Driving Business Advantage

FOLEY HOAG LLP Driving Business Advantage What is a Convertible Note? ■ First and foremost, it is debt, so it sits above any equity (stock) in the "capital stack" ■ However, it also has an equity feature in that it converts upon specified events into stock of the company The most common conversion is upon a "qualified financing" (generally an equity financing of a certain size), but notes can also provide for conversion on other events © 2014 Foley Hoag LLP. All Rights Reserved.

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