WarrantIssuance

Object - Warrant Issuance Transaction#

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

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

Data Type: OCF Object - TX_WARRANT_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_WARRANT_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`
quantity	schema/types/Numeric	Quantity of shares the warrant is exercisable for	-
exercise_price	schema/types/Monetary	The exercise price of the warrant	-
purchase_price	schema/types/Monetary	Actual purchase price of the warrant (sum up purported value of all consideration, including in-kind)	`REQUIRED`
exercise_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 Warrant can convert due to trigger events (e.g. Maturity, Next Qualified Financing, Change of Control, at Election of Holder), what are the terms?	`REQUIRED`
warrant_expiration_date	schema/types/Date	What is expiration date of the warrant (if applicable)	-
vesting_terms_id	`STRING`	Identifier of the VestingTerms to which this security is subject. If not present, security is fully vested on issuance.	-
quantity_source	`Enum - Quantity Source Type` Description: Enumeration of quantity source types describing where a quantity value came from ONE OF: • HUMAN_ESTIMATED • MACHINE_ESTIMATED • UNSPECIFIED • INSTRUMENT_FIXED • INSTRUMENT_MAX • INSTRUMENT_MIN	If quantity is provided, use this to specify where the number came from - e.g. was it a fixed value from the instrument (`INSTRUMENT_FIXED`), a human estimate (`HUMAN_ESTIMATED`), etc. If quantity is provided and this field is not, this is assumed to be `UNSPECIFIED`	-

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

Examples:

