Sounds like a 'pay to play' down-round. It feels like you had 15% before the round but the company was probably underwater, and as a common share holder that e

Sounds like a 'pay to play' down-round. It feels like you had 15% before the round but the company was probably underwater, and as a common share holder that equity was probably worth nothing. A 10 year old hardware startup burning cash in this funding environment is going to raise on pretty poor terms if they can raise at all. 99% dilution does seems super high for a down round though, even with ratchets.