Tessian

While highly improbable for Tessian equity post-acquisition, this scenario assumes a highly favorable, undisclosed acquisition term for common shareholders, resulting in no loss of value relative to the $500M pre-acquisition valuation, effectively a 0% return.

Proofpoint acquired Tessian for an estimated value at the higher end of the reported range (e.g., $415M). After accounting for approximately $133M in liquidation preferences, common shareholders realize a significant loss, with equity valued at roughly $282M, representing a -45% return from the $500M valuation.

Proofpoint acquired Tessian for an estimated value at the lower end of the reported range (e.g., $307M). Given the $133M in liquidation preferences, common shareholders receive approximately $174M, resulting in a substantial -70% loss from the $500M valuation.