A structured round is a financing with non-standard terms beyond the typical 1x non-participating preferred structure. Used in down or distressed scenarios when the new investor requires substantial protection in exchange for putting capital into a difficult situation, common provisions include 2x or 3x liquidation preferences, full participation rights, ratchet anti-dilution provisions, senior preference stacks, pay-to-play requirements, and other structural protections that significantly improve the new investor's downside protection at the expense of existing investors and common shareholders. It is the format most common in down rounds, recapitalizations, and distressed financings of 2022-2024, and one of the most-painf...