Irrelevance result

A proposition by Modigliani and Miller which states that a firm cannot change the total value of its outstanding securities by changing its capital structure proportions.

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A provision often found in a terms sheet. A ratchet gives an investor certain rights especially when additional equity capital is raised in a "down-round", i.e. at a lower valuation than before. Examples of these terms include so-called "full ratchet" anti-dilution adjustments, super-multiple participating liquidation preferences and short-time frame mandatory redemption. With respect to anti-dilu ...

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