5 years ago11/6/2020 [**Exercisability settings for non-US companies**](https://releasenotes.carta.com/exercisability-settings-for-non-us-companies-1MepG0) _Non-US, private companies in supported regions now have the ability to enable exercising workflows for their optionholders. Optionholders can access wire payment instructions within Carta after exercise approval to send funds directly to the company._ # # Who this affects: - 🇰🇾   private Cayman Island companies - 🇨🇦   private Canadian companies - 🌐   \+ more locations in the future! # What's new: - Supported non-US, private companies can enable offline wire exercising, allowing their optionholders to initiate and track an exercise request within the Carta platform. - Company admins can manage payment instructions that are provided to optionholders after an exercise is approved. - Company admins can toggle exercisability on and off, as well as select which grant types are exercisable. # Action required: - Company admins must visit the _Transaction Settings_ page to enable exercising - Companies must have a valid fair market value (FMV) # Resources: - [Support article: Exercise workflow for optionholders](https://support.carta.com/s/article/exercising-via-wire) - [Support article: Overview of option exercising via the offline wire exercise workflow](https://support.carta.com/s/article/wire-exercise-workflow) Gwynne Burgess 5 years ago11/4/2020 [**Preferred shareholders can request ownership when accepting securities**](https://releasenotes.carta.com/preferred-shareholders-can-request-ownership-when-accepting-securities-4gDVo4) ## What's New: - Preferred shareholders can now request ownership details (like fully diluted share count or detailed cap table information) when they accept certificates. Previously this request action was available only after the stakeholder's account had been set up and a security accepted. This change helps empower company admins to set the correct respective access levels for investors more effectively. This helps both companies and their investors get the most out of the Carta platform with clearer information sharing workflows. - The information management workflow for companies remains the same. Company admins can still select the appropriate level of data sharing access for each stakeholder. For our summary of these levels, we've detailed them [here](https://support.carta.com/s/article/levels-of-cap-table-access). **Accept screen for preferred shareholders accepting preferred shares**: We will be rolling out these changes during the week of November 2nd. Ry Sullivan 5 years ago10/20/2020 [**Using Custom Spreadsheets When Adding New Stakeholders in Bulk**](https://releasenotes.carta.com/using-custom-spreadsheets-when-adding-new-stakeholders-in-bulk-1d13lS) **What’s coming:** Admins can now upload new stakeholder information using data stored in custom spreadsheets/reports **Who this affects:** All companies **What’s better:** For companies that use HR Providers to store their stakeholder/employee information, their company admins can now upload new hire information into Carta in bulk using the HR Provider's report (xls, or xlsx) with minimal modifications. This workflow is an enhancement to the existing Bulk Add Stakeholders flow, with a new step for users to map the columns in the report to Carta data fields. **Timing:** Live for all customers Oct 20. Steven Camina 5 years ago10/20/2020 [**Changes to Watermark Styling**](https://releasenotes.carta.com/changes-to-watermark-styling-1fhQoo) We've listened to your feedback on watermark styling obstructing the readability of the documents and we've made a few changes to address those concerns. We'll continue to iterate on our watermarking capabilities and tools in the coming months and we are starting with the following changes. **Here's a sample document with the old watermark styling** **Here's the same sample document with the new watermark styling** **** **Specifically, we've made the following changes with this iteration:** - Reduced opacity of the watermark text - Updated alignment between the rows - Fewer repetition **Who these changes affect?** All Carta users who choose to apply watermark on their documents. These changes will be rolling out to all users today. Amol Patil 5 years ago10/14/2020 [**Rule 701 Worksheet Updates**](https://releasenotes.carta.com/rule-701-worksheet-updates-2GYOrK) Recently, we've made updates to the Rule 701 worksheet to improve the calculation methodologies. Here are a few changes we hope you'll find useful. 1\. Ability to a reporting date range - regardless of whether your company uses a rolling or fixed reporting period for Rule 701, you have full control over the securities to include in the report. By default, we show a 12 month rolling period. Change dates to review historical data or model out future issuances. 2\. Report calculation methodology detailed - - We do not include canceled or expired securities in our Rule 701 check - Securities that are canceled as part of a transfer or repurchase will remain included in the report - The resulting balance certificates from the transfer or repurchase stock are excluded - Common certificates resulting from the exercise or settlement of Rule 701 equity awards are included - The exercised portion of the equity award is moved from ‘Common shares issuable upon exercise of Rule 701 option grants/RSUs’ to ‘Common shares issued under Rule 701’ to avoid double counting and enable accurate tracking of Rule 701 shares after an exercise. - The aggregate sales price for RSUs is set to the FMV value at grant - We define outstanding shares as securities that were not issued under Rule 701 Alex Chen 5 years ago10/14/2020 [**New Equity Reporting Page and Custom Reporting**](https://releasenotes.carta.com/new-equity-reporting-page-and-custom-reporting-2hZhQY) **What's new** - Custom reporting - set filter criteria and add, edit, and remove data columns - Preview of ledger-based reports - Unified reporting page - see Carta-provided reports and your custom reports **How you can access the experience** In the last few months, we've been introducing a new reporting experience and the ability to create custom reports. We hope this update will help you