Tools
Anti-dilution calculator
Down round scenario: see exactly how much the preferred holder gets re-priced under broad-based weighted average versus full ratchet, and how many extra shares hit the cap table.
Standard formulae: broad-based weighted average uses (CP1 + NM/OP) ÷ (CP1 + NS) for the adjustment. Full ratchet drops to the new round price directly. Both are compared side by side.
Illustrative only. Not financial advice. Real anti-dilution calculations depend on the precise definition of "common shares outstanding" in the charter, whether the option pool is included, and whether the preferred has price-based or conversion-ratio-based adjustment.