Convertible Corporation Notes With Letters
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How to fill out Convertible Promissory Note By Corporation - One Of Series Of Notes Issued Pursuant To Convertible Note Purchase Agreement?
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FAQ
Convertible notes are usually structured as a single agreement called the note purchasing agreement. This covers all of the financing terms. Promissory notes are then issued to individual investors with the date and amount of their investment.
A convertible note (?con note? if you're cool) is simpler than a priced equity round mainly because it postpones the need to agree on a pre-money valuation of the company prior to investment.
Convertible loan notes should be listed on the company's cap table as the amount of the loan with accrued interest and the maximum number of shares it is likely to convert into.
Here's an example: You sell $1m in convertible notes to an investor with a valuation cap of $10m, and a 30% discount rate. After 18 months, your startup gets a pre-money valuation of $20m, at $20 per share, during a Series A funding.
The note typically includes details such as the principal amount, interest rate, maturity date, conversion terms, and other relevant provisions. The key aspect of a convertible note, as the term implies, is its conversion feature.