Understanding Options Documents

I joined a startup in April and just received my options paperwork and am a little confused on the strike price.

The company raised a financing round in January. The paperwork says that my strike price is $ X at the January 409A. I know the fully diluted percentage that my equity represents, and if I multiply out the strike price to get a valuation, that valuation is less than the round we just raised.

So was the strike price I was given the price before the latest financing round was closed, even though I joined after the round closed? If so that seems very advantageous to me with a cheaper strike price.

submitted by /u/SomeDFSstuff
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