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← Glossary
Deal Terms & Legal

Anti-dilution

A clause that adjusts an investor's shares if you later raise at a lower price, protecting them in a down round.

Why it matters

'Weighted average' is standard and mild; 'full ratchet' is harsh and re-prices their whole stake — resist it.

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Mick Liubinskas' Investment Thesis

Investment Thesis with Kali Norman · 18 September 2026

Mick Liubinskas' Investment Thesis
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Related terms

Down round

A raise at a lower valuation than your previous one.

Preferred shares

The share class investors usually take, with extra rights over ordinary shares — preferences, votes, protections.

Dilution

The drop in your ownership percentage each time the company issues new shares.

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