Hi guys.
I'm a first time founder and made a mistake recently.
Our company passed a free equity acceleration program, but I gave this accelerator first investment rights for the next 10 months. These rights state "If you want to raise outside investment, bring the deal to our table, if we can beat it we will invest, if we cannot we will allow the deal by another company". That's it, no penalties, nothing.
We were planning to be incubated by this accelerator/incubator, but decided not to continue due to their poor term of sheets.
What are the consequences if we violate these rights?
I guess it might depend on jurisdiction, so it's Singapore/HK.
Submitted July 16, 2018 at 10:29PM by spidyspider69 https://ift.tt/2Nk7Cug
