It sounds like some VC funds are renegotiating deals with startups (including those not as directly impacted by the pandemic) to get a significantly lower valuation—citing market uncertainty. If this is happening to you, I'm all ears.
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Some people might say “Look, everyone at this table is a professional discussing a hypothetical transaction. One sophisticated party asked for a free option to cover internal deliberations. The other granted it.” This difference in perspectives has caused a lot of heartbreak.
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I don't see any problem in your scenario.
End of conversation
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