In the event of a down round, how well do anti-dilution provisions work in practice?

A. They are illegal provisions that are not enforceable in court

B. They are enforced to the letter of the law in every situation

C. While enforceable, investors holding the right more often than not are forced to waive the right when they face a down-round.

D. Full ratchet anti-dilution provisions are unenforceable, but weighted average anti-dilution provisions are enforceable.

E. Weighted average anti-dilution provisions are unenforceable, but full ratchet anti-dilution provisions are enforceable.