ABC Startup Co.

Founding Seed
Owners # of Shares Price Value # of Shares
Founder 1 Founder 1,000 10.00 10,000 1000
Founder 2 Founder 1,000 10.00 10,000 1000
Founder 3 Founder 1,000 10.00 10,000 1000

Employee Employee

Investor 1 Seed 857

Investor 2 Seed 429
Investor 3 Angel
Investor 4 Angel
Investor 5 Round A
Investor 6 Round A
Investor 7 Round B
Investor 8 Round B
Investor 9 Round C
Investor 10 Round C

3,000 10.00 30,000 4,286

Method 1
Pre Money Valuation
Investment 30,000
Post Money Valuation 30,000

Method 2
Dilution
% inc in # of shares
Total # of shares
Share Price
 Seed Angel Round A
Price Value # of Shares Price Value # of Shares
23.33 23,333 1000 93.33 93,333 1000
23.33 23,333 1000 93.33 93,333 1000
23.33 23,333 1000 93.33 93,333 1000

23.33 20000 857 93.33 80,000 857

23.33 10000 429 93.33 40,000 429
750 93.33 70,000 750
321 93.33 30,000 321
1,236
824

23.33 100,000 5,357 93.33 500,000 7,418

23.33 70,000 93.33 400,000

30,000 100,000
100,000 500,000

30% 20%
43% 25%
4,286 5,357
23.33 93.33
Round A Employee Stock Option Round B
Price Value # of Shares Price Value # of Shares
242.67 242,667 1,000 1,000
242.67 242,667 1,000 1,000
242.67 242,667 1,000 1,000

500 200 100,000 500

242.67 208,000 857 857

242.67 104,000 429 429
242.67 182,000 750 750
242.67 78,000 321 321
242.67 300,000 1,236 1,236
242.67 200,000 824 824
1,188
792

242.67 1,800,000 7,918 9,897

242.67 1,300,000 200

500,000
1,800,000

28%
38%
7,418
242.67
Round B Round C Exit
Price Value # of Shares Price Value # of Shares
505.20 505,205 1,000 707.29 707,287 1,000
505.20 505,205 1,000 707.29 707,287 1,000
505.20 505,205 1,000 707.29 707,287 1,000

505.20 252,602 500 707.29 353,643 500

505.20 433,033 857 707.29 606,246 857

505.20 216,516 429 707.29 303,123 429
505.20 378,904 750 707.29 530,465 750
505.20 162,387 321 707.29 227,342 321
505.20 624,566 1,236 707.29 874,393 1,236
505.20 416,378 824 707.29 582,929 824
505.20 600,000 1,188 707.29 840,000 1,188
505.20 400,000 792 707.29 560,000 792
2,828 707.29 2,000,000 2,828
1,414 707.29 1,000,000 1,414

505.20 5,000,000 14,139 707.29 10,000,000 14,139

505.20 4,000,000 707.29 7,000,000

1,000,000 3,000,000
5,000,000 10,000,000

20% 30%
25% 43%
9,897 14,139
505.20 707.29
 Exit
Price Value
1,060.93 1,060,930
1,060.93 1,060,930
1,060.93 1,060,930

1,060.93 530,465

1,060.93 909,368
1,060.93 454,684
1,060.93 795,697
1,060.93 341,013
1,060.93 1,311,589
1,060.93 874,393
1,060.93 1,260,000
1,060.93 840,000
1,060.93 3,000,000
1,060.93 1,500,000

1,060.93 15,000,000

1,060.93 15,000,000
Date 6/15/2021 6/10/2022 6/5/2023 5/30/2024 5/25/2025

Ownership Founding Seed Angel Round A Round B

Founders & Employee 100% 70% 56% 40% 35%
Seed investors 30% 24% 17% 13%
Angel investors 20% 14% 11%
Round A 28% 21%
Round B 20%
Round C
Total 100% 100% 100% 100% 100%

