[mchannon]

$13k for 2.3% of the company is one thing, but how about $13k for 0.023% of the company? Your company could be headed for a "washout round".

In the end it's a question of how dear that $13k is to you. If you've got millions in the bank, do it. If gathering that $13k would require you to max out a couple of credit cards and call in your last couple of favors, then don't do it.

Wherever you lie on that huge section in between is going to determine your decision, I think. There are a couple of companies that even for nonpublic stock will buy your exercised units, so if they value each unit/share at $200 then this is a simple decision: exercise and sell (some or all).

Alternatively, you might be able to stretch that $13k a lot further by investing in the next round. Get a good finger on the pulse of the ask price and see how low they'll go before they give up. Your $13k may be the lifeline that buys the company the 15 days it needs to not die, and should be valued accordingly.