Agreed. The shares sold in the secondary offering were likely shares of common stock, whereas the last round of funding would have been a sale of preferred stock.
I would expect there to be a natural discount off the preferred valuation since the common stock doesn’t have the same downside protection. A 20-30% discount would not be at all unusual in my experience.
I would expect there to be a natural discount off the preferred valuation since the common stock doesn’t have the same downside protection. A 20-30% discount would not be at all unusual in my experience.