become more efficient in exporting the Carta data you need, in the format you need. If this experience is enabled for your company, you'll be able to access the page by clicking on Capitalization > Reporting in the top menu. From top of the classic reporting page, you'll see a banner allow you to switch between the new and old reporting pages. Once you've landed on the new page, you always have the option to head back to the classic reporting page at any time, by using the banner in the top navigation. **How to run a Carta-provided report** From this new page, you'll be able to access the same reports that you are familiar with. For example, clicking on the cap table report will surface a modal, allowing you to input the parameters necessary to generate the report Some reports now support in-app preview and customization, these are denoted by a purple _customizable_ badge. Clicking on the report name brings you directly to the report preview. You're able to adjust parameters, see the filters applied, and a preview of the data before exporting the report. **Customizing a report** You can make modifications to this report and save it as a custom report by clicking _Copy and edit_ in the top navigation. From here you can make adjustments to filtering criteria and add, remove, or reorder columns. Once you're happy with your changes, you can _Save and run_ the report or _export_ it to share. Alex Chen 5 years ago10/12/2020 [**Inline tags for Company Investments**](https://releasenotes.carta.com/inline-tags-for-company-investments-UPCPC) **Who this affects:** Investors with company investments on Carta **What's new:** Investors can now see and add tags inline on our Company Investments page. This will allow users to filter their investments by tags. **How it works:** Tags are completely customizable. Users create a tag category and then add a the tags relevant to their investment strategy. To see all tags for each investment, hover over the tags column. To add new tags to an investment, users click the "edit tags" button. They can then search their tags or add a completely new tag. Ashley Chang 5 years ago9/30/2020 [**Exercise Simulator on Mobile!**](https://releasenotes.carta.com/exercise-simulator-on-mobile-1aIkY8) In an aim to make exercising simple and easy to understand, we are excited to support simulation tools on iOS and Android apps. This release will allow any option holder on iOS or Android app to view the estimated cost and taxes by simulating an exercise before performing it. There are three different scenarios available through the simulator depending on the type of the grant(s). - All Vested Options - Early Exercise all Options - Customize your exercise While All Vested Options and Early Exercise All Options allow users to simulate a fixed number of options based on the selected date, Customize your Exercise allows users to manually enter the number of options they plan on exercising. Once the preferred scenario is selected and additional tax information has been provided, the cost and taxes for that exercise are calculated. Hassan Waheed 5 years ago9/25/2020 [**Portfolio Merging**](https://releasenotes.carta.com/portfolio-merging-7Zwgo) **Goal:** Allow users to merge their portfolios and view holdings in one view. **Audience:** - Users: Equity holder, Employees, Investors (Corporations), Investors (Fund Admin), LP - Companies on Launch, Starter, and Growth - Platforms: Web, iOS and Android **What’s New:** Users will now be able to merge multiple portfolios into a single one using the self-serve portfolio merge tool. - **Organization:** Organize and view different company holdings in a single portfolios - **Customization:** Customize portfolio views by selecting which portfolios to merge **Timing:** Rolled out on 09.24.2020 **Resources:** [https://support.carta.com/s/article/merging-portfolios](https://support.carta.com/s/article/merging-portfolios) Hassan Waheed 5 years ago9/24/2020 [**Performance Awards**](https://releasenotes.carta.com/performance-awards-3hhgHK) Corporations Early Access Carta now supports performance awards with variable payouts What’s New: Here are the highlights for Carta’s updated performance award module. - Manage performance awards from a single, unified modal - Support variable payouts - Streamline award management with updated UX - Updates to vesting modals for admins and participants - (Coming soon) Custom vesting schedules with performance conditions - (Coming soon) Milestone vesting with performance conditions ### Manage performance awards from a single module Carta’s new performance award functionality allows administrators to manage performance criteria and payout from a single module. Performance criteria can be created and applied to multiple vesting schedules and many grants at once. Awards sharing the same performance criteria are all managed from a payout perspective from a single action: ### Support variable payouts Carta now supports variable payouts for performance awards. Performance awards can be configured to allow for payouts at greater than or less than 100% of target. Note: Carta will initially reserve shares from the plan’s share pool at the maximum payout amount. ### Streamline award management with updated UX Performance conditions can now be created and tied to vesting tranches: Performance conditions now can have both variable (pay out at greater than or less than 100%) or non variable payouts. Performance conditions can be attached to multiple vesting schedules; achievement is governed by managing the condition itself and flows back to all affected tranches for vesting: The performance condition(s) are then tied to a vesting schedule or individual vesting tranches: Associating grants with a performance vesting schedule will allow administrators to manage condition achievement by evaluating the condition itself. Performance tranches on the award will not pay out until the related performance criteria are achieved: ### Updates to vesting modal for admins and participants Prior to achievement of a performance condition, the vesting modal will show no shares vested for tranches tied to performance conditions. The progress table will indicate the performance condition that is tied to