I once read a story about a company that used convertible notes to raise pre-seed, then literally never raised again so the VCs never got equity. The founder even screwed over employees on options with this.
Does anybody know the company I'm talking about? Can't find it.
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Might've been SAFEs. But there was definitely a convertible element to the contract, I remember the founder explaining he has told the VCs they can convert and they obviously don't want to (equity worth way more).
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conor with the win theinformation.com/articles/at-bo
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Replying to @growing_daniel
Toptal I think, or one of their competitors