I don’t think so. I think if the share price went down because warrants went out to the investor coming into the round — yes, that’s additional shares issued, but they are issued to a new investor, and are a part of the financing.

But does that mean if I issued a bigger option pool in CoVenture right now, it’s suddenly a “down round?”

I think the round is the capital coming in, and the equity going out to the person who provided the capital or helped get it. But not because more shares were issued to employees (even if at the same time, and related to the financing, but not part of the financing).

Let’s fight about it over lunch next week.