D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir \u0130mtiyazl\u0131 Hisse (Convertible Preferred Stock), sahibine adi hisseye d\u00f6n\u00fc\u015ft\u00fcrme hakk\u0131 veren imtiyazl\u0131 hisse t\u00fcr\u00fcd\u00fcr. Risk sermayesi yat\u0131r\u0131mlar\u0131nda en yayg\u0131n yap\u0131d\u0131r.<\/p>\n
Bu hibrit ara\u00e7: Imtiyazl\u0131 hissenin korumalar\u0131na sahip (liquidation preference, dividend priority, voting rights), Adi hisseye d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir (sahibinin tercihi veya otomatik triggers), Yat\u0131r\u0131mc\u0131lara hem downside protection hem upside potential sunar, ve VC turlar\u0131nda (Series A, B, C, vb.) standart yap\u0131d\u0131r. Term sheet’lerde d\u00f6n\u00fc\u015f\u00fcm oran\u0131, otomatik d\u00f6n\u00fc\u015f\u00fcm tetikleyicileri ve voluntary conversion haklar\u0131 tan\u0131mlan\u0131r.<\/p>\n
Tipik \u00f6zellikler: Conversion Ratio \u2014 1:1 ba\u015flang\u0131\u00e7ta (anti-dilution ayarlamalarla de\u011fi\u015febilir), Conversion Price \u2014 initial purchase price, Voluntary Conversion \u2014 sahibin tercihi (her zaman), Mandatory Conversion \u2014 qualified IPO, qualified financing tetiklerinde, Anti-Dilution Protection \u2014 sonraki turlarda fiyat d\u00fc\u015ferse preferred holder korur, ve Liquidation Preference \u2014 tipik 1x non-participating.<\/p>\n
Bu yap\u0131 yat\u0131r\u0131mc\u0131lar ve \u015firketler i\u00e7in win-win: Yat\u0131r\u0131mc\u0131 upside (\u015firket ba\u015far\u0131l\u0131 olursa common’a d\u00f6n\u00fc\u015f\u00fcr ve maksimum kazan\u00e7), Yat\u0131r\u0131mc\u0131 downside protection (ba\u015far\u0131s\u0131zl\u0131kta liquidation preference 1x para garanti eder), \u015eirket i\u00e7in temiz cap table (preferred \u2192 common at exit), VC standard\u0131 (yat\u0131r\u0131mc\u0131lar bu yap\u0131y\u0131 bekler), Tax efficiency, ve Future round complexity azalt\u0131r.<\/p>\n
Yayg\u0131n d\u00f6n\u00fc\u015f\u00fcm tetikleyicileri: Qualified IPO \u2014 belirli value\/size threshold’u a\u015fan halka arz, Qualified Financing \u2014 b\u00fcy\u00fck yeni round, Majority Vote \u2014 preferred holders \u00e7o\u011funlu\u011fu r\u0131za verirse, ve Time-based (rare) \u2014 belirli s\u00fcre sonra otomatik. Conversion sonras\u0131 t\u00fcm preferred adi hisseye d\u00f6n\u00fc\u015f\u00fcr, cap table simplify olur ve IPO i\u00e7in clean structure olu\u015fur. Convertible’\u0131n ger\u00e7ek de\u011feri exit an\u0131nda belirlenir.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLDR: D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir \u0130mtiyazl\u0131 Hisse (Convertible Preferred Stock), sahibine adi hisseye d\u00f6n\u00fc\u015ft\u00fcrme hakk\u0131 veren imtiyazl\u0131 hisse t\u00fcr\u00fcd\u00fcr. Risk sermayesi yat\u0131r\u0131mlar\u0131nda en yayg\u0131n yap\u0131d\u0131r. Convertible Preferred Nedir? Bu hibrit ara\u00e7: Imtiyazl\u0131 hissenin korumalar\u0131na sahip (liquidation preference, dividend priority, voting rights), Adi hisseye d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir (sahibinin tercihi veya otomatik triggers), Yat\u0131r\u0131mc\u0131lara hem downside protection hem upside potential sunar, ve […]<\/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-7982","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7982","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=7982"}],"version-history":[{"count":4,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7982\/revisions"}],"predecessor-version":[{"id":9706,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7982\/revisions\/9706"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}