> Down rounds are typically punishing for founders, reducing both the value and the size of their stakes in concert. Frequently, doing one triggers "anti-diluti

> Down rounds are typically punishing for founders, reducing both the value and the size of their stakes in concert. Frequently, doing one triggers "anti-dilution" mechanisms designed to protect early investors by carving up founders' equity still more. In practice, how do these anti-dilution clauses play out? Do those protected previous investors get issued more shares to hold their same percentage post-money? Are full-ratchet anti-dilution provisions common?