Translation
But every woman who is praying or prophesying with her head not veiled, causes disgrace to her head, for it is one and the same with having had [her head] shaven.
Paraphrase
But if a woman prays or teaches without the recognized demonstration of respect to authority, she causes disgrace to the one who has authority over her (her husband). It is such a big deal as to be the same as her having been caught being involved in prostitution and marked with the visible mark of a prostitute.
WAIT, YOU MEAN THERE WERE TIMES WHEN A WOMAN COULD PRAY AND PROPHECY IN A MEETING?
Here we see a reference to women prophesying (i.e. teaching), but the context is not mentioned so we do not know who is present. People assume this was in a public meeting of the church, but it is not said to be so. Once again it is possible that there is a small gathering and a larger gathering, and that women had different degrees of freedom depending on how many realms (families and extended families) were represented. But this is not spelled out clearly in the NT. It is also possible that this refers to her teaching of other women and of children. To say her praying or teaching is in the same type of meeting as that mentioned for the man is a direct contradiction of what Paul teaches elsewhere.
EVERYONE MUST SHOW RESPECT FOR AUTHORITY
The point here is that both the man and the woman need to show proper respect to the authority structure in which they must function. The way they must demonstrate this differs because their roles differ and who is over them differs.