What is a convertible debt?

• A debt instrument at its core with an option to convert into equity at some point in the future, predicated on unfolding of a specific event laid out in its clause.

• Sits above an equity instrument in the capital stack and has a right of receiving money before equity holders.

• Commonly, the instrument converts into equity upon a qualified financing round, characterized by equity financing of a sizable amount but can get converted on other events.


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