You're right, though it got me thinking about what is the actual offer... If they are offering 5% this might mean much less. After the 1m round, there is an expected dilution of 25%. Additionaly, the ESOP will have to be refilled (since I will be getting most of it) which will dilute with another 10%... My current estimate is that if N is what they are offering me than the real offering is expressed by N(1-N)0.75. So if they are offering 5% this actually means 3.5%. Im wondering if they take this into consideration when they say "fully diluted".