[argonaut]

Yes, but not substantially. They raised a little under $300 million. Even if all of the money raised had a (high) 2x liquidity preference, that still leaves $3.1B to be distributed among the stock holders.

[jakozaur]

It depends on termsheet, but in most cases liquidation preference only hits when final price is low. Otherwise investors will pick the percentage.

[atishd]

In fact in this case late stage investors had a contractual right to buy shares at IPO signaling strength of company. Don't feel took naff for they investors though :)