Converting Notes to Shares

Convert your SAFEs or convertible notes into shares when it's time for your next round.

1. Navigate to Ownership > Cap table from the main menu

2. Click the Note Holders tab

3. Find and click on the name of the relevant note holder

4. Click the three dots on the right side of the note you want to convert

5. Choose either Convert (Auto) or Convert (Manual)

Convert (Auto) - Cake automatically calculates shares based on the note's terms (valuation cap, discount rate, etc.)

• Confirm the share class, conversion date, valuation and price per share

• Review the calculated number of shares

• Click Convert

Convert (Manual) - You enter the exact number of shares to issue

• Enter the number of shares for the conversion

• Update the total amount paid if needed (including accrued interest)

• Confirm the conversion date and share class

• Click Convert

Once converted, the note holder automatically becomes a shareholder and will appear under Ownership > Cap table > Shareholders. You can then issue their share certificate if needed.

Still Need Help? Contact our support team via the chat or submit a new support request via the Help Centre for assistance with note conversions.