Calculate the proceeds that ABC Capital would receive under the following scenario:

• Cap table as of March 2021
  • 1,000 common shares held by Founders (@ $3,000/share)
  • 200 preferred shares held by ABC Capital (@ $3,000/share), with the following conditions:
    • 1x liquidation preference
    • No dividend
    • 1:1 conversion to common
    • Non-participating
  • No Debt or SAFE notes
  • ESOP share purchase plan up to 10% (assume fully vested at exit)
• Exit at $10M TEV in Mar 2026