That sounds pretty grim. 3 months is a looong time to raise the first money. And the CEO should have started fundraising 3-6 months before running out of money.
It's reasonable for people with founder stock to decide to not pay themselves when money is tight, but not reasonable to stop paying employees (= without founder stock).
If you think the company has a future, insist on founder stock now. Otherwise, there are lots of other promising startups with adequate funding.
It's reasonable for people with founder stock to decide to not pay themselves when money is tight, but not reasonable to stop paying employees (= without founder stock).
If you think the company has a future, insist on founder stock now. Otherwise, there are lots of other promising startups with adequate funding.