A seed fund makes a $1 mill convertible note investment into a start-up that carries with it the right to convert to equity at a 20% discount to the first priced investment round and a pre-money cap of $10 million. One-year later a VC decides to make a $3 mill priced investment in the firm at a pre-money valuation of $5 mill. This translated into a share price of $1 per share. How many shares will the note-holders own after the Series A Fundraising? Please provide the full number to the nearest share: Let's suppose that instead a VC decides to make a $3 mill priced investment at a pre-money valuation of $15 million. Under this scenario how many shares will the note holders own after the Series A Fundraising? Please provide the full number to the nearest share: