Warrant
定義
A warrant is the right to buy shares at a fixed price in the future, commonly granted to lenders in venture debt deals or partners in commercial agreements.
資金調達における位置づけ
Venture debt warrants typically cover shares worth a small single-digit percentage of the loan, the equity kicker that compensates lender risk.
よくある質問
How do warrants differ from options?
Mechanically similar; warrants are issued to outside parties (lenders, partners) while options compensate employees from the pool.
Do warrants dilute founders?
Yes, when exercised; model outstanding warrants in fully diluted share counts.