Aurora,

No tengo una definición, ya que las finanzas no son mi especialidad, pero te adjunto una referencia que quizás pueda servirte o a alguien más se le ocurra algo. Suerte.


For many companies that obtained funding before the burst of the Internet bubble, the concern now is obtaining funding necessary to continue operating the business. However, because of the inflated valuations that many companies received in the past, and current market conditions, many companies are receiving lower valuations than in earlier rounds of financing. Although not catastrophic by itself, if investors obtained down-round anti-dilution protection (particularly full-ratchet) in earlier rounds of financing, the lower valuations could be extremely dilutive to management and other shareholders of the company (since most venture capitalists usually demand convertible preferred stock, for