One day, I’m hearing personal accounts of VCs pulling term sheets at the last minute, with some citing that their own investors had backed out of providing funds, leaving founders scrambling to save a round — and face. Then the next, I have a founder telling me their latest roundRead more »
Indeed, to better understand some of the options founders may have, we talked earlier today with Denny Kwon and Scott Anthony, both of whom represent the white shoe law firm Covington & Burling (where former U.S. Attorney General Eric Holder is also an attorney). DK: There is certainly a feeling of more pressure on sellers to get deals done as quickly as possible in light of the fact that there’s a lot of market volatility right now and they don’t know how buyers may be reacting to a significant decline in their stock price. With any volatility, you don’t get a clear sense of the inherent value of a share, so all-cash deals are much more favorable to targets.
Skyroot, the first private Indian company to design, build and test a solid rocket propulsion stage, has reached another key milestone in the development of its Vikram-I launch vehicle: a full-duration test of the rocket’s third stage. The third stage, dubbed Kalam-100 in homage to Indian rocket scientist and former President A.P.J. Abdul Kalam, is just one part of the company’s debut rocket. Vikram-I includes three solid fuel stages, plus a liquid-fueled kick stage that’s designed to serve the small satellite launch market.