ConvertibleIssuance

Object - Convertible Issuance Transaction#

https://raw.githubusercontent.com/Open-Cap-Table-Coalition/Open-Cap-Format-OCF/main/schema/objects/transactions/issuance/ConvertibleIssuance.schema.json

Description: Object describing convertible instrument issuance transaction by the issuer and held by a stakeholder

Data Type: OCF Object - TX_CONVERTIBLE_ISSUANCE

Composed From:

Properties:

Property	Type	Description	Required
id	`STRING`	Identifier for the object	`REQUIRED`
comments	[`STRING`]	Unstructured text comments related to and stored for the object	-
object_type	Constant: `TX_CONVERTIBLE_ISSUANCE` Defined in schema/enums/ObjectType	Object type field	`REQUIRED`
date	schema/types/Date	Date on which the transaction occurred	`REQUIRED`
security_id	`STRING`	Identifier for the security (stock, plan security, warrant, or convertible) by which it can be referenced by other transaction objects. Note that while this identifier is created with an issuance object, it should be different than the issuance object's `id` field which identifies the issuance transaction object itself. All future transactions on the security (e.g. acceptance, transfer, cancel, etc.) must reference this `security_id` to qualify which security the transaction applies to.	`REQUIRED`
custom_id	`STRING`	A custom ID for this security (e.g. CN-1.)	`REQUIRED`
stakeholder_id	`STRING`	Identifier for the stakeholder that holds legal title to this security	`REQUIRED`
board_approval_date	schema/types/Date	Date of board approval for the security	-
stockholder_approval_date	schema/types/Date	Date on which the stockholders approved the security	-
consideration_text	`STRING`	Unstructured text description of consideration provided in exchange for security issuance	-
security_law_exemptions	[ schema/types/SecurityExemption ]	List of security law exemptions (and applicable jurisdictions) for this security	`REQUIRED`
investment_amount	schema/types/Monetary	Amount invested and outstanding on date of issuance of this convertible	`REQUIRED`
convertible_type	`Enum - Convertible Type` Description: Enumeration of convertible instrument types ONE OF: • NOTE • SAFE • CONVERTIBLE_SECURITY	What kind of convertible instrument is this (of the supported, enumerated types)	`REQUIRED`
conversion_triggers	Array of Any Of Following Types/Objs: • schema/types/conversion_triggers/AutomaticConversionOnConditionTrigger • schema/types/conversion_triggers/AutomaticConversionOnDateTrigger • schema/types/conversion_triggers/ElectiveConversionAtWillTrigger • schema/types/conversion_triggers/ElectiveConversionInDateRangeTrigger • schema/types/conversion_triggers/ElectiveConversionOnConditionTrigger • schema/types/conversion_triggers/UnspecifiedConversionTrigger	In event the convertible can convert due to trigger events (e.g. Maturity, Next Qualified Financing, Change of Control, at Election of Holder), what are the terms?	`REQUIRED`
pro_rata	schema/types/Numeric	What pro-rata (if any) is the holder entitled to buy at the next round?	-
seniority	`INTEGER`	If different convertible instruments have seniorty over one another, use this value to build a seniority stack, with 1 being highest seniority and equal seniority values assumed to be equal priority	`REQUIRED`

Source Code: schema/objects/transactions/issuance/ConvertibleIssuance

Examples:

