Speaking of Downrounds

Talked with a company in the smart grid space the other day.  They recently closed a $20m+ round at a $90m post, all common stock.  Apparently they are going back out for some additional capital at a $10-$15m pre.  That's probably a bit of an a-typical downward adjustment, but the point is clear - downrounds will abound in 2009, or with slightly more positive spin, flat is the new up round...

GB