Instead the tweet “just completely exploded” and he found himself raising $100,000 “in a single day” - with $50,000 paid in there and then. “I posted that tweet and the expectation that I had was that basically 60 people max would retweet it and then maybe I’ll set up a Kickstarter,” he tells us. But Kobeissi says he was startled by the level of interest in the concept. The nascent startup has a post-money valuation on paper of $10 million, according to Kobeissi, who is working on the prototype - hoping to launch an MVP of Capsule in March (as a web app), after which he intends to raise a seed round (targeting $1 million-$1.5 million) to build out a team and start developing mobile apps.įor now there’s nothing to see beyond Capsule’s landing page and a pitch deck (which he shared with TechCrunch for review). In the event the Company decides to exercise the conversion right, the Company will convert the Securities into equity securities that are materially different from the equity securities being issued to new investors at the time of conversion in many ways, including, but not limited to, liquidation preferences, dividend rights, or anti-dilution protection.Are you interested in funding its development? Upon conversion of the Securities, the Company may not provide the holders of such Securities with the same rights, preferences, protections, and other benefits or privileges provided to other investors of the Company.Īdditionally, any equity securities issued at the First Equity Financing Price (as defined in the Crowd SAFE agreement) shall have only such preferences, rights, and protections in proportion to the First Equity Financing Price are not in proportion to the price per share paid by new investors receiving the equity securities.
#Cryptocat author for media gets fast full
The foregoing paragraph is only a summary of a portion of the conversion feature of the Securities it is not intended to be complete, and is qualified in its entirety by reference to the full text of the Crowd SAFE agreement, which is attached as Exhibit C. #CRYPTOCAT AUTHOR FOR SOCIAL MEDIA INSANELY FULL# The Company’s equity securities will be subject to dilution. The Company intends to issue additional equity to employees and third-party financing sources in amounts that are uncertain at this time, and as a consequence holders of equity securities resulting from the conversion of the Securities will be subject to dilution in an unpredictable amount. Such dilution may reduce the Investor’s control and economic interests in the Company. The amount of additional financing needed by the Company will depend upon several contingencies not foreseen at the time of this Offering. Generally, additional financing (whether in the form of loans or the issuance of other securities) will be intended to provide the Company with enough capital to reach the next major corporate milestone. If the funds received in any additional financing are not sufficient to meet the Company’s needs, the Company may have to raise additional capital at a price unfavorable to their existing investors, including the holders of the Securities. The availability of capital is at least partially a function of capital market conditions that are beyond the control of the Company. There can be no assurance that the Company will be able to accurately predict the future capital requirements necessary for success or that additional funds will be available from any source. Failure to obtain financing on favorable terms could dilute or otherwise severely impair the value of the Securities. In addition, the Company has certain equity grants and convertible securities outstanding. Should the Company enter into a financing that would trigger any conversion rights, the converting securities would further dilute the equity securities receivable by the holders of the Securities upon a qualifying financing. Investors will not have the right to vote upon matters of the Company even if and when their Securities are converted into CF Shadow Securities (the occurrence of which cannot be guaranteed).
Upon such conversion, the CF Shadow Securities will have no voting rights and, in circumstances where a statutory right to vote is provided by state law, the CF Shadow Security holders or the party holding the CF Shadow Securities on behalf of the Investors are required to enter into a proxy agreement with its designee to vote their CF Shadow Securities with the majority of the holder(s) of the securities issued in the round of equity financing that triggered the conversion right. #CRYPTOCAT AUTHOR FOR SOCIAL MEDIA INSANELY FULL#.
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