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A Crowd Note is essentially a convertible note that has been modified to suit equity crowdfunding. The primary difference between a crowd note and a convertible note is that a crowd note does not have a maturity date or a conversion milestone. This means that the crowd note does not automatically convert to equity, which then keeps the value off of the startup’s cap table. Other differences include limited investor voting and information rights, the ability to extend the crowd note after locking in an initial conversion price, and provision for a corporate transaction payout that provides investors protection against early exits.