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How to ATM a Unicorn
This is no Aprils Fools… This is another case of unicorn slaying. Lets see how this slay unfolds. Recently Spotify issued a $1B convertible debt from TPG, Dragoneer, and Goldman Sachs clients. We will call them the VC mob (VCM). Terms: VCM can convert the debt to equity at a 20% discount of the IPO…