Welcome to October's edition of Venture, your monthly guide to navigating the legal aspects of business growth, offering expert insights to help you address the legal challenges critical for scaling success.
In this edition we outline how the PISCES platform will operate, highlight the upsides and downsides, and explore the different types of anti-dilution protections. We also dive into the lesser discussed, yet crucial, economic terms that can have significant economic implications for founders and investors alike. If there are other issues you’d like us to explore in future editions, please do get in touch.
PISCES is a new type of private stock market regulated by the Financial Conduct Authority (FCA), and is designed to create a regulated environment for secondary trading of minority stakes in private companies. In this article, we outline how PISCES will operate and some of the upsides and downsides of this new trading platform.
Learn more about PISCES
In venture capital, anti-dilution protections are a critical mechanism designed to protect investors from the impact of a down-round, where new shares are issued at a price lower than in previous funding rounds. Our article explains these mechanisms, explores different types of anti-dilution protections, and analyses their effects from the perspectives of founders and investors
Read our anti-dilution protections insight
In venture capital, the economic terms of a term sheet extend beyond valuation, liquidation preferences and anti-dilution protections. Other provisions, such as tranched investments, preference dividends, and growth shares, can have significant economic implications for founders and investors alike. This article dives into these crucial economic terms, exploring their mechanics and the motivations behind their inclusion in a term sheet.
Read our economic terms insight
Discover resources, guides and FAQs to help your business take the next step in its growth journey.
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Rory Suggett
Partner and Head of Corporate
+44 (0)117 321 8067 +44 (0)7912 270526 r.suggett@ashfords.co.uk View more
