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VDR Ch. 6, Part 2: ROFR, No-Shop & D&O Insurance
August 28, 2017  |  By Vela Wood

In this episode, we discuss restriction on sales, assigning confidential information to the company, tag along rights, no-shop agreements, and indemnification clauses.  Read More

New Jersey DFS Update
August 25, 2017  |  By Kevin Vela

New Jersey became the 16th state to enact fantasy sports legislation when Governor Chris Christie approved bill A3532 on Thursday. The law contains standard tax and regulatory provisions. The 10.5% tax on gross revenue will generate huge profits for the … Read More

VDR Ch. 6, Part 1: All the Rights
August 21, 2017  |  By Vela Wood

In this episode, we discuss the difference between compounding and non-compounding dividends, why VCs ask for redemption rights, when conditions precedent matter, what’s included in information rights, and suggested thresholds for registration rights and ROFO. Read More

Maine is Latest State to Legalize Daily Fantasy Sports
August 16, 2017  |  By Kevin Vela

Maine On August 2nd, Maine joined four other states to become the fifth this year to legalize daily fantasy sports. Fifteen states currently have DFS laws on the books that allow for legal play. Maine’s victory was narrowly won—Governor Paul … Read More

VDR Ch. 5: Protective Provisions
August 7, 2017  |  By Vela Wood

In this episode, we discuss which activities a company’s board of directors must approve, how long a company should keep control of its board, the difference between a board member and board observer, and negotiating a threshold for protective provisions.  Read More

Does your company’s ICO need to be registered with the SEC as a securities offering?
August 3, 2017  |  By Nic O'Brien

If a blockchain technology company is considering conducting an initial coin offering (“ICO”) or token sale, the question the company needs to answer is whether it needs to register the token sale with the SEC? The answer depends on whether … Read More

VDR Ch. 4, Part 2: Vesting & Option Pools
August 1, 2017  |  By Vela Wood

In this episode, we discuss why venture-backed startups must vest their equity, why you shouldn’t give employees Restricted Stock Purchase Agreements, how to get VCs to agree to a smaller option pool, and the difference between full ratchet anti-dilution and weighted-average anti-dilution. Read More

VDR Ch. 4, Part 1: Liquidation Preference
August 1, 2017  |  By Vela Wood

In this episode, we discuss why the difference between pre-money valuation and post-money valuation matters when negotiation with a VC, why price per share is critical in later financing docs, what is included in a fully-diluted basis, why accepting a lower valuation can be the best option, the difference between participating preferred stock and non-participating preferred stock, and why play-to-pay scenarios are no longer common. Read More

DFS Updates: New Hampshire and Delaware
July 28, 2017  |  By Kevin Vela

New Hampshire With Governor Sununu’s approval of H580 on July 18th, New Hampshire became the 13th state to legalize paid fantasy sports. Lawmakers achieved this victory with little pushback, as New Hampshire officials have never issued a negative opinion about … Read More

VDR Ch. 3: Term Sheets
July 24, 2017  |  By Vela Wood

In this episode, we discuss who is responsible for providing the term sheet, which parts of a term sheet are binding, the different types of term sheets, and what should be included in a term sheet.  Read More

DFS Summer Legislative Updates
July 21, 2017  |  By Kevin Vela

It’s been a busy summer for state legislatures and a hopeful summer for DFS players. So far, 28 states have considered fantasy sports as part of their 2017 legislative agenda. At Vela Wood, we keep track of these developments and … Read More

VDR Ch. 2: Raising Money & Pitch Decks
July 18, 2017  |  By Vela Wood

In this episode, we discuss how to determine how much money to raise, how to prepare a pitch deck, whether or not you need a PPM, four key roles of a lead investor, and first practical steps after deciding to raise money.  Read More

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