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It’s important to execute the relevant conversion agreements before recording them in your cap table. Recording the conversion in the cap table by itself does not effectuate the legal conversion transaction.

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Using Cap Table Simulations

One input to the conversion process (within the context of SAFEs/CNs and equity financings) is the cap table pro forma, which forecasts share counts and fully diluted ownership post-conversion event. To request a Simulation (pro forma), navigate to the Simulations tab, ensure that you have subscribed to a pricing plan that includes Simulations, then complete the request form. It will produce an Excel-based pro forma (the format that your legal team and prospective investors will want to see it in because it contains the underlying formulas).

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Recording SAFE/Convertible Note Conversions

Once you’ve legally executed a SAFE/Convertible Note conversion, you can record the conversion and upload the conversion agreements in your cap table:
  1. Navigate to Securities > Shares.
  2. Add a share security for the conversion shares:
  1. Complete the share creation workflow:
  1. Navigate to Securities -> Convertibles and open the SAFE/Convertible Note you’d like to convert
  2. Select the relevant share security from the “Converted to” field and add the conversion date.

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Recording Conversions of other Security Types

To record the conversion of other security types, such as shares, navigate to the share, then click “Record conversion”:

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Where can I view historical conversions?

There are two places to view conversions:
  1. All option exercises, share repurchases, share transfers, and conversions appear in the Transactions tab:
  1. You may focus on an individual security’s transactions by visiting the security, then clicking on the Transactions sub tab:
You may also download various reports that contain conversion-related information from the Reports tab: