Pulley migration · Delaware C-Corp

Pulley for Delaware C-Corp pre-seed: a controlled migration plan

Pulley for Delaware C-Corp pre-seed teams is an evidence-preservation job: export the table, keep the signed founder and financing documents, and reconstruct each security without turning a draft or promise into issued equity.

Delaware C-Corpentity record
Pre-seedfunding stage
Founder → SAFErecord chain
The short answer

Keep the Pulley export and the legal record separate, then reconcile founder stock, vesting, option reserves, SAFEs, notes, approvals, authorized shares, and par value before accepting the imported ownership percentages.

01 — Segment-specific migration plan

Keep the records that explain the ownership.

Every page in this controlled cluster uses the same migration discipline. The records and checks below are specific to Delaware C-Corp companies at the Pre-seed stage.

Segment module 1

Pulley-to-provider migration checklist for a Delaware C-Corp at pre-seed

Pulley's official notice states that it will cease all operations and services on 8 December 2026, and presents an exclusive Carta partnership with a possible assisted migration for existing customers.

Pulley's official Help Center documents cap-table exports from the Dashboard, Cap Table area, or Detailed Cap Table report, including exports for all time or through a selected end date.

Make the operational checklist distinguish a data export from a complete legal-record archive: preserve the cap-table files, stakeholder records, executed financing and equity documents, board approvals, vesting schedules, and valuation reports, then reconcile them with the destination provider.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Pulley Help Center — Download an excel of the cap table

Segment module 2

Delaware C-Corp import map: the records a pre-seed provider must reconcile

Delaware's official guidance says a stock corporation's Certificate of Incorporation includes authorized shares and par value.

Every Delaware legal entity must maintain a registered agent, and Delaware corporations must keep up with an annual report and franchise-tax obligations.

The Delaware guidance specifically advises expert input on governance, share issuance, and capital structure; the page should therefore frame record reconciliation as an operational aid, not legal advice.

Sources: State of Delaware, Delaware Corporate Law — Forming a Delaware Corporation, State of Delaware — Delaware Division of Corporations

Segment module 3

Pre-seed instrument audit: founder stock, SAFEs, notes, options, and vesting

The SEC distinguishes common and preferred stock, stock options, restricted stock, convertible notes, and SAFEs; an ownership percentage or share count is commonly reflected on a capitalization table.

The SEC describes a SAFE as a contract for a future ownership interest that generally converts only after a triggering event, so an import must preserve instrument terms rather than treating every line as outstanding stock.

The migration worksheet should capture holder, instrument type, issue date, principal or investment amount, valuation cap, discount, conversion trigger, pro-rata rights, vesting, exercise status, and source document.

Sources: U.S. Securities and Exchange Commission — Common Startup Securities, Y Combinator — The SAFE financing documents

Segment module 4

Illustrative post-money SAFE scenario and migration QA checks

Y Combinator explains that post-money SAFE ownership is directly calculable from investment divided by the post-money valuation cap in the simplified case.

Use a visibly labeled hypothetical table to show how two pre-seed SAFEs can affect the fully diluted record before a priced round.

Add QA checks for duplicate holders, missing signatures, inconsistent share counts, option-pool denominator treatment, and whether the imported instrument is pre-money or post-money; the scenario is not a prediction of market terms.

Sources: Y Combinator — The SAFE financing documents, Y Combinator — Primer for post-money safe v1.1

02 — Illustrative cap table

Delaware C-Corp · Pre-seed ownership scenario

Illustrative only, not market data and not legal or tax advice: a Delaware C-Corp has 8,500,000 founder common shares and a 1,500,000-share unissued option pool counted on a pre-SAFE fully diluted basis, for 10,000,000 pre-SAFE fully diluted shares. It has two post-money SAFEs at the same $3,000,000 post-money valuation cap.

Illustration, not a benchmark.The figures below are assumptions for explaining the arithmetic. They are not market averages, legal advice, tax advice, or a forecast of your financing.

Swipe horizontally to review every scenario column.

Delaware C-Corp · Pre-seed ownership scenario
InputValueWhy it is here
SAFE A investment$300,000 at a $3,000,000 post-money cap.Illustrative input used only for this scenario.
SAFE B investment$150,000 at a $3,000,000 post-money cap.Illustrative input used only for this scenario.
Founder common shares8,500,000.Illustrative input used only for this scenario.
Unissued option pool included in the fully diluted denominator1,500,000.Illustrative input used only for this scenario.

