Backpack CEO Armani Ferrante announced that users staking its upcoming token for at least one year can exchange it for company equity at a fixed ratio, with 20% of equity reserved for this. The company, valued at $1 billion, is raising $50 million and plans an initial token distribution of 25% to points program participants and Mad Lads holders. Team and investor token allocations will be locked in the company treasury for at least one year post-IPO, with team incentives based mainly on company equity holdings.