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EBV is considering a $ 5 M Series A investment in Newco. The founders and employees of Newco have claims on 1 0 M shares

EBV is considering a $5M Series A investment in Newco.
The founders and employees of Newco have claims on 10M shares of common (including the stock pool).
EBV is considering PCP with participation as if 5M shares of common.
This structure has mandatory conversion upon a QPO, where a QPO is any offering of at least $5 per common share and $15M of proceeds.
For the purpose of solving this problem, assume that any exit above $5 per share will qualify as a QPO (i.e., acquisitions for at least $5 per common share would also be considered to be QPOs).
At the QPO threshold, what is the total value immediately after conversion?
$20M
$25M
$28.3M
$3.3M
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