Cap Table, Dilution, Fully-Diluted, & As-Converted Definitions
What cap table, dilution, fully-diluted, and as-converted mean
Cap Table: A record of who owns what in your company.
Dilution: The reduction of existing owners' percentages when new shares are issued
Fully-diluted: Counts all shared as if every option, warrant, and convertible were exercised or converted
As-converted: Expresses preferred and convertible holdings as the common shared they would become.
Reading your cap table on as fully-diluted, as-converted basis gives the most complete ownership picture
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