The Hatter Angel Network (HAN) had to decide whether to rescind an agreement to invest in Spectrex, an immensely promising early-stage technology start-up. After performing two months of due diligence and deciding to invest about US$200,000, an $800,000 IRS liability not previously noticed by investors was discovered in the text of the subscription agreement. Some of the angel investors believed Spectrex should have been more forthcoming about this liability and felt the company had not acted in good faith. The company pointed out that this liability was disclosed in the middle of a large comprehensive document sent to the analysts at the start of the due diligence process, and did not believe it warranted special notice. The angels had different views about whether Spectrex’s behaviour was duplicitous and whether the magnitude of the liability materially impacted the HAN’s investment thesis, with several of them providing their perspective on how to proceed. Spectrex was now uncertain whether it wanted the HAN as an investor, with it seeming to be distrustful and high-maintenance. The HAN had to decide whether to try to extricate itself from the deal altogether, renegotiate the terms, or stay in on the current terms.
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