\u8d44\u8005\u603b\u80a1\u4efd 327869 600000
\u603b\u7684\u672a\u507f\u4ed8\u7684\u80a1\u4efd 1227869 1500000
\u6295\u8d44\u8005\u5e73\u5747\u7f8e\u80a1\u4ef7\u683c 1.83 1.00
\u6295\u8d44\u8005\u62e5\u6709\u7684\u767e\u5206\u6bd4 26.6% 40%
\u7ba1\u7406\u5c42\u62e5\u6709\u7684\u767e\u5206\u6bd4 57% 46.6%
\u4ee5\u540e\u7684\u6295\u8d44\u8005\u62e5\u6709\u7684\u767e\u5206\u6bd4 16.4% 13.4%<\/p>\n
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>><\/p>\n
\u672c\u6587\u9009\u81ea\u4e2d\u56fd\u793e\u4f1a\u79d1\u5b66\u9662\u7814\u7a76\u751f\u9662 \u7ae0\u5f70 \u7684\u6587\u7ae0\u300a\u8bd5\u6790\u521b\u4e1a\u6295\u8d44\u673a\u5236\u4e2d\u7684\u82e5\u5e72\u5951\u7ea6\u5b89\u6392\u300b\uff0c\u7279\u6b64\u58f0\u660e<\/p>\n","protected":false},"excerpt":{"rendered":"
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