Consider the following four CP investors:

(1) Series A: $5M APP (and 2X liquidation preference) or converts to 5M shares. (2) Series B: $10M APP or converts to 8M shares. (3) Series C: $10M APP or converts to 5M shares. (4) Series D: $5M APP or converts to 10M shares. In addition to these investors, the founders hold 10M shares of common.

Find the conversion order for these investors.

Group of answer choices

Conversion Order: B, D, then A and C together

Conversion Order: D, B, then A and C together

Conversion Order: B, C, A, D

Conversion Order: D, A, B, C