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June 2017 | Issue 86 Background Constellis Group,  Inc. is a private security firm.  In December 2013, the Company formed an Employee Stock Ownership Plan (“ESOP”), which purchased 100% of Constellis’s voting stock.  Wilmington Trust NA was named Trustee of the ESOP.  Less than a year after the ESOP was created, the ESOP sold all […] More...


March 2017 | Issue 85 Introduction Richard and Steven Parker are brothers who ran a flower business in Scotch Plains, New Jersey.  Richard is the President of Parker Interior Plantscapes (“PIP”), which installs and services plants and flowers in commercial settings.  Steven is the President of Parker Wholesale Florists (“PWF”), which is a garden center.  […] More...

Dell Appraisal Spawns a Multitude of Valuation Approaches

February 2017 | Issue 84 Introduction A Delaware Chancery appraisal case involving computer company Dell Inc. gave rise to a multitude of valuation measurements.  It is instructive to see how the court sorted through them in coming up with its final appraisal conclusion.  The case is In re Appraisal of Dell Inc., 2016 Del. Ch. LEXIS […] More...

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Silicon Valley Venture Financings – Up Rounds Rallying

August 2009 | Issue 41

A survey of second quarter 2009 Silicon Valley venture capital financings reveals that while the proportion of down round financings still exceeds up rounds (by 46% to 32%), the proportion of up rounds has inched up to 32% from 25% in the first quarter. In both the first and second quarters of 2009, down rounds accounted for 46% of financings. The corresponding down round figures for the first and second quarters of 2008 were 19% and 13%, respectively.

A down round is defined as a transaction in which the price is lower than that of the previous round of financing.

Overall Prices Down
Not surprisingly, the magnitude of price changes in second quarter 2009 venture financings also underwent a downward shift as compared to 2008. The average overall per share price change from the previous round in second quarter 2009 financings was -6%, as compared to +53% for the second quarter of 2008.

Health Care Financings Lead
Health care financings accounted for 42% of second quarter 2009 venture investments, leading information technology (37%) for the first time on record, according to Dow Jones VentureSource.

The transaction pricing survey covered 89 venture financings, and was carried out by Fenwick & West LLP, a global law firm specializing in services to high technology and life science clients. A copy of the report is available here.