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Pipestein Corporation receives 1 round of financing equal to $12M at a $15M pre-money valuation. The...

Pipestein Corporation receives 1 round of financing equal to $12M at a $15M pre-money valuation. The VC receives participating preferred stock with a 1x liquidation preference and 2.5x cap. If the company is acquired for $100M, how much will the VC receive?

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