Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Put Options to Lock in Exit Price
Episode 82 of The Startup Exit Podcast. Lucas and Luna explore how founders of late-stage startups are using put options—not just collar trades—to lock in a minimum exit price without selling shares before an IPO or acquisition. Using the recent Arena AI leaderboard sale as a concrete case, Lucas explains the mechanics of a private-company put: the premium cost, counterparty risk, strike price negotiation, and the trade-off between downside protection and upside cap. Luna pushes back on whether puts are worth it for founders who believe their company will pop on debut, and the hosts break…
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