This tool shows you the impact of specific Anti-Dilution Clauses (Full Ratchet or Weighted-Average Ratchet) on the ownership structure in future rounds of financing.
To use the tool, simply enter the characteristics of the new financing round as well as the current capitalization table in the blue fields below. For each series of existing shares, also indicate whether it is subject to Anti-Dilution Protection. The table below (and the two graphs) then show you the impact of the new financing round on the company's ownership structure.
Any feedback and input for additions/modifications is greatly appreciated. For a comprehensive discussion of all relevant deal elements, please refer to our online module "Deal Structuring (Term Sheets)."