Fundraising & Equity
Cap Table Management Guide
Collated by Harry Prabandham
Curated by Rubric Financial
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Cap Table Fundamentals
- A cap table tracks all equity ownership: common stock, preferred stock, options (granted and ungranted pool), warrants, and convertible instruments
- Maintain both a 'current' cap table (what exists today) and a 'pro forma' or 'fully diluted' cap table (including all unexercised options and unconverted SAFEs/notes)
- The fully diluted cap table is what investors use to evaluate ownership—it includes the option pool and all convertible instruments as if they were already converted
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