For the most part, this is triggered when the proceeds are less than the liquidation preference, which means that the founders will get nothing.

多数情况下这在收益少于清算优先收益时才被激发，这意味着创始人将什么也得不到。

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Don't let yourself be confused by a lawyer because you don't know what "liquidation preference," "right of first refusal," or "drag along/tag along" means.

不要因为自己不懂“清算优先权”(liquidation preference)、“优先承购权”(right of first refusal)，或者是“拖带权”(drag along/tag along)的含义，而被律师搞的晕头转向。

youdao

The preferred shares have a liquidation preference of $1,000 apiece.

这些优先股每股可享有1，000美元的清算优先权。

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