Pro-rata is easier to get than ever today, but investors are thinking twice

Whenever pro-rata rights are involved, you can always smell some drama. When a company raises a financing round, new and old investors often battle it out for the largest stake they can get. While this process can be competitive enough to be considered cutthroat, during the last decade’s bull market, it’s become more or less predictable — new investors generally get their preferred share, while existing backers fight for what they can.
If you’re new to all this, here’s a short explainer: In investing, pro rata is a legal right that allows investors to maintain their ownership stake in a compan

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