Using the simplified post-money SAFE relationship described by Y Combinator: SAFE A = $300,000 / $3,000,000 = 10%; SAFE B = $150,000 / $3,000,000 = 5%; combined SAFE ownership = 15%. Post-conversion fully diluted shares = 10,000,000 / (1 - 0.15) = 11,764,705.88. Implied SAFE A shares = 1,176,470.59; SAFE B shares = 588,235.29. Founder ownership = 8,500,000 / 11,764,705.88 = 72.25%; option-pool ownership = 1,500,000 / 11,764,705.88 = 12.75%. The percentages sum to 72.25% + 12.75% + 10% + 5% = 100%.

The simplified pre-priced-round illustrative cap table is founders 72.25%, unissued option pool 12.75%, SAFE A 10%, and SAFE B 5%. A future priced round, pool increase, pro-rata exercise, discount, MFN provision, note interest, or different capitalization definition can change the result; a provider import must use the executed documents and counsel-approved definitions.
Show scenario assumptions
  • Both instruments are simplified post-money SAFEs with no discount, MFN, pro-rata side letter, or other special term.
  • There are no other SAFEs, convertible notes, warrants, issued options, or prior investors.
  • The 1,500,000 option-pool shares are included in the fully diluted denominator before conversion and no new pool is created.
  • This is an arithmetic illustration based on YC's simplified relationship, not a legal interpretation of any company's documents and not a forecast of market terms.
03 — Reconciliation checklist

Check the segment assumptions before you save.

A clean import can still be incomplete. Compare the extracted table with the documents and approvals that created these entries.

  • Review “Pulley-to-provider migration checklist for a Delaware C-Corp at pre-seed” against the source export and governing documents.
  • Review “Delaware C-Corp import map: the records a pre-seed provider must reconcile” against the source export and governing documents.
  • Review “Pre-seed instrument audit: founder stock, SAFEs, notes, options, and vesting” against the source export and governing documents.
  • Review “Illustrative post-money SAFE scenario and migration QA checks” against the source export and governing documents.
05 — Delaware C-Corp · Pre-seed FAQ

Questions that change for this company.

What should a Delaware C-Corp export from Pulley before the shutdown?

Use Pulley's Dashboard or Cap Table export for all time and for relevant historical end dates, and store an independent copy before the 8 December 2026 shutdown date stated on Pulley's official notice. Separately gather the executed stock, SAFE, note, option, vesting, board, and valuation documents from the company's records; do not assume a spreadsheet export alone proves the legal terms.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Pulley Help Center — Download an excel of the cap table, U.S. Securities and Exchange Commission — Common Startup Securities

Do I have to move from Pulley to Carta?

Pulley's notice presents Carta as its exclusive partnership and assisted-migration path for qualifying existing customers. A non-Carta move should be treated as a self-directed export and reconciliation project; confirm the current account terms, destination-provider import scope, and deadlines rather than assuming an assisted transfer.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Cake Equity — Pulley shutdown explainer

How should I model two post-money SAFEs at pre-seed?

For a simplified post-money-cap illustration, divide each investment by its post-money valuation cap, then reconcile the resulting ownership against the company's fully diluted capitalization. This does not replace review of the executed SAFE, conversion provisions, option-pool treatment, pro-rata rights, or the next financing terms.

Sources: Y Combinator — The SAFE financing documents, Y Combinator — Primer for post-money safe v1.1

Which Delaware-specific records should be reconciled during migration?

Reconcile the Certificate of Incorporation's authorized shares and par value, registered-agent details, founder issuances, board and shareholder approvals, stock ledger, and the company's annual-report and franchise-tax compliance records. Delaware's own guidance recommends professional advice on governance and capital structure.

Sources: State of Delaware, Delaware Corporate Law — Forming a Delaware Corporation, State of Delaware — Delaware Division of Corporations

Do securities-law and 83(b) issues matter when moving a pre-seed cap table?

Yes. The SEC treats stock, options, restricted stock, convertible notes, and SAFEs as distinct startup securities and says offerings generally need registration or an applicable exemption. If substantially nonvested property was transferred for services, the IRS Form 15620 instructions state that an 83(b) election generally must be filed no later than 30 days after transfer. A migration does not cure missing approvals, filings, or tax elections; consult qualified counsel and a tax adviser.

Sources: U.S. Securities and Exchange Commission — Common Startup Securities, Internal Revenue Service — Form 15620, Section 83(b) Election

Sources and scope

Facts you can check.

Reviewed 2026-09-22. Provider, company-law, securities, and tax rules can change. Confirm the documents and obligations that apply to your company with qualified counsel and tax advisers before acting.

Move with the documents intact

Secure the export. Reconcile the table. Keep the proof.

Use Lovie to structure the migration, then review every result against the records that govern the company.

No automatic-transfer promise. No zero-loss guarantee. You review before anything saves.