Venture Deals · glossary
A veto that can stop things but cannot make them happen. Meridian’s 30% of the register let it block any special resolution, which needs 75%, and its four in five of the Series A shares let it block a change to that class. Article 9.1 · Chapter 11
Explained in Chapter 11, Control: the Board, Consent Matters and Information Rights, of Venture Deals.
The same is true of the Series A rights. Meridian holds four in five of the Series A shares, and article 9.1 needs three quarters of the class to vary them. This is negative control: a veto that stops things but makes nothing happen.Read Chapter 11, Control: the Board, Consent Matters and Information Rights →
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