Pulley migration · Delaware C-Corp

Pulley for Delaware C-Corp Series A: a controlled migration plan

Pulley for Delaware C-Corp Series A teams is a migration problem before it is a software comparison: preserve the source record, reconcile each class and converted instrument, and produce a round-ready ownership snapshot.

Delaware C-Corpentity record
Series Afinancing stage
Before ↔ afterround model
The short answer

Export before access changes, then reconcile Delaware authorized and issued shares, board-approved class rights, converted SAFEs or notes, the option pool, and the priced-round model against the governing documents before the Series A data room relies on the new table.

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 Series A stage.

Segment module 1

Pulley shutdown to Series A close: a decision-and-export runbook

Pulley’s official site currently says it will cease all operations and services on 8 December 2026 and directs existing customers to log in for a limited-time assisted Carta-migration offer.

A migration page should distinguish the arranged Carta path from a self-export move to another provider and tell teams to preserve data and documents before access ends; third-party transition guidance says the standard cap-table export does not necessarily include executed paperwork.

Make the CTA a migration assessment and reconciliation review, not a generic ‘best alternative’ pitch.

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

Segment module 2

Delaware C-Corp import checklist: verify the legal record before the CSV

Delaware’s official guidance says formation includes selecting a registered agent and filing a Certificate of Incorporation; a stock corporation’s certificate includes authorized shares and par value.

Delaware Code §151 permits one or more stock classes or series with voting powers, preferences, conversion rights and restrictions stated in the certificate or in board-authorized resolutions.

Use a Delaware-specific reconciliation table for authorized versus issued shares, class/series names, preferred rights, option pool, board approvals and holder-level history; do not imply that software import validates legal sufficiency.

Sources: State of Delaware, Delaware Corporate Law — Forming a Delaware Corporation, Delaware Code Online — Title 8, §151 — Classes and series of stock; redemption; rights

Segment module 3

Series A conversion ledger: SAFEs, priced shares and dilution

Y Combinator describes a SAFE as a contract for future stock that converts automatically when a startup raises a priced round.

YC’s materials explain that post-money SAFE ownership can be calculated from amount invested divided by the post-money valuation cap, while the priced round creates new shares and dilutes existing holders.

Require a before/after ledger for each SAFE or note, option-pool treatment, new preferred shares, price per share and fully diluted ownership; label all examples illustrative and route actual conversions to counsel.

Sources: Y Combinator — The SAFE financing documents, Y Combinator — Understanding SAFEs and priced equity rounds

Segment module 4

Diligence pack, not just an exported cap-table file

Migration guidance recommends preserving the stakeholder ledger, transaction history, equity plans, grants, vesting and exercises, SAFEs, notes, warrants, 409A reports, signed agreements and board approvals.

A Delaware Series A workflow should reconcile every imported line to source documents and flag missing approvals, inconsistent vesting, unrecorded conversions and differences between the cap table and legal record.

Keep the original Pulley exports and documents read-only so the new provider’s reconstructed record can be compared line by line.

Sources: Fairmint — Pulley migration checklist, Cake Equity — Pulley shutdown explainer, BPM — Pulley is shutting down: transition considerations

Segment module 5

Migration acceptance test before stakeholders are invited

Use a sign-off checklist covering holder counts, share classes and series, issued and reserved shares, option vesting and exercises, SAFE/note conversions, warrants, historical valuations and board-document links.

The migrated record should be reviewed before go-live; Fairmint describes an expert review and customer approval step, while Qapita describes validation and reconciliation against the source export.

Make the output a dated reconciliation report with exceptions, owner, resolution and counsel approval status rather than an unsupported promise of ‘seamless’ migration.

Sources: Fairmint — Pulley migration checklist, Qapita — Pulley alternative migration overview, BPM — Pulley is shutting down: transition considerations

02 — Illustrative cap table

Delaware C-Corp · Series A ownership scenario

Illustrative only—not market data, a valuation recommendation, legal advice or tax advice: a Delaware C-Corp has already converted its outstanding SAFE into shares and is modeling a single Series A priced round.

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 · Series A ownership scenario
InputValueWhy it is here
Founder A5,000,000 common shares.Illustrative input used only for this scenario.
Founder B3,000,000 common shares.Illustrative input used only for this scenario.
Employee option pool2,000,000 reserved shares.Illustrative input used only for this scenario.
Converted SAFE holders2,000,000 shares.Illustrative input used only for this scenario.
Pre-money fully diluted shares5,000,000 + 3,000,000 + 2,000,000 + 2,000,000 = 12,000,000.Illustrative input used only for this scenario.
Illustrative pre-money valuation$16,000,000; Series A investment: $4,000,000.Illustrative input used only for this scenario.

