Navigating Down Rounds

​In today’s market, many strong companies are facing valuation resets — not because the business is broken, but because capital markets, timing and expectations have shifted. The real question isn’t how to prevent a down round at all costs. It’s how - if you find yourself there - to run one deliberately, protect the company, and position yourself to move forward.

​Join us for the next edition of Enduring Planet & Friends community event, Navigating Down Rounds, sponsored by Wilson Sonsini Goodrich & Rosati: 

​📅 Tuesday, March 31st, 2026

​🕙 10:00–11:30 AM PT // 1:00–2:30 PM ET

​Moderated by Dimitry Gershenson, the panel will feature:

• ​Randy Lewis, Partner at Wilson Sonsini Goodrich & Rosati 

• ​Hannah Friedman, Founder of Lupine Finance

• ​David Yeh, Managing Partner of Precursor

• ​Others TBD

​We’ll get specific about:

• ​When a down round can be strategically sound

• ​How to navigate board dynamics and investor incentives

• ​The mechanics of pricing resets, liquidation preferences, pay-to-play provisions, and recap structures

• ​Fiduciary considerations and legal realities worth understanding ahead of time

• ​What to do immediately after closing to rebuild momentum

​Down rounds can be complex and emotionally charged, and they have long-term implications for ownership, governance, and culture. This session is designed to be direct, practical, and chock full of examples so founders and investors can approach down rounds with clarity, discipline and professionalism.