each tranche, and will show the potential amount that can be earned. Following the evaluation of the condition, tranches that have met both the time and performance conditions will show as vested and will allow exercise (if options) or release (if RSUs). The following screenshot shows the condition “Liquidity Event” as achieved on 9/16/2020, allowing the tranches that have met both the time and performance based conditions to vest: Coming soon While this initial release covers performance awards and standard vesting templates, we will soon release additional functionality. This includes the ability to associate performance conditions with custom vesting templates and schedules, as well as combining performance conditions with milestone vesting events. An upcoming entry will cover these items. Bryan Wells 5 years ago9/24/2020 [**Improvements to the exercise approval screen**](https://releasenotes.carta.com/improvements-to-the-exercise-approval-screen-2RaaJO) **What's coming:** Make more informed decisions when reviewing and approving option exercise requests with key information at your fingertips **Who this affects:** Users with the "Option exercise approver" role in companies issuing stock options with online exercising enabled **What's better:** - The ability to approve or reject exercise requests - Information about the option grant and stakeholder is readily available - Clearer presentation of information **New exercise approval screen:** **Previous exercise approval screen:** **** **Timing:** - Rolling out to 10% of customers on September 28, 2020 - Release percentage will slowly increase to 100% Vince Lo 5 years ago9/24/2020 [**83(b) elections for Profits Interest Units**](https://releasenotes.carta.com/83b-elections-for-profits-interest-units-2VHKOQ) ## What’s coming: A simple way to manage 83(b) elections for Profits Interest Units ## Who this affects: - LLCs - US-based equity holders who are issued Profits Interest Units ## What’s new: - **83(b) file management** Equity holders and admins now have a dedicated place for 83(b) elections for Profits Interest Units. On the PIU modal, users will see an 83(b) elections tab where they can access the generated 83(b) election form and upload a signed copy for their issuing company and personal records. - **83(b) template for PIUs** Carta generates a PDF template based on the information in the platform. - **83(b) reminders** Timeliness is important for 83(b) elections. Equity holders will see various reminders in-app and by email highlighting 83(b) eligibility. - **Filtering on 83(b) filing status** For company administrators, it is easy to filter PIUs based on the 83(b) filing status. Gwynne Burgess 5 years ago9/23/2020 [**Safe & Convertible Note Calculator**](https://releasenotes.carta.com/safe-and-convertible-note-calculator-1Ee4oM) **What’s coming:** - This scenario modeling tool helps founders predict the future impact of Safe and Note ownership when converted at a future priced round. **Who this affects:** - Users: Equity administrators, Law firm partners - Packages: All packages (Launch, Starter, Growth, Scale, and IPO-Ready will receive this calculator) **What’s new:** - **View pre and post-money** dilution before and after a future priced round, visualizing your ownership at multiple future valuations. - **Model multiple Notes or Safes and a priced round** to account for all anticipated fundraising activity between now and the completion of a future priced round. - **Assess the potential impact of different types of convertibles**, including pre-money Safes vs. post-money Safes. **Timing: In September, all companies received access to this calculator.** **** ## Calculation Definitions For Reference: **Option Pool Increase** (Target Available Pool % \*  Post-Money Fully Diluted Shares) - Available Options **Post-Money Valuation** Preferred Price Per Share \* Post-Money Fully Diluted Shares **Preferred Price Per Share** Pre-Money Valuation / (Current Fully Diluted Shares + Option Pool Increase+ Converted Shares) **New Fully Diluted Shares** Current Fully Diluted Shares + New Money Preferred Shares + Option Pool Increase + Converted Shares **Conversion Price Per Share (Convertible Notes and Pre-Money Safe)** Lower of: - (1 - Conversion Discount) \* Preferred Price Per Share - Valuation Cap / (Outstanding Shares + Outstanding Options +Available Options + Option Pool Increase) **Conversion Price Per Share (Post-Money Safe)** Lower of: - (1 - Conversion Discount) \* Preferred Price Per Share - Valuation Cap / (Outstanding Shares + Outstanding Options + Available Options + Converted Shares) **Safe/Notes Ownership:** - Convertible Note Converted Shares / New Fully Diluted Shares - Safe Converted Shares / New Fully Diluted Shares **Safe/Note holders post-priced round** Converted Shares / New Fully Diluted Shares **New investors post-priced round** New Money Preferred Shares / New Fully Diluted Shares **Your post-priced round ownership** Founder Shares / New Fully Diluted Shares **Dilution of Founder Shares** (% change in Founder Ownership / Current Fully Diluted Shares) \* 100 **Value of your shares post-priced round** Founder Shares \* Preferred Price Per Share David Zhang 5 years ago9/23/2020 [**Improvements to our login screen**](https://releasenotes.carta.com/improvements-to-our-login-screen-1gnLtm) What’s coming: We've made a few changes to our login screen to help users get access to their Carta account. We want to make sure your first interaction with Carta is clear, simple, and secure. Who this affects: - All Users accessing the [login screen](https://app.carta.com/accounts/login/). What’s new: - Added a new link to help troubleshoot log in issues and contact support. - Updated the show password toggle to an icon to simplify the page layout. This is consistent with our designs also on our registration page. **New log in page** **Previous log in page** Maxwell Estes 5 years ago9/22/2020 [**Drafts V2 - Early Access**](https://releasenotes.carta.com/drafts-v2-early-access-4pFvUI) **What’s coming:** - Drafting securities enhancements: in-app spreadsheet and data validations. - Option grant and RSU drafting available now. Certificate drafting coming soon. **Who this affects:** - Users: Equity administrators, Law firm partners - Packages: All packages (Launch, Starter, Growth, Scale, and IPO-Ready will receive this new drafting flow) **What’s better:** - In-app bulk actions for large data sets: This new and improved drafting and issuance workflow includes an in-app spreadsheet. - Built-in data validation: We’ve built advanced validations into the product to improve data accuracy and completeness of your entire cap table. **Timing:** So far in 2020, about 12,000 customers have received access to Drafts V2.  