EXPLAINING THE DUELSTONE “SAFE” (Simple Agreement for Future Equity) (the “Instrument”)
This Duelstone SAFE is an agreement which sets out how your investment will convert into equity (shares in the company) at a future date.
The ‘trigger’ for the conversion of this instrument into shares will be the first round of investment (Series A).
During Series A round of investment holders of SAFE’s may request for their investment to be converted into shares alongside the other investors participating in this round.
The SAFE will convert into the shares being issued in that round at a price per share equal to the lower of either 20% discount based on on the price per share of that financing OR a post money valuation cap of £2.5M divided by the fully diluted issued share capital immediately prior to such equity financing