Question 1

How often will we need a new valuation at Series A?

Accepted Answer

At least every 12 months, and again after any material event — a new round, an acquisition approach, a secondary sale, or a substantial miss against the forecast the valuation relied on.

Question 2

Does the unissued option pool reduce our common share price?

Accepted Answer

It increases the fully-diluted share count, which reduces value per share. The treatment of unissued reserve is a documented judgement and is set out in the report.

Question 3

Our plan changed after the round closed. Does that matter?

Accepted Answer

If the change is material to what a buyer would pay, yes — a substantially revised forecast is a material event.