Question 3 (2019 Final Exam Question) A firm is just about to complete its third round of external financing with the issuance of 2 million shares of Series C Convertible Preferred at a price of $4 per share for aggregate proceeds of $8 million. The following table summarizes the firm's previous rounds of financing (Series A Convertible Preferred and Series B Convertible Preferred) as well as the Common Stock outstanding (owned by the founders and employees of the company). Series B 24,000,000 Securities Common stock Series A Aggregate proceeds ($) Conversion Price ($) 10,000,000 1 12,000,000 4 8 Number of shares 10,000,000 3,000,000 3,000,000 Weighted-average Anti-dilution protection No Full ratchet provision All convertible preferred securities (Series A, B, C) convert 1:1 to Common Stock at any time at option of holder. What will be the ultimate percentage ownership of the founders and employees after the third round of financing?