Anti-Dil\u00fcsyon (Anti-Dilution) h\u00fck\u00fcmleri, imtiyazl\u0131 hissedarlar\u0131 gelecekteki d\u00fc\u015f\u00fck de\u011ferleme turlar\u0131nda (down round) seyreltmeden koruyan mekanizmalard\u0131r. \u0130ki ana y\u00f6ntem vard\u0131r: Full Ratchet (en agresif) ve Weighted Average (broad-based veya narrow-based, daha yayg\u0131n).<\/p>\n
Anti-dil\u00fcsyon h\u00fck\u00fcmleri, mevcut imtiyazl\u0131 hissedarlar\u0131n hisse fiyat\u0131 veya d\u00f6n\u00fc\u015f\u00fcm oran\u0131n\u0131 ayarlayarak gelecekteki daha d\u00fc\u015f\u00fck fiyatl\u0131 turlarda korumalar\u0131n\u0131 sa\u011flar. Bir \u015firket Series A’da $1\/hisse’den ve sonraki turda $0.50\/hisse’den satarsa, anti-dil\u00fcsyon h\u00fckm\u00fc Series A yat\u0131r\u0131mc\u0131lar\u0131n\u0131n d\u00f6n\u00fc\u015f\u00fcm oran\u0131n\u0131 ayarlayarak “daha fazla hisse” almalar\u0131na olanak tan\u0131r.<\/p>\n
\u00dc\u00e7 temel t\u00fcr vard\u0131r: Full Ratchet \u2014 en agresif. Daha d\u00fc\u015f\u00fck fiyat t\u00fcm \u00f6nceki turlara uygulan\u0131r. \u00c7o\u011fu kurucu i\u00e7in katastrofiktir. Broad-Based Weighted Average \u2014 en yayg\u0131n ve kurucu dostu. Yeni hisse say\u0131s\u0131, t\u00fcm tedav\u00fcldeki hisseler (opsiyonlar dahil) \u00fczerinden a\u011f\u0131rl\u0131kl\u0131 ortalama hesaplan\u0131r. Narrow-Based Weighted Average \u2014 broad-based’in benzeri ama hesaplamada daha az hisse dahil eder (genellikle sadece preferred). Yat\u0131r\u0131mc\u0131 i\u00e7in daha agresif.<\/p>\n
Broad-based weighted average form\u00fcl\u00fc: Yeni d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 = Eski d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 \u00d7 (Tedav\u00fcldeki Hisseler + Yeni Para \/ Eski D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131) \/ (Tedav\u00fcldeki Hisseler + Yeni \u0130hra\u00e7 Edilen Hisseler). Bu form\u00fcl, hem mevcut yat\u0131r\u0131mc\u0131lar\u0131 korur hem de adil bir denge sa\u011flar. Full ratchet ise basit\u00e7e yeni d\u00fc\u015f\u00fck fiyat\u0131 uygular ve yat\u0131r\u0131mc\u0131n\u0131n pay’ini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131r\u0131r.<\/p>\n
Kurucular i\u00e7in anti-dil\u00fcsyon h\u00fckm\u00fc kritik m\u00fczakere noktas\u0131d\u0131r. Down round senaryolar\u0131nda full ratchet kurucular\u0131 y\u0131kabilir \u2014 \u015firketin ba\u015far\u0131s\u0131zl\u0131k riskini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde kurucular\u0131n \u00fczerine y\u0131kar. Broad-based weighted average dengeli bir koruma sa\u011flar. Yat\u0131r\u0131mc\u0131lar ise full ratchet veya narrow-based \u0131srar edebilir. Genellikle ko\u015fullar \u015firketin pazar pozisyonu ve fundraising ortam\u0131na g\u00f6re de\u011fi\u015fir.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLDR: Anti-Dil\u00fcsyon (Anti-Dilution) h\u00fck\u00fcmleri, imtiyazl\u0131 hissedarlar\u0131 gelecekteki d\u00fc\u015f\u00fck de\u011ferleme turlar\u0131nda (down round) seyreltmeden koruyan mekanizmalard\u0131r. \u0130ki ana y\u00f6ntem vard\u0131r: Full Ratchet (en agresif) ve Weighted Average (broad-based veya narrow-based, daha yayg\u0131n). Anti-Dil\u00fcsyon Nedir? Anti-dil\u00fcsyon h\u00fck\u00fcmleri, mevcut imtiyazl\u0131 hissedarlar\u0131n hisse fiyat\u0131 veya d\u00f6n\u00fc\u015f\u00fcm oran\u0131n\u0131 ayarlayarak gelecekteki daha d\u00fc\u015f\u00fck fiyatl\u0131 turlarda korumalar\u0131n\u0131 sa\u011flar. Bir \u015firket Series A’da […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-7909","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=7909"}],"version-history":[{"count":4,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7909\/revisions"}],"predecessor-version":[{"id":9625,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7909\/revisions\/9625"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}