Glossary

Advance Subscription Agreement (UK)


An Advance Subscription Agreement or ASA is an investment for equity designed for UK companies with the shares priced and issued at a later date. Investors “pre-pay” for shares and when the shares are issued in a future funding round the investors will buy the shares at the agreed discount. The investment cannot be repaid in cash. ASAs are similar to SAFEs which are commonly used in the US.