The other ratchet was an IPO ratchet, which specified that in the event of a public offering for less than $18.55614, the conversion price would be adjusted such that the Series E preferred shares were convertible into "(A) the number of shares of common stock issuable on conversion of such share of Series E preferred stock; and (B) an additional number of shares of common stock equal to (x) the difference between $18.55614 and the public offering price (y) divided by the public offering share price."4