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This chapter analyzes the conversion of a single Post-Money SAFE with Cap Only as a result of an equity financing. Conversion of these SAFEs is determined by the price of shares for the equity investor, but an equivalent formulation in terms of pre-money valuation is derived. The conversion is conservative for the equity investor, which means that the variety of conversion methods for pre-money SAFEs is unnecessary.

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Conversion of Post-Money SAFEs

  • 章节

  • 发表日期：

    2025年

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  • Michael J. Maher,
  • Ron van der Meyden

摘要

This chapter analyzes the conversion of a single Post-Money SAFE with Cap Only as a result of an equity financing. Conversion of these SAFEs is determined by the price of shares for the equity investor, but an equivalent formulation in terms of pre-money valuation is derived. The conversion is conservative for the equity investor, which means that the variety of conversion methods for pre-money SAFEs is unnecessary.