Closing conditions are the contractual requirements that must be satisfied before a financing transaction actually closes and funds are released. Across venture rounds, M&A deals, and public offerings, these typically include regulatory approvals where required, the absence of any material adverse change (MAC) since signing, customary closing deliverables (legal opinions, officer certificates, secretary certificates), certificate-of-incorporation amendments being filed and effective, and all transaction documents being signed by required parties. In venture financing specifically, closing conditions are usually limited to mechanical items but can become contentious in larger or distressed rounds.
The standard closing...