Second-Class Investor Citizens: Facebook’s IPO and Dual-Class Equity Structures
Gust
MAY 24, 2012
A typical series of Preferred Stock in a venture-backed startup carries a liquidation preference, anti-dilution rights, dividend preference, a separate vote to fill its own seat(s) on the Board of Directors, “protective provisions” requiring the company to obtain a separate vote of the Preferred to take certain corporate actions, and more.
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