casemark/pro-forma-cap-table

Pro Forma Capitalization Table

Models a company's ownership structure before and after a contemplated transaction, showing dilution effects and economic implications for all stakeholders.

Prerequisites

1. Corporate documents — certificate of incorporation, stockholder agreements, option plans, convertible note/SAFE agreements, prior cap tables
2. Current share register — all holders by name, class, share count; outstanding options with exercise prices and vesting; warrants with terms
3. Preferred stock terms — liquidation preferences (multiple, participating/non-participating), anti-dilution provisions, conversion ratios, dividend rights per series
4. Transaction terms — investment amount, pre-money valuation, price per share, new investor allocations, option pool target, conversion mechanics (caps, discounts, interest)

Output Structure

Section 1: Header & Assumptions

| Element | Detail | |---|---| | Company legal name | As registered with Secretary of State | | Date of preparation | Current date | | Designation | "PRO FORMA — not final or binding" | | Reference date | Baseline capitalization date | | Transaction type | Seed, Series [X], note conversion, pool expansion, etc. |

Assumptions table:

| Assumption | Value | |---|---| | Pre-money valuation | $ amount + derivation method | | New capital raised | $ amount | | Post-money valuation | $ amount | | Price per share | Calculation: pre-money ÷ pre-money fully-diluted shares | | Liquidation preference | Multiple + participating/non-participating | | Anti-dilution | Weighted average / full ratchet / none | | Option pool timing | Pre-money or post-money inclusion | | Option pool target | % of post-transaction fully-diluted | | Convertible instrument terms | Cap, discount, interest rate, MFN |

Section 2: Pre-Transaction Capitalization

| Holder / Category | Class | Shares Held | As-Converted % | Fully-Diluted % | |---|---|---|---|---|

Row order:

1. Preferred stock — reverse chronological by series
2. Common stockholders — founders, employees, other
3. Option pool: outstanding grants (exercise price range), exercised (now common), available for future grants
4. Warrants / other derivatives (exercise price, expiration)

Footnote each preferred series with liquidation preference amount, participation rights, accrued dividends.

Definitions:

• As-converted = all preferred converts to common; excludes unissued pool shares
• Fully-diluted = as-converted + all outstanding options/warrants + entire unissued pool

Section 3: Transaction Adjustments

Present each adjustment sequentially.

New equity issuance:

| Investor | Shares Issued | Price/Share | Investment ($) | |---|---|---|---|

Convertible note conversion:

| Holder | Principal | Accrued Interest | Total Converting | Conversion Price | Shares Issued | |---|---|---|---|---|---|

Conversion price = min(cap-based price, discounted price). Show derivation.

SAFE conversion:

| Holder | Investment | Valuation Cap | Discount | Conversion Price | Shares Issued | |---|---|---|---|---|---|

Option pool expansion:

| Item | Shares | |---|---| | Pre-transaction pool | X | | New shares added | X | | Post-transaction pool | X | | Pool as % of post-transaction FD | X% |

Note whether expansion is pre-money (dilutes existing holders) or post-money (dilutes all including new investors).

Repurchases / cancellations (if applicable): holder, shares, price, reason.

Section 4: Post-Transaction Capitalization

| Holder / Category | Class | Pre-Txn Shares | New / Converted | Post-Txn Shares | As-Converted % | Fully-Diluted % | |---|---|---|---|---|---|---|

Same row order as Section 2; new series listed first. Include subtotals per class and grand total.

Verification checklist:

• [ ] All FD ownership percentages sum to 100.00%
• [ ] All as-converted percentages sum to 100.00%
• [ ] Post-txn shares = pre-txn + new issuances + conversions + pool expansion − repurchases
• [ ] Price per share × new shares = total new investment

Section 5: Exit Waterfall (if multi-series preferred)

Model distribution at illustrative exit values:

| Exit Value | Series [Latest] Pref | Series [Earlier] Pref | Common + Options | Total | |---|---|---|---|---| | 1× post-money | | | | | | 2× post-money | | | | | | 3× post-money | | | | |

Show how liquidation preference stacks and participation caps affect each class.

Section 6: Notes & Disclaimers

• Methodology disclosure (option pool in/out of FD denominator)
• Anti-dilution mechanics explanation (weighted average formula if applicable)
• Contingencies: board/stockholder/regulatory approval required
• Standard disclaimer: pro forma only, not legal/financial/tax advice, review with counsel

Guidelines

• Share counts as whole numbers; percentages to two decimal places
• Bold subtotals and grand totals; mark every section "PRO FORMA — CONFIDENTIAL"
• Define terms on first use ("Fully-Diluted Capitalization," "As-Converted Basis") and use consistently
• Flag missing or estimated data with [ESTIMATED] or [TBD] and explain basis
• Anti-dilution: weighted average is standard; full ratchet is rare — confirm which applies
• Option pool convention: Silicon Valley standard is pre-money inclusion (dilution borne by existing holders); note if post-money convention is used
• Do not provide tax, securities compliance, or accounting treatment analysis