No price cap or a high cap means the discount is your max return during the period between when you wire your money and the priced round. Compare that to what an Seed VC or A Round VC would look for between their round and the next.
As an angel in that scenario, you’re investing with the risk profile of a very, very early company but the return profile of a later investor.
As an angel in that scenario, you’re investing with the risk profile of a very, very early company but the return profile of a later investor.