> They announced the deal in Sept 2022, when the Nasdaq had already dropped significantly. The price was likely locked, at least in significant part, well befo

> They announced the deal in Sept 2022, when the Nasdaq had already dropped significantly. The price was likely locked, at least in significant part, well before this date. There would have been diligence happening for months prior to this, to finalize the numbers. But the large pieces would have been in place well before September. It would have been possible for Adobe to walk away from whatever promises (likely not legally binding) they had made, but this would have hurt their reputation as an acquirer. Potential acquisition targets are already wary enough of a nonbinding LOI; if Adobe had turned its back after signing an LOI with Figma, that would not soon be forgotten by VCs, startups, and their lawyers.