与传统股权投资协议不同,SAFE协议并不要求目标公司立刻向投资者兑现股权,而是在公司正式进行A轮融资或符合合同约定条件的股权融资并确认公司估值(Qualified Financing)时才会根据协议约定的条件将先前的投资转化为公司股权。同时与可转换债权(Convertible Note)不同的是,SAFE协议通常不会设定利息。 二、SAFE协议的特点 ...
SAFE vs. Convertible NoteSAFEConvertible Note Contractual Obligation Warrant Debt (Hybrid Security) Interest Rate N/A Set at Issuance (~5%) Maturity Date N/A Set at Issuance, at Maturity Date: a) Pay Principal + Interest b) Convert Debt to Equity Valuation Cap and Discount Rate Yes Yes...
与传统股权投资协议不同,SAFE协议并不要求目标公司立刻向投资者兑现股权,而是在公司正式进行A轮融资或符合合同约定条件的股权融资并确认公司估值(Qualified Financing)时才会根据协议约定的条件将先前的投资转化为公司股权。同时与可转换债权(Convertible Note)不同的是,SAFE协议通常不会设定利息。 SAFE协议的特点 由于是对...
2.Discount Rate 折扣率 折扣价格是在股权融资阶段用来确定SAFE优先股的股票价格的工具,SAFE优先股每股价格等于普通优先股价格乘以折扣率。 在SAFE协议中,如果同时规定了Valuation Cap和Discount Rate,其中之一将会在SAFE转化成优先股时确定每股价格。当然使用何种方式确定SAFE优先股价格取决于哪一种方式计算的价格更低。
SAFT将来可以兑换成通证,而SAFE则置换的是股权,与可转换票据(convertible note)不同的是SAFE没有到期,也没有利息条款。SAFE和直接的股权投资相比协议更简单,且投资人可以拿到更优惠的价格,以及在转换股权时拿到不错的股权转换率,更像非常早期的投资协议。 (二)SAFE框架原理 SAFE的融资框架主要有以下4种类,型:1....
Step 2: Determine the “Price per Share” for the SAFE Note Investors This is where theconversion discountandvaluation capcome into play. If there’s aconversion discount, the SAFE Note investors get their shares at a discount to the $7.50 the Series A investors pay: ...
But it’s important to note, that those calculations won’t be the same for everyone. There are also tax change concerns that one should address. In theory, the government could decide to start taxing TFSA withdrawals differently, or perhaps place limitations on the OAS program, or change ...
Interest rates. The convertible note interest rate indicates how much interest accrues before the note must be repaid or converted to equity. SAFEs remove this obligation altogether. How do SAFEs Work? When investors invest in a SAFE, the SAFE’s terms give them the right to convert their ...
If you provide a similar 9% to 28% discount to the 10-year bond yield to come up with a safe withdrawal rate back in 1998, then the safe withdrawal rate in today is equal to 10-year bond yield X 72% – 90%. In other words, the new safe withdrawal rate in today is even lower...
saft将来可以兑换成通证,而safe则置换的是股权,与可转换票据(convertible note)不同的是safe没有到期,也没有利息条款。safe和直接的股权投资相比协议更简单,且投资人可以拿到更优惠的价格,以及在转换股权时拿到不错的股权转换率,更像非常早期的投资协议。(二)safe框架原理safe的融资框架主要有以下4种类,型:1.cap,...