All remaining clients will be enabled in Q4 2020.  If you'd like to learn more or to request access sooner, email us at [draftsfeedback@carta.com](mailto:draftsfeedback@carta.com) David Zhang 5 years ago9/22/2020 [**Material event making your 409a stale?**](https://releasenotes.carta.com/material-event-making-your-409a-stale-4iR8Na) **What’s coming:** Let your employees know your 409a is out of date and their taxes may be impacted if exercising. **Who this affects:** - Users: Equity administrators and option holders - Packages: Starter, Growth, Scale, and IPO-Ready will receive this functionality.  Any customer with 409a in their subscription. **What’s better:** Proactive, in-app communication: When enabling this functionality, all option holders, upon exercising, are shown a disclaimer that the FMV is stale and this could impact their taxes. See the full disclaimer below in “Option Holder view”. **Equity Administrator view:** **Option Holder view:** **Timing:** Rolling out to all 409a customers on September 30th. Connor Bathen 5 years ago9/15/2020 [**Additional checks for the ISO 100k limit**](https://releasenotes.carta.com/additional-checks-for-the-iso-100k-limit-1kUNsk) **What's coming:** Carta will automatically check for the ISO 100k limit in additional workflows and features across the app **Who this affects:** Companies issuing ISOs **What's better:** Based on some inputs (FMV, number of options granted, etc.), Carta automatically detects whether or not any grants for a given stakeholder are in violation of the ISO 100k limit. If any ISO grants are in violation of this rule, Carta will automatically change the award type from ISO to ISO/NSO: Carta already runs this automated check any time a new award is issued. We've added this automated check in a few more places, so companies will no longer need to work with Carta staff to manually run the check when making common types of award modifications. **Timing:** Live for all customers on September 15th Vince Lo 5 years ago9/15/2020 [**Post Exercise Experience on Mobile**](https://releasenotes.carta.com/post-exercise-experience-on-mobile-1xp9ba) We are excited to announce the release of the Exercise History screen, and an update to the Exercise Status Indicator on both iOS and Android mobile apps. **The Exercise History Screen** Holding an objective to provide more humble, human, and helpful experiences; we have decided to take this opportunity to redesign the post-exercise submission process. Within the Option Details screen, we now allow shareholders to view a full history of their past and ongoing exercise submissions. Providing an exercise history empowers shareholders to easily maintain the organization of their equity within Carta. **How do I use it?** In order to access the Exercise History screen on mobile, install the latest version of the Carta app. Once installed, you can navigate to your securities and tap one to find yourself inside of the Option Details screen. From here you will see an interactive card titled “View Exercise History”. Tap the card to see all of your past and present exercises. You will see all of your exercises organized from top to bottom by date. The states of your exercise will be dependent on your exercising activity in Carta. From the Exercise History screen, tap a list item to view the Exercise Status Indicator, and Exercise Overview screen. **The Exercise Status Indicator** Our newest iteration the Exercise Status Indicator primarily focuses on how we contextually use effective language. We are doing this by properly breaking down each step with clear actions and concise information regarding both ACH and Wire payment processes. Beyond contextual updates, we have also taken this opportunity to redesign the Exercise Status experience. In order to narrow the disparity between both mobile and web products, we have taken inspiration from the web and reimagined the experience to fit within the confines of your mobile devices. **How do I use it?** Once you’ve navigated to find the details of your security, tap on the Exercise History card. From the list of past and present exercises, tap one to reveal the Exercise Status Indicator. The Exercise Status is a five-step indicator that can track the ongoing status of your exercise request. We’ll also send you regular updates on the status of your exercise by email. The new indication of Payment Status provides more context into the common support question “Where is my money?” by displaying a three substep process. These substeps also provide more detailed information on ACH failures and error cases. The new alerts (R01-R33) are universal codes used by banks internationally. By using these universal codes we can provide better context into why there is an issue, and how it can be resolved. In cases where it is absolutely necessary, we will direct users into the Payment Information screen, or prompt users to call Carta Support. For Non-US shareholders, we provide context into Wire Transfer. This substep will enable users to view their wire instructions or submit a wire confirmation from the Exercise Status Indicator. Hassan Waheed 5 years ago8/31/2020 [**Bulk Add Stakeholders**](https://releasenotes.carta.com/bulk-add-stakeholders-QbZBK) **Carta now supports adding multiple stakeholders in bulk.