I was hired by a start-up that put me on an Employee Shares option Plan, when hiring me they provided me with a company valuation and an implied share price of > $60 - this company about a year later issued 2M+ ORD shares at $1. Bare in mind that the company had also raised new investment capital half a year after I started. I have no idea what the current market valuation is.
Is this type of things even allowed? I believe they also added a new company as the owner of 100% of all shares. Is this some type of dodgy practice that should be reported? (At no moment I was notified of this re-organisation event even though the rules mention I should have).
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