Virginia Form of Convertible Promissory Note, Common Stock
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How to fill out Form Of Convertible Promissory Note, Common Stock?
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FAQ
A convertible note, or convertible debt security, is debt that can convert into equity upon a future qualifying event or transaction, such as a priced equity round raised from venture capital investors.
Also known as convertible promissory notes, bridge notes, or convertible debt. Since convertible notes are securities, they must be registered, or qualify for an exemption from registration, under the Securities Act.
A convertible promissory note is a debt instrument that converts into equity of the issuing company upon certain events. Typically, a note would convert into equity in a subsequent equity financing round and perhaps upon the note's maturity or a sale of the company.
In recent years, SAFEs have become the most common convertible instrument due to their relative simplicity. Like convertible notes, SAFEs convert into stock in a future priced round. Unlike convertible notes, they are not debt and do not require the company to pay back the investment with interest.
Convertible notes are promissory notes that serve an additional business purpose other than merely representing debt. Convertible notes include all of the terms of a vanilla promissory note, such as an interest rate and the pledge of underlying security (if applicable).
Typically, promissory notes are securities. They must be registered with the SEC, a state securities regulator, or be exempt from registration.
Convertible notes are originally structured as debt investments, but have a provision that allows the principal plus accrued interest to convert into an equity investment at a later date.
Typically, promissory notes are securities. They must be registered with the SEC, a state securities regulator, or be exempt from registration.