$800M cash + $100M in Genius Sports shares at closing (deal closed April 30, 2026); up to $300M additional earnout. Legend owns Covers.com, Casino.org, and Casino Guru. Genius arranged a new $825M senior secured term loan and $220M revolving credit […]
409A vs. Venture Capital Valuations
Startups value their common and preferred stock differently: common through an independent 409A appraisal, and preferred through the price investors negotiate. Because the two price different securities, a company’s 409A typically comes in well below its venture valuation — which is an expected gap within the capital structure.
Management & Dental Service Organizations: A Primer
The MSO and DSO space is one of the most active and opportunity-rich areas in healthcare today — but the decisions you make at formation will shape your compliance structure, your ability to attract capital, and your eventual exit for years to come. Here’s an overview of what founders, clinicians, and investors should consider when entering the space.
The Importance of Good Legal Housekeeping (Part 2)
Part 2 of our legal housekeeping series covers the tactical side of keeping your company in order: what to loop your attorney in on, the pitfalls that trip founders up most often (from 83(b) failures to messy cap tables), and a practical annual checklist to stay on track. Founders who treat housekeeping as routine move faster, spend less on clean-up, and enter due diligence in a much stronger position.
AI Chats and Discovery – Beware the Glass House
AI chats feel private — but in litigation, some aren’t. Here’s how courts are treating everyday business chats, pre-litigation prep, and conversations with counsel, plus how to avoid waiving privilege.
Prior to joining Vela Wood, Janae was an associate at Vinson & Elkins LLP’s Dallas office in the Corporate practice (formerly known as MACM). During her time at Vinson & Elkins, she assisted with public and private mergers & acquisitions, […]
How VW Is Using AI
There are a lot of headlines right now about AI and the legal industry. In light of this focus, we wanted to share how we’re using it at VW. Build vs. Buy We have made an intentional decision to build […]
Prior to re-joining Vela Wood, Denise served as Associate General Counsel at 8VC in Austin, where she led and managed venture capital investments across all stages—from seed to late-stage growth. In that role, she negotiated and structured complex financing transactions, […]
Prediction Markets Are Sports Betting — And the Federal Government Is Looking the Other Way
At VW, we’re proud to represent dozens of gaming companies. I’ve personally been deep in the fantasy sports community for over 10 years, and it’s been fun and intellectually stimulating to watch the evolution of DFS, DFS 2.0, and sports […]
The INVEST Act Just Passed The House — What It Could Mean For Venture Funds (And Their Advisers)
The House-passed INVEST Act signals a major push to modernize venture capital regulation—potentially allowing qualifying VC funds to raise more capital, accept more investors, and gain flexibility around secondaries and fund-of-fund investing. While it’s not law yet, the bill offers venture managers and advisers an early roadmap for how fundraising, investor access, and compliance rules could shift in 2026.