** Previously, adding new stakeholders to Carta was done on an individual basis within the Stakeholder ledger -- Manage Stakeholders > Add stakeholder. While this works perfectly well for a single stakeholder, it becomes time consuming for multiple stakeholders. For this reason, we’ve released a new Bulk Add Stakeholders feature. Here’s how to use it -- 1. Go to the Stakeholder ledger - Manage Stakeholders > Bulk Add Stakeholders. You will see something that looks like this - 1. Use the “Download spreadsheet” button to download a blank xlsx file where you can input all your new stakeholder information 2. Fill in the xslx spreadsheet with your new stakeholder data. These will typically consist of recent employees who have joined your company 3. Go back to the Carta app to upload the spreadsheet containing the changes 4. Click the “Submit updates” button, and if there are no errors found with the data, you’re done! If there are errors, you will see a screen similar to what’s shown below. Click the “Download errors spreadsheet” button to download an annotated spreadsheet that calls out the errors. 1. Correct the errors in the resulting spreadsheet, re-upload the updated sheet, and submit the changes again. That should be it! The new stakeholders contained in your file will now be added as new stakeholders in Carta. Steven Camina 5 years ago8/31/2020 [**Announcing (new and improved) Release Notes**](https://releasenotes.carta.com/announcing-new-and-improved-release-notes-2EBqak) Over the last few months, we’ve been listening to your feedback on our changelog and identified usability and customization as two areas for improvement. Today, we are announcing our new and improved Release Notes in order to provide you with up-to-date information and news on Carta product changes. ## Key features of our Release Notes include: ### Filter by label You can now filter out notes to only include the ones you care about most. You will be able to filter by Carta product area (Corporations, Investor Services, Platform, and CartaX), customer type (Employee, Equity Administrator, Board Member, etc. ), or release stage (General Audience, Preview, etc.) You can filter by label on the right hand side of the screen by selecting the label you’d like to see notes on. ### Subscribe for recurring product updates Curious to know about all the great things we’re releasing on a regular basis? Subscribe to our Release Notes. You will get an email to your inbox whenever we post a new update. You can find the subscribe button at the top of the Release Notes page. Mara Pritchard 5 years ago8/18/2020 [**Voiding fully approved board consents**](https://releasenotes.carta.com/voiding-fully-approved-board-consents-lx2vK) Legal admins can now mark a previously approved board consent as “Void”. Voided board consents will no longer be visible to the company’s admins or board members; however, for data integrity purposes, the data will be preserved in Carta’s audit logs. Note that board consents approving 409A reports or new option grants cannot be voided, as those cap events are linked to the consent itself. If an admin requires assistance with a consent of this nature, they should work with Carta Support. Nabila Hadwani 5 years ago8/14/2020 [**Wire Instructions Request Email**](https://releasenotes.carta.com/wire-instructions-request-email-mFr20) Fund admins can now trigger an email to request that Limited Partners update their wire instructions ahead of a distribution. The primary on the LP account and any users who have been granted wire instruction permission will receive an email letting them know its time to update. The link on the email will bring them directly to the wire instructions tab for that fund, where they can confirm or update their instructions. To request wire instruction permission, contact our support team at [investorservices@carta.com](mailto:investorservices@carta.com). Ashley Chang 5 years ago8/5/2020 [**PWERM Valuations, In-app**](https://releasenotes.carta.com/pwerm-valuations-in-app-nNPyg) We’ve released a new feature that helps our staff value late stage private companies. The feature allows staff to conduct a “PWERM” valuation in-app, eliminating the need for them to rely on excel spreadsheets and saving them time on your 409A or ASC 820 valuation. PWERM stands for **P** robability **W** eighted **E** xpected **R** eturn **M** ethod. This methodology is often relied upon in the valuation community when there is a possibility of several future outcomes for the Company being valued. For example, Airbnb has said its resuming plans to IPO. However, real world events could come up, such as a global pandemic, that could stall these plans. Due to this uncertainty, a PWERM valuation methodology could better simulate real world outcomes where companies could either continue business as usual or could reach an exit event. EJ Jacoby 5 years ago8/4/2020 [**Exercise Status Snapshot**](https://releasenotes.carta.com/exercise-status-snapshot-oWe4w) After an equity holder has submitted an exercise, they can now easily see the status of an exercise request from their Portfolio _Holdings_ page. To see additional details about the exercise, equity holders can click ‘View details’ to see relevant information about their exercise request. Gwynne Burgess 5 years ago8/3/2020 [**In-app Wire Instructions for Limited Partners**](https://releasenotes.carta.com/in-app-wire-instructions-for-limited-partners-q4CAM) Limited partners with fund investments on Carta can now securely update their wire instructions through our portal. When a limited partner logs into Carta, they’ll see a **Wire Instructions** tab within each of their fund investments. There, limited partners can see any wire instructions that have been previously added and make updates. Wire instructions are visible for the primary user on any fund investment. Please reach out to your fund administrator to give updates to any additional users. Ashley Chang 5 years ago7/31/2020 [**Updated stakeholder termination reminder for repurchases**](https://releasenotes.carta.com/updated-stakeholder-termination-reminder-for-repurchases-rd172) **The repurchase workflow will no longer remind users to terminate the stakeholder if the stakeholder’s already been terminated in Carta.