{
 "spec": "wiki-changes/1",
 "site": "venture-capital.wiki",
 "origin": "https://venture-capital.wiki",
 "reviewed": "2026-08-27",
 "generated": "2026-09-03",
 "note": "Dated content-change events, newest first. Poll this instead of re-crawling.",
 "entries": [
  {
   "date": "2026-08-27",
   "type": "expanded",
   "url": "https://venture-capital.wiki/",
   "note": "Expanded to 130 terms and 44 tables across 8 sections, all worked on one continuous share ledger of 8,000,000 founder shares, a 1,411,765-share option pool and four priced rounds at 0.8500, 2.0400, 5.1000 and 6.1200 a share reaching 24,509,805 fully diluted. Liquidation: a four-series stack with the exact exit value at which each series flips election once the elections are solved jointly rather than one at a time, mixed multiples and mixed participation, the cap plateau inside a stack, escrow and holdback allocation on cumulative proceeds against the pro-rata-to-closing shortcut, transaction expense incidence, percentage against fixed and above-the-preference carve-outs, carve-out interaction with a participating series, accrued dividends by vintage, recapitalisation by inserting a senior series, asset sale against merger against public offering, deemed liquidation events, strict seniority zero thresholds, and the common break-even with every deduction added. Dilution: the full share ledger seed through Series C, a pool refresh at every round and who funds it, two successive anti-dilution triggering issuances against one combined adjustment, the broad base line by line, pay-to-play with partial participation, a cram-down worked end to end, ESOP burn rate and refresh sizing, a tender at scale, and a down round with a simultaneous pool increase. Convertibles: a three-instrument mixed pre-money and post-money stack solved simultaneously, a discount-only instrument inside it, five interest conventions on one note, the trigger set, SAFE against note against priced seed on identical terms, the overhang that surfaces at the priced round, a three-instrument MFN cascade, the liquidity-event election, and pre-money instruments diluting each other. Valuation: step-up against price step, the pre-money cap equivalent to a post-money cap across a stack, down round price algebra, and entry-to-exit ownership with return multiples. Term sheet: protective provisions enumerated with the consent structures available for each, class vote arithmetic and blocking coalitions, series against class consent drift, board observers, deadlock resolution, drag-along interaction with protective provisions, registration rights and the underwriter cut-back, mandatory conversion on a public offering, pro rata and super pro rata, the double trigger definition problem, and the exclusivity calendar. Three new sections: Employee equity and 409A covering instrument choice, the 409A ladder, early exercise and section 83(b), the incentive option 100,000 limit, alternative minimum tax on exercise, section 1202 qualified small business stock, repricing and exchange offers, the leaver's exercise window, net exercise and sell-to-cover, what a one percent grant becomes, and option value under a preference overhang. Rounds, structures and bridges covering bridge conversion across next-round prices, extension and inside rounds, pay-to-play bridge sizing, structured terms priced in common stock, IPO ratchets, venture debt and warrant coverage, revenue-based financing, SPV fee stacking, and the clean price equivalent to a structured round. Exit mechanics covering the consideration bridge, escrow release with a claim, earnout allocation across the stack, the allocation schedule, asset against stock sale, section 1202 at the exit, tender pricing against the last round, the working capital adjustment, and appraisal rights."
  },
  {
   "date": "2026-08-27",
   "type": "expanded",
   "url": "https://venture-capital.wiki/",
   "note": "Expanded to 51 terms and 18 tables across 5 sections. New valuation and pricing section: the post-money identity, the ownership algebra, share-count invariance, why a SAFE cap is not a valuation, the 409A gap between common and preferred, and why ownership times exit value overstates founder proceeds below the conversion indifference point. Liquidation: multi-series waterfall algebra for pari passu and seniority-ordered stacks, the three regimes of a capped participating series, the participation-versus-multiple crossover, interdependent conversion elections, management carve-outs, accrued dividends, and the common break-even. Convertibles: pre-money against post-money SAFE conversion arithmetic side by side, the cap-versus-discount switchover, MFN, pro-rata side letters, note interest as an equivalent discount, SAFE stacking, mixed-instrument circularity, and conversion below the cap. Dilution: the option pool base question, full ratchet against broad and narrow weighted average on one down round, who funds the adjustment, compounding dilution, denominator price effects, pay-to-play and recapitalisation arithmetic. Term sheet: board composition math, drag-along threshold drift, redemption and cumulative dividends, founder vesting and acceleration, the ROFR and co-sale sequence, and share-versus-percentage rights thresholds. Added a SAFE conversion calculator descriptor at /calc/safe/."
  },
  {
   "date": "2026-08-26",
   "type": "published",
   "url": "https://venture-capital.wiki/",
   "note": "Initial publication: 13 terms, 9 tables across 4 sections, plus calculators."
  }
 ]
}