Full Ratchet
The harshest form of anti-dilution protection: if a single share is later sold below the price the investor paid, the investor’s conversion price resets to that lower price in full, regardless of how many shares were sold. Rare in ordinary rounds, seen in distressed ones, and a term whose presence says something about the negotiation that produced it.
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Browse the full glossary — 263 finance recruiting and technical terms, in plain English.