LEGAL SLANG

3.2. Liquidity Event. If there is a Liquidity Event prior to the conversion of the Investment Amount pursuant to Clauses 3.1 or 3.3, the Investment Amount shall be converted into that number of shares of the Capital Stock of the Company, equal to the Investment Amount divided by the Liquidity Price. At least ten (10) days prior to the closing of the Liquidity Event, the Company shall notify the Investor in writing of the terms of such Liquidity Event. The shares delivered to Investor pursuant to the conversion of the Investment Amount shall be shares of the Preferred Stock of the Company... We use GPT-4 to simplify and summarize any legal text from a term sheet so that anyone can understand it. Just add any complex legal text and we'll make it simple for you.