** Unvested shares from equity grants are typically repurchased from stakeholders once they’ve been terminated in Carta. The recently released repurchase workflow was reminding users to terminate the stakeholder even if the stakeholder was already terminated in Carta. We’ve updated the workflow so that the blue reminder text and “Terminate stakeholder” button only appear if the stakeholder to which the certificate belongs hasn’t yet been terminated in Carta. Thank you to the Carta admin users who reached out and provided this product feedback. Please continue reaching out and letting us know how we can make the product better for our corporate customers. Vince Lo 5 years ago7/29/2020 [**Public Company Exercise Ledger**](https://releasenotes.carta.com/public-company-exercise-ledger-slpDi) **Carta public company administrators can now view and approve exercises through our public company exercise ledger.** Carta’s public company exercise ledger and public company RSU settlement tool can now be found under Transactions. While administrators will still be able to approve exercises via Tasks, this new ledger gives a consolidated view of pending and approved exercises. Start by clicking on Transactions and select Exercises: The administrator is led to a ledger containing exercises to be approved. These include cashless type exercises as well as cash exercises. Clicking the righthand caret will bring up the approval and tax review flow: From here, the admin is able to review/update taxes if necessary, and approve the exercise. Bryan Wells 6 years ago7/21/2020 [**Auto-populating the Rule 144 date for certificates**](https://releasenotes.carta.com/auto-populating-the-rule-144-date-for-certificates-ttO9y) ## Carta now automatically populates the Rule 144 date for certificates issued as a result of an exercise. For Carta’s corporate customers domiciled in the United States, Carta will automatically set the Rule 144 date for certificates issued as a result of an exercise to be the recorded date of the exercise. For more information about the Rule 144 date, check out the [Rule 144 date support article](https://support.carta.com/s/article/rule-144) in the Carta Support Center. This is a simple improvement that will save time for Carta users and applies to exercises completed on Carta using our online exercising feature as well as any off-platform exercises reflected using our offline exercise workflow. A special thank you from Carta’s product teams goes out to Carta’s law firm users for recommending this improvement. Keep them coming! Vince Lo 6 years ago7/20/2020 [**Improved payment experience for private option exercise companies and employees**](https://releasenotes.carta.com/improved-payment-experience-for-private-option-exercise-companies-and-employees-uCcFO) **Goal:** Create a cohesive, consistent, and transparent payment experience for US private company admins and employees **Audience:** Private company admins and employees **What’s new:** **Increased transparency on money movement status:** You can access the new Payment Information page two ways: Employees:  Account -->Payment Information Company: Company--> Settings--> Payment information **One place for all cash balances:** Cash Balance shows net funds in your Carta Cash balance account. It accounts for pending deposit and pending withdrawal. **Increased flexibility when adding bank accounts:** You can now add multiple bank accounts to your payment accounts page.You can access payment accounts from both the payments information page and from the option exercise flow in the web experience. You can also connect your bank account instantly via Plaid. If you do not see your bank account listed in Plaid, you can still connect bank accounts manually. **Better payment tracking and record keeping:** You can now see payment history for your payments made for an exercise. For each payment received at Carta, we provide two legs of the transaction: Funds received from source account to your Carta cash balance account and funds sent from your Carta cash balance account to the destination account. We also provide the status of those funds along with estimated timelines. Aneetha Sampath 6 years ago7/15/2020 [**International Exercising on Mobile**](https://releasenotes.carta.com/international-exercising-on-mobile-vKBc4) We’re releasing an update to the iOS and Android apps to support Options Exercising via Wire transfer! International option holders of private US companies can exercise through Carta via wire transfer. When a company enables this feature, option holders can initiate and track their exercises within Carta and pay for their exercise via wire transfer. To begin, you will need: - An ISO, NSO, or ISO/NSO split option grant Once you’ve installed the latest version of the Carta app, you can head to the option grant that you intend to exercise. If exercising is available, you can tap on the “Exercise” button to begin. Confirm your country of residence to help guide you through the appropriate exercising steps. It is recommended that you consult with a tax professional or personal financial advisor before exercising to help determine if exercising is right for you. Once you confirm your country of residence, you’ll now be able to: - Choose the number of option grants you want to exercise - View the payment information required for your exercise - Ensure that your portfolio profile information is up to date Once you’ve fulfilled all of the requirements needed for exercising, ensure that you read the terms of your exercise. You can do this by reviewing all linked documents before submission. Once you’re ready to submit an exercise request, tap the “Exercise” button. After you submit your request, the issuing company will approve your exercise. Your company’s approval will then allow you to access wire instructions within Carta via the ‘Wire funds’ task in-app, or through your email. Once payment has been confirmed by the company, a certificate will be created. This certificate will be signed by the officers and sent for you to accept. You’ll receive email updates from us as your option exercise progresses. Note: Carta **does not** wire funds. A wire transfer must be completed outside of Carta, and through your banking provider. Hassan Waheed 6 years ago7/15/2020 [**New Limited Partner Onboarding**](https://releasenotes.carta.com/new-limited-partner-onboarding-wSZIk) **Limited Partners (LPs) on Carta have a brand new onboarding experience.