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Enigma Inc., is a startup company formed 3 years ago. The current capital structure consists of...

Enigma Inc., is a startup company formed 3 years ago. The current capital structure consists of 15M common shares (ordinary shares) owned by the founder, employees and family members, and 12M convertible preferred stock owned by Timits LP a VC firm. In the event of an IPO or an acquisition of Enigma, Timits has the choice of converting each share of preferred stock into one share of common stock OR redeemeption for $2 per share, a total of $24M. What is the conversion condition?

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IF ANY QUERY, FEEL FREE TO ASK Solution On pursual of question it could be found that conversion condition shall be that: - 1

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