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What are the terms of the SAFE note (i.e. capped vs. uncapped, discount, etc.)?

by on Sep 09, 2021

The SAFE note for prize winners includes no valuation cap, with a discount rate of 30% for the company’s subsequent equity financing round or liquidity event. Full text of the SAFE agreement is available via a link available in the Competition Submission Agreement (accessed and uploaded via the Competition Submission Portal). If a prize winner is a publicly-traded company, the equity investment will be in the form of a purchase of the prize winner’s publicly traded securities.

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