investors who act conditionally on other investors are the worst (but still are the majority so you have to account for them) as you said pro-rata can't be af

investors who act conditionally on other investors are the worst (but still are the majority so you have to account for them) as you said pro-rata can't be after the fact. The company needs to know how much equity it is selling and can't allocate to new investors without knowing what the company has available