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.