Anti-Dilution Math

Hello All,

Hope you are all well. I am relatively new to the VC world and am playing some catch-up game (was mainly focused on M&A before). I came across this great article on anti-dilution from Cooley. However, I cannot seem to back out of the match showing on the pie charts in the middle section of this article. Could someone please enlighten me how did the author arrive at the starting points of the two "non anti dilution" pie chart %?

Cannot post the link, so unfortunate, you'll have to google "WHAT YOU NEED TO KNOW ABOUT DOWN ROUND FINANCINGS" if you are up for a small challenge!

Thank you so much!

Best, cl

1 Comments
 

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