Happy Friday! Lucinda here filling in for the (consecutive) time until Polina’s return Monday. So please do begin sending deals back her way at [email protected], and rejoice that you’ll be safe from my clutches in a mere three days.

UBER

Uber CEO Dara Khosrowshahi’s valuation bonus is off to a nonstarter.

The commander-in-chief is eligible for 1.75 million in options at a price of $33.65 apiece should Uber reach an average fully-diluted valuation of $120 billion or more for 90 contiguous days.

But at the high end of Uber’s IPO pricing range, the valuation falls short of that. Uber says it plans to raise roughly $8.5 million in an IPO of 180 million shares priced between $44 to $50 apiece—valuing the firm at about $91 billion at the high end of the range. Of course, IPOs often price above range and then proceed to…

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Source: http://fortune.com/2019/04/26/term-sheet-term-sheet-april-25-ubers-ipo-bitcoin-tether-woes-and-other-letters/