Could you please answer this question comprehensively , just a bit more explanation if possible , many thanks. : )

Bluecorp is a startup in the blotech industry. (a) As an angel investor, you plan to invest $2 million in Bluecorp in exchange for a convertible note. Explain what the convertible note is and why you ask for the convertible note instead of equity ownership. (4 marks) (b) After a few years, Bluecorp plans to obtain more external capital to support its new projects. According to the pecking order theory, explain whether Bluecorp will prefer debt issuance or equity issuance to obtain extemal capital. ( 3 marks)