December Targets

As part of the legal disclosure to crowdfunders, Curve disclosed that Series B investors were entitled to an extra grant of shares if Curve didn’t meet certain targets by December 2019.

This seemed like a way for Curve to claim a higher valuation than the investors were willing to buy, by lowering the valuation unless Curve met difficult targets. The investors wouldn’t have insisted on this clause if they were confident that those targets would be met.

Given that December has now been and gone, I have a couple of questions.

  1. Did Curve meet those targets, or will the series B investors be granted additional shares, thus lowering the valuation below that at which crowdfunders invested?
  2. With all the free money given out in December for using your card, were the targets related to active user numbers?

Is this disclosure still available or was it taken down with the rest of the crowdfunding pitch?

I got my investor swag the other day - slightly worried that I’ve bought the most expensive socks in history.


Don’t forget the water bottle! Ha

But in seriousness, I expect a load more comms to come from curve this month.

In addition, waiting for email about curve investor cards and the precise ETA.

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Honestly if I had the option of getting my money back now I would take it.

What makes you expect that?

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Hi, just curious why? What has changed?

To be honest, mainly from prior 2020 emails mentioning further comms. In addition, I see most the investor perks available by nearer end of this month / just seems logical to start 2020 with better comms?

@podgib - not sure if you saw my original question, but is the disclosure you mentioned still available or was it taken down with the rest of the crowdfunding pitch?

I believe they were taken down, but I probably still have a copy. Let me have a look.

Here’s your answer

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Well, I think we have an answer to this question. According to a filing at companies house, on December 20th Curve issued an extra 394,375 B1 preferred shares.

Unless there’s another reason that Curve decided to issue more B1 preferred shares, it seems they missed their targets. If there is another reason, I’d be very happy to be corrected by somebody from Curve.

The extra shares are only about 6.5% of the total B1 shares, and <1% of the total number of shares, so if that’s the only extras to be issued, it’s not a big dilution. Does suggest that Curve were overconfident with their targets though.

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