$($Answer the next questions$\mathrm{.}15$ to $22$ using the following information.$)$

EBV is considering a $$6$M Series A investment in Newco. EBV proposes to structure the investment as $5$M shares of convertible preferred stock. The founder and employees of Newco have claims on $10$M shares of common stock. Thus, following the Series A investment, Newco will have $10$M common shares outstanding and would have $15$M shares outstanding on conversion of the CP$.$ EBV estimates a $30$ percent probability for a successful exit, with an expected exit time in $5$ years and an exit valuation of $$250$M$.$

The $$100$M EBV fund has annual fees of $2$ percent for each of its $10$ years of life and earns $20$ percent carried interest on all profits. Assume the following: The cost of venture capital is $10\%$; Expected GVM $=2\mathrm{.}5$; expected retention for first round investors is $50\%.$ GP$\%=10\%.$ Apply standard assumptions listed in the textbook and lecture notes for additional data and information required for the valuation.

What is the proposed ownership today at the time of investment?