You'd certainly know better than I would. It seemed strange to me as well (esp after seeing how much outside funding they had raised), but the people I heard i

You'd certainly know better than I would. It seemed strange to me as well (esp after seeing how much outside funding they had raised), but the people I heard it from seemed both credible and adamant. It's also possible that the cap table has changed since I heard this (years ago) and now.