[CPLX]

Now add the implications of liquidation preferences (presumably) to the math and you'll see things get a lot more challenging.

[refurb]

Exactly. Throw in a 2x or 3x liquidation preference and participating preferred and some of those investors will be lucky to get their initial investment back.

[rokhayakebe]

Yeah, however even a liquidation preference will be 1x,2x.