** Our investor clients depend on Carta to communicate with their LPs. Over the past few months, we’ve made big improvements to the ways LPs use Carta with a new navigation system, updates to make documents easier to find, and our Fund Investment overview page, which combines data across Carta so that LPs can understand all of their fund investments at once. Today, we’re continuing to improve the LP experience by making their first experience on the portal simple and delightful. The biggest change is that LPs no longer need to accept their fund commitments and their fund investments are shown automatically inside their portfolio. Here’s what it looks like: First, LPs are welcomed to Carta with an email letting them know that they have a new investment on the portal and asking them to create an account. For LPs that already have an account, we’ll automatically put this investment in their portfolio. Once an LP creates their account, they’ll go directly to that portfolio. There they can see any existing investments in funds or companies as well as their new investment. For new investments, they’ll see an overview of the investment so far, and be asked to agree to electronic communication for each fund investment. When an LP agrees to electronic communication, we’ll celebrate with them! Their account is now fully active. They can see any documents or fund information that has been shared with them. Ashley Chang 6 years ago6/30/2020 [**Updating our Browser Security Protocols**](https://releasenotes.carta.com/updating-our-browser-security-protocols-y1oeA) Customer security and data protection is always a priority at Carta - this is why we are deprecating our support of TLS 1.1. TLS 1.1 is a HTTP security protocol for your internet browser that was released in 2006 and has known security vulnerabilities. On July 7th, 2020, Carta will no longer be supporting, or allowing, our customers to access Carta with TLS 1.1. You may be impacted if you are using a very old browser but can easily resolve the issue by updating your browser to the most up to date version. Mara Pritchard 6 years ago6/18/2020 [**Improved transfer and repurchase workflows**](https://releasenotes.carta.com/improved-transfer-and-repurchase-workflows-Aibh6) ## Today, Carta is releasing improved workflows for transfers and repurchases. The new transfer and repurchase workflows have a new look and feel, include user experience improvements, and most importantly, address some of the fundamental challenges around cap table data and reporting for our corporate customers. ### Capturing more information for reporting The new transfer and repurchase workflows will now capture sale information, and in the transfer workflow specifically, changes to beneficial ownership. Capturing this information allows Carta to accurately track changes to disposition and cost basis, which lays the groundwork for features like disqualifying disposition and secondary transaction reports (among other things). ### Structuring unstructured data Both new workflows now allow company administrators to structure their transactional data by tagging transfers and repurchases with specific reasons such as “Buyback” (a repurchase reason) and “Secondary” (a transfer reason). Previously, these were both listed as certificate cancellation reasons and together accounted for close to 20% of all certificate cancellations on Carta. _Transfer reasons:_ _Repurchase reasons:_ ### Preventing broken cap tables What wasn’t immediately obvious was that reflecting a buyback as a cancellation or a secondary sale as a cancellation of sold shares followed by an issuance of purchased shares would effectively break the links between certificates in the history of transactionally-related certificates. In other words, customers were unknowingly introducing problems in their cap table data and reports by reflecting transactions using the cancellation tool. More information on this topic can be found in [this Carta support article](https://support.carta.com/s/article/selecting-transaction-types-and-reasons). ### Providing a better user experience We strove to not only address the challenges described above, we also wanted to provide better experience for our company administrators using the transfer and repurchase tools in Carta. Admins now see the original certificate being transferred or repurchased directly in the workflow: The “copy from original” button in the transfer workflow saves admins time by copying over the Rule 144 date, Rule 144 reason, and the legend from the original certificate: Updated support articles for transferring and repurchasing shares can be found in the links below: - [Transfer shares](https://support.carta.com/s/article/transfer-shares) - [Repurchase shares](https://support.carta.com/s/article/repurchase-shares) Vince Lo 6 years ago5/12/2020 [**Email Kit Redesign**](https://releasenotes.carta.com/email-kit-redesign-BqzNm) Today we’re releasing our redesigned email kit. Emails are often the first touch points we have with our users. They should be a clear and helpful experience: users understand the information being communicated, understand who the information is being communicated from, and know what steps to take next via a clear call to action. While we got some great mileage out of our previous email design kit, our site and its complexity have changed. And it was time for our emails to get with the times. Here are some highlights that our release today will change: **Better compatibility** - Mobile optimized across all screen sizes - Improved compatibility with Outlook and other email clients **Clearer branding** - Upgraded our co-branding support to display logos of some investor senders using the platform - Added the Carta logo and simple branded accents that match [carta.com](/content/site-root.html) **Cleaner UI** - Revamped headings, body text, call to action, etc. Pretty much everything got an upgrade - Higher contrast to improve readability **Confetti** - Oh yeah, it’s still there 😊🎉 Maxwell Estes 6 years ago5/11/2020 [**Capture taxes for manually entered exercises**](https://releasenotes.carta.com/capture-taxes-for-manually-entered-exercises-CyYjC) Administrators can now capture tax withholding information for manually entered exercise transactions. Upon entering an off-platform exercise transaction, administrators will now be presented with