Illustrative price per share = $16,000,000 / 12,000,000 = $1.333333. New Series A shares = $4,000,000 / $1.333333 = 3,000,000. Post-money shares = 12,000,000 + 3,000,000 = 15,000,000. Series A ownership = $4,000,000 / ($16,000,000 + $4,000,000) = 20%. Post-round ownership: Founder A 5,000,000/15,000,000 = 33.33%; Founder B = 20.00%; option pool = 13.33%; converted SAFE holders = 13.33%; Series A investor = 20.00%; displayed total = 99.99% because of rounding; the exact fractions total 100%.

On these assumptions, the new investor receives 3,000,000 shares and 20.00% post-money ownership; all pre-round holders collectively move to 80.00%. The scenario demonstrates the reconciliation arithmetic a migration page can show without claiming a typical Series A outcome.
Show scenario assumptions
  • The 2,000,000 SAFE-conversion shares are fixed inputs; actual conversion depends on the governing SAFE terms, cap, discount, capitalization definition and financing documents.
  • No option-pool refresh, additional convertibles, warrants, pro rata participation, rounding adjustments or other securities are included.
  • All figures are fully diluted and use one price per share; liquidation preferences, voting rights, tax treatment, 409A analysis and legal validity are outside the model.
  • A qualified attorney and tax adviser must validate any real cap table, financing and conversion documents.
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 shutdown to Series A close: a decision-and-export runbook” against the source export and governing documents.
  • Review “Delaware C-Corp import checklist: verify the legal record before the CSV” against the source export and governing documents.
  • Review “Series A conversion ledger: SAFEs, priced shares and dilution” against the source export and governing documents.
  • Review “Diligence pack, not just an exported cap-table file” against the source export and governing documents.
  • Review “Migration acceptance test before stakeholders are invited” against the source export and governing documents.
05 — Delaware C-Corp · Series A FAQ

Questions that change for this company.

Do I have to move my Delaware C-Corp from Pulley to Carta?

No universal requirement is stated on Pulley’s public notice. Pulley describes an assisted Carta path for existing customers, while third-party transition guidance says a company can export its records and choose another provider. Confirm the current offer, eligibility and dates inside the Pulley account before acting; this is operational guidance, not legal advice.

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

What should a Series A company export from Pulley before switching?

Preserve the cap table and stakeholder ledger, transaction history, equity plans, grants, vesting and exercises, SAFEs, notes, warrants and conversions, 409A reports, signed agreements and board approvals. Treat the export file and the executed paperwork as separate workstreams because the file may not contain every document.

Sources: Fairmint — Pulley migration checklist, Cake Equity — Pulley shutdown explainer, BPM — Pulley is shutting down: transition considerations

How should I handle SAFEs when a Delaware company is raising a Series A during migration?

Create a document-backed ledger of each SAFE’s amount, valuation cap, discount, MFN or pro-rata terms and expected conversion, then reconcile it to the priced-round model and final documents. YC explains that a SAFE is a future-equity contract that converts when a priced round occurs; actual conversion mechanics must be reviewed by financing counsel.

Sources: Y Combinator — The SAFE financing documents, Y Combinator — Understanding SAFEs and priced equity rounds

What Delaware-specific fields should I verify in the new cap table?

Verify the registered-entity record, authorized shares and par value, class and series names, preferred-stock rights, board-authorized designations, issued and reserved shares, holder history and supporting certificates or resolutions. Delaware law permits different classes and series with specified rights, so the import should be reconciled to the company’s governing documents rather than treated as a generic spreadsheet conversion.

Sources: State of Delaware, Delaware Corporate Law — Forming a Delaware Corporation, Delaware Code Online — Title 8, §151 — Classes and series of stock; redemption; rights

Does moving cap-table software change ownership or tax position?

Do not treat a software migration as a substitute for a legal transaction or tax review. Preserve the original agreements and approvals, compare the old and new records, and ask qualified counsel and a CPA to assess any effects involving SAFE conversion, option grants, 409A, 83(b), withholding, securities compliance or filings. The page should not promise that migration alone changes or preserves a legal or tax outcome.

Sources: State of Delaware, Delaware Corporate Law — Forming a Delaware Corporation, Cake Equity — Pulley shutdown explainer

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.