[
  {
    "object_type": "TX_CONVERTIBLE_ISSUANCE",
    "id": "test-convertible-issuance-minimal",
    "security_id": "con_123456",
    "date": "1978-05-27",
    "security_law_exemptions": [],
    "stakeholder_id": "stk_567890",
    "custom_id": "CN-1",
    "convertible_type": "NOTE",
    "investment_amount": {
      "amount": "1000",
      "currency": "GBP"
    },
    "conversion_triggers": [
      {
        "trigger_id": "CN-1.TRIG.1",
        "nickname": "Converts on Maturity",
        "trigger_description": "The note shall convert on the date of maturity",
        "type": "AUTOMATIC_ON_DATE",
        "trigger_date": "2022-01-01",
        "conversion_right": {
          "type": "CONVERTIBLE_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "CONVERTIBLE_NOTE_CONVERSION",
            "interest_rates": [
              {
                "rate": "0.0899",
                "accrual_start_date": "2021-01-01"
              }
            ],
            "day_count_convention": "ACTUAL_365",
            "interest_payout": "DEFERRED",
            "interest_accrual_period": "MONTHLY",
            "compounding_type": "COMPOUNDING"
          },
          "converts_to_future_round": true
        }
      }
    ],
    "seniority": 1
  },
  {
    "id": "test-convertible-custom-conversion-issuance-minimal",
    "object_type": "TX_CONVERTIBLE_ISSUANCE",
    "investment_amount": {
      "amount": "1000",
      "currency": "GBP"
    },
    "convertible_type": "NOTE",
    "conversion_triggers": [
      {
        "trigger_id": "CN-1.TRIG.1",
        "nickname": "Converts on Maturity",
        "trigger_description": "The note shall convert on the date of maturity",
        "type": "AUTOMATIC_ON_DATE",
        "trigger_date": "2022-01-01",
        "conversion_right": {
          "type": "CONVERTIBLE_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "CONVERTIBLE_NOTE_CONVERSION",
            "interest_rates": [
              {
                "rate": "0.08",
                "accrual_start_date": "2021-01-01",
                "accrual_end_date": "2023-12-31"
              }
            ],
            "day_count_convention": "ACTUAL_365",
            "interest_payout": "DEFERRED",
            "interest_accrual_period": "MONTHLY",
            "compounding_type": "COMPOUNDING"
          },
          "converts_to_future_round": true
        }
      }
    ],
    "security_id": "con_123456",
    "date": "1978-05-27",
    "security_law_exemptions": [],
    "board_approval_date": "2022-01-01",
    "stakeholder_id": "stk_567890",
    "custom_id": "CN-1",
    "seniority": 1
  },
  {
    "object_type": "TX_CONVERTIBLE_ISSUANCE",
    "id": "test-convertible-issuance-all-fields",
    "security_id": "con_123456",
    "date": "1978-05-27",
    "security_law_exemptions": [
      {
        "description": "Exemption",
        "jurisdiction": "US"
      }
    ],
    "board_approval_date": "2022-01-01",
    "stakeholder_id": "stk_567890",
    "consideration_text": "3.50 USD",
    "custom_id": "CN-1",
    "convertible_type": "SAFE",
    "investment_amount": {
      "amount": "1000",
      "currency": "GBP"
    },
    "conversion_triggers": [
      {
        "trigger_id": "CN-1.TRIG.1",
        "nickname": "Converts on Maturity",
        "trigger_description": "The note shall convert on the date of maturity",
        "type": "AUTOMATIC_ON_DATE",
        "trigger_date": "2022-01-01",
        "conversion_right": {
          "type": "CONVERTIBLE_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "CONVERTIBLE_NOTE_CONVERSION",
            "interest_rates": [
              {
                "rate": "0.0115",
                "accrual_start_date": "2021-01-01"
              },
              {
                "rate": "0.0135",
                "accrual_start_date": "2022-01-01"
              },
              {
                "rate": "0.0155",
                "accrual_start_date": "2023-01-01",
                "accrual_end_date": "2023-12-31"
              }
            ],
            "day_count_convention": "ACTUAL_365",
            "interest_payout": "DEFERRED",
            "interest_accrual_period": "MONTHLY",
            "compounding_type": "COMPOUNDING"
          },
          "converts_to_future_round": true
        }
      }
    ],
    "seniority": 1,
    "pro_rata": "2500",
    "comments": [
      "comment-one",
      "comment-two",
      "..."
    ]
  },
  {
    "object_type": "TX_CONVERTIBLE_ISSUANCE",
    "id": "test-safe-issuance-all-fields",
    "security_id": "safe_123456",
    "date": "1978-05-27",
    "security_law_exemptions": [
      {
        "description": "Exemption",
        "jurisdiction": "US"
      }
    ],
    "board_approval_date": "2022-01-01",
    "stakeholder_id": "stk_567890",
    "consideration_text": "1000.0 USD",
    "custom_id": "SAFE-1",
    "convertible_type": "SAFE",
    "investment_amount": {
      "amount": "1000",
      "currency": "USD"
    },
    "conversion_triggers": [
      {
        "trigger_id": "CN-1.TRIG.1",
        "nickname": "Next Financing",
        "trigger_description": "Conversion at Next Equity Financing",
        "type": "AUTOMATIC_ON_CONDITION",
        "trigger_condition": "SAFE shall convert upon completion of next equity financing (as defined in the instrument)",
        "conversion_right": {
          "type": "CONVERTIBLE_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "SAFE_CONVERSION",
            "conversion_timing": "PRE_MONEY",
            "conversion_mfn": false
          },
          "converts_to_future_round": true
        }
      }
    ],
    "seniority": 1,
    "pro_rata": "2500",
    "comments": [
      "comment-one",
      "comment-two",
      "..."
    ]
  }
]