[
  {
    "object_type": "TX_WARRANT_ISSUANCE",
    "id": "test-warrant-issuance-minimal",
    "security_id": "test-warrant-id",
    "date": "2022-02-01",
    "stakeholder_id": "stakeholder-id",
    "custom_id": "W-1",
    "security_law_exemptions": [],
    "quantity": "1000",
    "quantity_source": "INSTRUMENT_FIXED",
    "exercise_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "purchase_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "exercise_triggers": [
      {
        "trigger_id": "WARRANT-1.TRIG.1",
        "nickname": "Automatic exercise immediately prior to qualified public offering",
        "trigger_description": "Warrant shall be deemed exercise immediately prior to consummation to a qualified public offering.",
        "trigger_condition": "Qualified Public Offering means the issuance by the issuer or any direct or indirect parent of the issuer of its common Equity Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended.",
        "type": "AUTOMATIC_ON_CONDITION",
        "conversion_right": {
          "type": "WARRANT_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "FIXED_AMOUNT_CONVERSION",
            "converts_to_quantity": "10000.00"
          },
          "converts_to_stock_class_id": "stock-class-id"
        }
      }
    ],
    "warrant_expiration_date": "2032-02-01"
  },
  {
    "object_type": "TX_WARRANT_ISSUANCE",
    "id": "test-warrant-issuance-minimal-estimated-quant",
    "security_id": "test-warrant-id",
    "date": "2022-02-01",
    "stakeholder_id": "stakeholder-id",
    "custom_id": "W-1",
    "security_law_exemptions": [],
    "quantity": "1000",
    "quantity_source": "HUMAN_ESTIMATED",
    "exercise_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "purchase_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "exercise_triggers": [
      {
        "trigger_id": "WARRANT-1.TRIG.1",
        "nickname": "Automatic exercise immediately prior to qualified public offering",
        "trigger_description": "Warrant shall be deemed exercise immediately prior to consummation to a qualified public offering.",
        "trigger_condition": "Qualified Public Offering means the issuance by the issuer or any direct or indirect parent of the issuer of its common Equity Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended.",
        "type": "AUTOMATIC_ON_CONDITION",
        "conversion_right": {
          "type": "WARRANT_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "FIXED_AMOUNT_CONVERSION",
            "converts_to_quantity": "10000.00"
          },
          "converts_to_stock_class_id": "stock-class-id"
        }
      }
    ],
    "warrant_expiration_date": "2032-02-01"
  },
  {
    "object_type": "TX_WARRANT_ISSUANCE",
    "id": "test-warrant-issuance-full-fields",
    "security_id": "test-warrant-security-id",
    "date": "2022-02-01",
    "security_law_exemptions": [
      {
        "description": "Exemption",
        "jurisdiction": "US"
      }
    ],
    "board_approval_date": "2022-02-01",
    "stakeholder_id": "stakeholder-id",
    "consideration_text": "1.00 USD",
    "custom_id": "W-2",
    "quantity": "1000",
    "exercise_triggers": [
      {
        "trigger_id": "WARRANT-1.TRIG.1",
        "nickname": "Exercisable Until Expiration",
        "trigger_description": "The warrant is exercisable from its date of issuance until its expiration on February 2, 2032.",
        "type": "ELECTIVE_IN_RANGE",
        "start_date": "2010-01-01",
        "end_date": "2032-02-01",
        "conversion_right": {
          "type": "WARRANT_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "FIXED_AMOUNT_CONVERSION",
            "converts_to_quantity": "1000.00"
          },
          "converts_to_stock_class_id": "stock-class-id"
        }
      }
    ],
    "purchase_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "exercise_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "comments": [
      "Here is a comment",
      "Here is another comment"
    ],
    "vesting_terms_id": "4yr-1yr-cliff-schedule",
    "warrant_expiration_date": "2032-02-01"
  },
  {
    "object_type": "TX_WARRANT_ISSUANCE",
    "id": "test-valuation-based-warrant-issuance-full-fields",
    "security_id": "test-warrant-security-id",
    "date": "2022-02-01",
    "security_law_exemptions": [
      {
        "description": "Exemption",
        "jurisdiction": "US"
      }
    ],
    "board_approval_date": "2022-02-01",
    "stakeholder_id": "stakeholder-id",
    "consideration_text": "1.00 USD",
    "custom_id": "W-2",
    "quantity": "1000",
    "exercise_triggers": [
      {
        "trigger_id": "WARRANT-1.FINANCING-TRIG",
        "nickname": "Exercised at next financing",
        "trigger_description": "The warrant automatically exercises at the next financing with conversion amount determined by the valuation in the financing.",
        "type": "AUTOMATIC_ON_CONDITION",
        "trigger_condition": "This warrant will be automatically exercised upon the closing of the Company's next preferred equity financing with total proceeds in excess of $100,000,000.00",
        "conversion_right": {
          "type": "WARRANT_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "VALUATION_BASED_CONVERSION",
            "valuation_type": "CAP",
            "valuation_amount": {
              "amount": "1000000000.00",
              "currency": "USD"
            }
          },
          "converts_to_future_round": true
        }
      }
    ],
    "purchase_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "exercise_price": {
      "amount": "1.00",
      "currency": "USD"
    },
    "comments": [
      "Here is a comment",
      "Here is another comment"
    ],
    "vesting_terms_id": "4yr-1yr-cliff-schedule",
    "warrant_expiration_date": "2032-02-01"
  },
  {
    "object_type": "TX_WARRANT_ISSUANCE",
    "id": "test-pps-based-warrant-issuance-full-fields",
    "security_id": "test-warrant-security-id",
    "date": "2022-02-01",
    "security_law_exemptions": [
      {
        "description": "Exemption",
        "jurisdiction": "US"
      }
    ],
    "board_approval_date": "2022-02-01",
    "stakeholder_id": "stakeholder-id",
    "consideration_text": "100,000.00 USD",
    "custom_id": "W-2",
    "exercise_triggers": [
      {
        "trigger_id": "WARRANT-1.FINANCING-TRIG",
        "nickname": "Exercised at next qualified financing",
        "trigger_description": "The warrant automatically exercises at the next financing with conversion amount determined by the valuation in the financing.",
        "type": "AUTOMATIC_ON_CONDITION",
        "trigger_condition": "This warrant will be automatically exercised upon the closing of the Company's next preferred equity financing with total proceeds in excess of $100,000,000.00",
        "conversion_right": {
          "type": "WARRANT_CONVERSION_RIGHT",
          "conversion_mechanism": {
            "type": "PPS_BASED_CONVERSION",
            "description": "The Holder is entitled, at the next Qualified Financing, to purchase from the Company such number of Preferred Shares as are equal to $100,000 divided by the Exercise Price. 'Exercise Price' shall mean the price per share paid by the investors in the next Qualified Financing less $1.12, unless such price is less than $1.12, in which case the Exercise Price shall be $0.01.",
            "discount": true,
            "discount_amount": {
              "amount": "1.12",
              "currency": "USD"
            }
          },
          "converts_to_future_round": true
        }
      }
    ],
    "purchase_price": {
      "amount": "100000.00",
      "currency": "USD"
    },
    "comments": [
      "Here is a comment",
      "Here is another comment"
    ],
    "warrant_expiration_date": "2032-02-01"
  }
]