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Moira
409A – January 2023

409A – January 2023 · Option pricing model breakpoints

Each tier is valued as a call on total equity struck at the tier boundary.

Option pricing model breakpoints

5 tier
# Tier Range Shares Participants
1 Liquidation preference — Series Seed Preferred (seniority 1) Preference $0.00 → $250.0K $250.0K range 1,000,000
Series Seed Preferred
2 Options struck at $0.87 in the money Option $250.0K → $4.86M $4.61M range 5,819,994
Common Series Seed Preferred Options available (pool)
3 Converts to common: CN-30 Note conversion $4.86M → $11.12M $6.26M range 5,884,057
Common Series Seed Preferred Options @ $0.87 Options available (pool)
4 Converts to common: CN-57 Note conversion $11.12M → $29.35M $18.23M range 7,234,700
Common Series Seed Preferred Options @ $0.87 Converts to common: CN-30 Converts to common: CN-36 Converts to common: CN-39 Converts to common: CN-42 Converts to common: CN-44 Converts to common: CN-48 Converts to common: CN-40 Converts to common: CN-43 Converts to common: CN-32 Converts to common: CN-33 Converts to common: CN-38 Converts to common: CN-41 Converts to common: CN-45 Converts to common: CN-31 Converts to common: CN-34 Converts to common: CN-37 Converts to common: CN-46 Converts to common: CN-47 Converts to common: CN-35 Options available (pool)
5 Residual — all shares participate Residual $29.35M → ∞ 7,885,051
Common Series Seed Preferred Options @ $0.87 Converts to common: CN-30 Converts to common: CN-36 Converts to common: CN-39 Converts to common: CN-42 Converts to common: CN-44 Converts to common: CN-48 Converts to common: CN-40 Converts to common: CN-43 Converts to common: CN-32 Converts to common: CN-33 Converts to common: CN-38 Converts to common: CN-41 Converts to common: CN-45 Converts to common: CN-31 Converts to common: CN-34 Converts to common: CN-37 Converts to common: CN-46 Converts to common: CN-47 Converts to common: CN-35 Converts to common: CN-57 Converts to common: CN-49 Converts to common: CN-51 Converts to common: CN-55 Converts to common: CN-56 Converts to common: CN-58 Converts to common: CN-50 Converts to common: CN-53 Converts to common: CN-54 Converts to common: CN-52 Options available (pool)

Incremental value

Equity value: $0.00

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