AdValorem Syndicate

AdValorem Syndicate

The Newchip Warrant Fallout Two Years Later

What Founders and Researchers Can Learn About Accelerator Equity Risk

Val Kleyman's avatar
Val Kleyman
Mar 21, 2026
∙ Paid

Two years after a federal bankruptcy court in Austin approved the unrestricted sale of equity warrants covering more than 1,000 startups, the Newchip accelerator case continues to reshape how founders, legal scholars, and market researchers think about accelerator equity structures. The case produced the largest court-ordered liquidation of startup warr…

User's avatar

Continue reading this post for free, courtesy of Val Kleyman.

Or purchase a paid subscription.
© 2026 Angel Deal Syndicate, LLC · Publisher Privacy ∙ Publisher Terms
Substack · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture