Can you elaborate on this? It seems a huge disparity.

Sure Steven, most equity rounds include a clause around “information rights”, which include things like detailed financials/projection. These are typically only given to major investors in the round, not smaller ones. That type of sensitive info isn’t something you need (or should) share with all investors during your updates. Also, things like a potential acquisition of the company is something that should be kept to board/major investor level

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