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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And make sure you read those drag along and liquidation preference clauses carefully before signing.

创业者们在签协议之前一定要仔细阅读那些drag alone和优先清偿条款。

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Investors get their money back (through Liquidation Preference), and the founders (management team) get nothing.

投资者拿回自己的钱(通过清算优先权)，创始人(管理层)一无所有。

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