Bolt’s wild ultimatum to its VCs will only succeed if they agree, expert says

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Bolt’s wild ultimatum to its VCs will only succeed if they agree, expert says - TechCrunch

Quick Summary:

So what will typically happen next is “weeks of hemming and hawing,” as the deal is negotiated and final documents drawn. “But if the company truly has no other alternatives, the non-participating investors will often relent and consent to the deal,” he says.

Initially, The London Fund and Silverbear Capital were believed to be the deal’s main investors with Silverbear ponying up $200 million and The London Fund investing $250 million in complicated transactions, according to documents cited by Newcomer.

The goal is the same – to pressure existing investors to continue to support the company and diminish the ownership of those who are not providing that support,” Gharakhanian said.“However, instead of automatically converting non-participating investors into common – they are buying back 2/3 of the non-participating investors’ preferred stock at $0.01/share.