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. From the top menu, select SAFEs, Convertible notes or Custom notes depending on the type of Convertible

3. Click Actions to the right of the relevant note holder

4. Choose Convert from the dropdown

5. Choose either Auto calculate or Manual override (default)

Auto calculate - 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 SAFE or Convert Convertible

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 investor 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 by submitting a new support request via the Help Centre for assistance.