Pre Money Valuation 0 70,000 400,000 1,300,000 4,000,000

Investment 30,000 30,000 100,000 500,000 1,000,000
Post Money Valuation 30,000 100,000 500,000 1,800,000 5,000,000

Founding Seed Angel Round A Round B

Founders & Employee -30,000
Seed investors -30,000
Angel investors -100,000
Round A -500,000
Round B -1,000,000
Round C

Cash x IRR
Founders & Employee 123.8 126%
Seed investors 45.5 117%
Angel investors 11.4 85%
Round A 4.4 65%
Round B 2.1 46%
Round C 1.5 51%
5/20/2026 5/15/2027

Round C Exit
25% 25%
9% 9%
8% 8%
15% 15%
14% 14%
30% 30%
100% 100%

7,000,000 0
3,000,000 0
10,000,000 15,000,000

Round C Exit
3,713,255
1,364,053
1,136,711
2,185,982
2,100,000
-3,000,000 4,500,000
Existing Shares # 3000
Post Money Valuation 100,000
Investment 30,000
Pre Money Valuation 70,000 =B2-B3
Dilution 30% =B3/B2

Method 1
Share Price 23.33 =B4/B1

Method 2
% inc in # of shares 43% =B3/B4
Total # of shares 4,286 =B1*(1+B11)
Share Price 23.33 =B2/B12
 Merger

SmallCo BigCo

Equity Value 3,000,000 Equity Value

Shareholder1 10,000 857,143 29% Shareholder11

Shareholder2 10,000 857,143 29% Shareholder12
Shareholder3 5,000 428,571 14% Shareholder13
Shareholder4 5,000 428,571 14% Shareholder14
Shareholder5 5,000 428,571 14% Shareholder15
Total 35,000 3,000,000 100% Total

Existing # shares 35,000 Existing # shares

Share price 85.71 Share price
Swap Ratio for S 0.69

NewCo
Shareholder11
Shareholder12
Shareholder13
Shareholder14
Shareholder15
Shareholder1
Shareholder2
Shareholder3
Shareholder4
Shareholder5

Demerger

NewCo

Equity Value 10,000,000

Existing # shares 64,000
Share price 156.25
Shareholder11
Shareholder12
Shareholder13
Shareholder14
Shareholder15
Shareholder1
Shareholder2
Shareholder3
Shareholder4
Shareholder5

SmallCo Demerged

Equity Val

Shareholder1 6,857 29%

Shareholder2 6,857 29%
Shareholder3 3,429 14%
Shareholder4 3,429 14%
Shareholder5 3,429 14%
24,000 100%

BigCo Demerged

Equity Val

Shareholder11 10,000 25%

Shareholder12 10,000 25%
Shareholder13 10,000 25%
Shareholder14 5,000 13%
Shareholder15 5,000 13%
40,000 100%
5,000,000

10,000 1,250,000 25%

10,000 1,250,000 25%
10,000 1,250,000 25%
5,000 625,000 13%
5,000 625,000 13%
40,000 5,000,000 100%

40,000
125.00

10,000 1,250,000 16%

10,000 1,250,000 16%
10,000 1,250,000 16%
5,000 625,000 8%
5,000 625,000 8%
6,857 857,143 11%
6,857 857,143 11%
3,429 428,571 5%
3,429 428,571 5%
3,429 428,571 5%
64,000 8,000,000 100%
8,000,000 1
 10,000 1,562,500 16%
10,000 1,562,500 16%
10,000 1,562,500 16%
5,000 781,250 8%
5,000 781,250 8%
6,857 1,071,429 11%
6,857 1,071,429 11%
3,429 535,714 5%
3,429 535,714 5%
3,429 535,714 5%
64,000 10,000,000 100%

3,750,000

6,857 1,071,429 29%

6,857 1,071,429 29%
3,429 535,714 14%
3,429 535,714 14%
3,429 535,714 14%
24,000 3,750,000 100%

6,250,000

10,000 1,562,500 25%

10,000 1,562,500 25%
10,000 1,562,500 25%
5,000 781,250 13%
5,000 781,250 13%
40,000 6,250,000 100%