An Advanced Subscription Agreement (ASA) is an agreement between an investor and a company that provides rights to the investor for future equity in the company. Typically, shares will be allocated to those investors at a discount to the share price in the next funding round, as a reward for taking on more risk and investing early. Compared to a CLN, an ASA is purely an equity agreement and can be repaid in cash. That said, in most instances, this is merely a theoretical difference and both should be thought of as equity investments. View a BSA Air template here.”