initial tax calculations (based on the option holders’ stakeholder address). From the Equity Awards ledger in the administrative view, select the caret for the option that has been exercised off-platform and select “Exercise Options”: Note: please make sure that the stakeholder has a stakeholder address populated if you would like to record taxes for a transaction. When entering exercise information, estimated taxes are shown based on the option holder’s stakeholder address. Administrators can update these tax values. Clicking review will allow the administrator to confirm and save the transaction and tax information: Upon saving the transaction, the transaction and tax withholding information will flow through to the Exercised and Settled report. Carta’s reporting can now be used to capture tax withholding for exercises enacted both within and outside the system. Bryan Wells 6 years ago5/6/2020 [**Improved certificate termination workflow**](https://releasenotes.carta.com/improved-certificate-termination-workflow-DHmPS) ## **OLD BEHAVIOR:** Prior to this improvement, users trying to terminate a certificate were directed to a support article explaining how to terminate a certificate on separate page. ## **NEW BEHAVIOR:** With this improvement, users can now click “Terminate stakeholder” which will automatically direct them to the “Terminate Stakeholder” dashboard. From there, users can also access the support article. Vince Lo 6 years ago5/5/2020 [**Calibration Tool**](https://releasenotes.carta.com/calibration-tool-EPLm8) Calibration is a fast and efficient way to determine whether any of your investments should be reassessed given the current market conditions and portfolio company performance. Whether your current holdings value was arrived at based on an analysis with market multiples or based on the most recent round of financing, the Calibration tool can provide a high-level picture of how current market conditions may have impacted your portfolio. ## Start a report You can find the Calibration tool in the Firm view under _Reports and Documents_ in the left navigation. Click on the **Create report** button to get started. ## Setup the calibration Choose the calibration date and select any portfolio companies to include in the report. ## Add the details For each portfolio company, you will need to provide the following information: - Initial valuation date - Company value - LTM revenue as of the initial valuation date - Company performance since the initial valuation - LTM revenue as of the calibration date If you are an ASC 820 subscriber, the tool will automatically populate these data from your most recently completed valuation for each portfolio company. You can also manually add companies not already present your Carta portfolio by clicking on the \[+\] button in the table. # View the summary report The Calibration results show the change in value for each portfolio company selected as well as a roll-up summary of the net change in value. # Dive into company results Click on a portfolio company in the report summary page to see details about the calibration. You can also fine tune the results by changing the selected quartile used to calculate the calibrated company value. Jordan Agnew 6 years ago5/4/2020 [**Updated Email Design - Coming in One Week**](https://releasenotes.carta.com/updated-email-design-coming-in-one-week-FY9So) An email from Carta is often the first interaction we have with our users—and we aim to make this first impression a great one. That doesn’t mean we need to be splashy. Rather, it means we want to provide clear information to our users that helps them understand what Carta is and how we can help them manage their assets and equity. For users who’ve been with us a while, we hope these emails continue to reflect the high quality or our software and services. Carta last updated its emails in November 2017. We’ve changed a lot since then, and we’ve learned a lot, too. In one week, we will release a revamped version of our emails that we hope solve some problems that our users and data helped us identify as well as better reflect our brand today. Today, we’re giving you a preview of what those changes will look like: We’ve said hello to many employees, companies, investors, board members, law firms, and others around the world the past few years. We think these emails will help us say hello even better going forward. Maxwell Estes 6 years ago5/1/2020 [**Exercise and Payment Status**](https://releasenotes.carta.com/exercise-and-payment-status-H6yoE) We’ve released an improvement to allow stakeholders who submitted an exercise request to be able to see up-to-date information on the status of their exercise request and payment. These details can be found on the Exercises tab of the option grant modal. Once a company administrator approves the exercise request, the detailed payment steps will be shown. **ACH Payment Steps** Exercises paid via ACH will show three payment steps: - Transfer of funds from the stakeholder’s account - Confirmation of the funds at Carta - Transfer of the funds to the company’s account Where applicable, expected completion dates will be shown. If there is an issue with the payment, description of the issue and next steps are provided. **Offline Wire Steps** Exercises paid via offline wire transfer will show two payment steps: - Confirmation of funds sent (provided by the stakeholder) - Confirmation of the funds received (provided by the company) Gwynne Burgess 6 years ago4/30/2020 [**CCL Compliance Certificates**](https://releasenotes.carta.com/ccl-compliance-certificates-IeWUU) **CCL borrowers and Fund Admin can now submit compliance certificates in-app.** On a quarterly and annual basis, CCL borrowers must certify that they are in compliance with all required covenants in their Loan & Security Agreement by submitting a compliance certificate. A Fund Admin (Operator) can complete the certificate and submit to the Borrower (Signer) for signature. A Borrower can either sign these submitted forms or fill one out, sign, and submit directly. Both an Operator and a Signer can retract unsigned compliance certificates (e.g. certificate was filled out in error or is no longer applicable). George Cen