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CAUTION: Director Veto Rights in Financing Documents May Constitute “Disproportionate Voting”
Articles, Raise Capital, Grow Your Company Lewis Geffen Articles, Raise Capital, Grow Your Company Lewis Geffen

CAUTION: Director Veto Rights in Financing Documents May Constitute “Disproportionate Voting”

By Lewis Geffen

Section 141(d) of the Delaware General Corporations Law (DGCL) allows the certificate of incorporation (COI) of a Delaware corporation to confer upon one or more directors voting powers greater than or less than those of other directors, thus resulting in “disproportionate voting” rights amongst the Directors.

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No Action Letter On Behalf Of Citizen VC
Raise Capital, Articles Sam Effron Raise Capital, Articles Sam Effron

No Action Letter On Behalf Of Citizen VC

By Dan DeWolf and Samuel Effron

The SEC has finally provided clarity as to how an issuer of securities can conduct a private placement in a password protected web page under Rule 506(b), without it being deemed a “general solicitation” and thereby being subject to the additional requirements imposed by the new Rule 506(c). The guidance has been provided by the issuance of the Citizen VC No Action Letter (the “CVC Letter”), which request was authored by Mintz Levin.

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What is Venture Capital?
Raise Capital, Articles Dan DeWolf Raise Capital, Articles Dan DeWolf

What is Venture Capital?

By Dan DeWolf

Most of us go through our lives down a certain path. We grow up in our house or apartment; we go to school; we get a job; and eventually we grow up (one way or another) and live out our lives: sometimes happily, sometimes not so happily, and most times a little bit of both. In the course of this journey, many of us dream about starting something new, such as a new business based on a new concept or new paradigm. For many of us it is just a daydream. But for some, it is a call to action. Time and time again, an individual figures out a new way to look at things. Then from a scrap of an idea, and against great odds, this individual begins to build a new business.

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