Changes to Watermark Styling

We've listened to your feedback on watermark styling obstructing the readability of the documents and we've made a few changes to address those concerns. We'll continue to iterate on our watermarking capabilities and tools in the coming months and we are starting with the following changes.

Here's a sample document with the old watermark styling


Here's the same sample document with the new watermark styling


Specifically, we've made the following changes with this iteration:

  • Reduced opacity of the watermark text
  • Updated alignment between the rows
  • Fewer repetition

Who these changes affect?
All Carta users who choose to apply watermark on their documents. These changes will be rolling out to all users today.

Improvements to the exercise approval screen

What's coming: 

Make more informed decisions when reviewing and approving option exercise requests with key information at your fingertips

Who this affects:

Users with the "Option exercise approver" role in companies issuing stock options with online exercising enabled

What's better: 

  • The ability to approve or reject exercise requests
  • Information about the option grant and stakeholder is readily available
  • Clearer presentation of information

New exercise approval screen:

Previous exercise approval screen:

Timing: 

  • Rolling out to 10% of customers on September 28, 2020
  • Release percentage will slowly increase to 100%

Drafts V2 - Early Access

What’s coming: 

  • Drafting securities enhancements: in-app spreadsheet and data validations.
  • Option grant and RSU drafting available now. Certificate drafting coming soon.

Who this affects: 

  • Users: Equity administrators, Law firm partners
  • Packages: All packages (Launch, Starter, Growth, Scale, and IPO-Ready will receive this new drafting flow)

What’s better: 

  • In-app bulk actions for large data sets: This new and improved drafting and issuance workflow includes an in-app spreadsheet. 
  • Built-in data validation: We’ve built advanced validations into the product to improve data accuracy and completeness of your entire cap table.

Timing: So far in 2020, about 12,000 customers have received access to Drafts V2.  All remaining clients will be enabled in Q4 2020.  If you'd like to learn more or to request access sooner, email us at draftsfeedback@carta.com

Additional checks for the ISO 100k limit

What's coming: Carta will automatically check for the ISO 100k limit in additional workflows and features across the app

Who this affects: Companies issuing ISOs

What's better: 

Based on some inputs (FMV, number of options granted, etc.), Carta automatically detects whether or not any grants for a given stakeholder are in violation of the ISO 100k limit. If any ISO grants are in violation of this rule, Carta will automatically change the award type from ISO to ISO/NSO:

Carta already runs this automated check any time a new award is issued. We've added this automated check in a few more places, so companies will no longer need to work with Carta staff to manually run the check when making common types of award modifications.

Timing: Live for all customers on September 15th

Bulk Add Stakeholders

Carta now supports adding multiple stakeholders in bulk.

Previously, adding new stakeholders to Carta was done on an individual basis within the Stakeholder ledger -- Manage Stakeholders > Add stakeholder. While this works perfectly well for a single stakeholder, it becomes time consuming for multiple stakeholders. For this reason, we’ve released a new Bulk Add Stakeholders feature. Here’s how to use it --

  1. Go to the Stakeholder ledger - Manage Stakeholders > Bulk Add Stakeholders. You will see something that looks like this -

Bulk-Add-Stakeholders-1.png

  1. Use the “Download spreadsheet” button to download a blank xlsx file where you can input all your new stakeholder information
  2. Fill in the xslx spreadsheet with your new stakeholder data. These will typically consist of recent employees who have joined your company
  3. Go back to the Carta app to upload the spreadsheet containing the changes
  4. Click the “Submit updates” button, and if there are no errors found with the data, you’re done! If there are errors, you will see a screen similar to what’s shown below. Click the “Download errors spreadsheet” button to download an annotated spreadsheet that calls out the errors.

Bulk-Add-Stakeholders-2.png

  1. Correct the errors in the resulting spreadsheet, re-upload the updated sheet, and submit the changes again. That should be it! The new stakeholders contained in your file will now be added as new stakeholders in Carta.

Announcing (new and improved) Release Notes

Over the last few months, we’ve been listening to your feedback on our changelog and identified usability and customization as two areas for improvement. Today, we are announcing our new and improved Release Notes in order to provide you with up-to-date information and news on Carta product changes. 


Key features of our Release Notes include:

Filter by label

You can now filter out notes to only include the ones you care about most. You will be able to filter by Carta product area (Corporations, Investor Services, Platform, and CartaX), customer type (Employee, Equity Administrator, Board Member, etc. ), or release stage (General Audience, Preview, etc.)

You can filter by label on the right hand side of the screen by selecting the label you’d like to see notes on.




Subscribe for recurring product updates

Curious to know about all the great things we’re releasing on a regular basis? Subscribe to our Release Notes. You will get an email to your inbox whenever we post a new update. You can find the subscribe button at the top of the Release Notes page.



Auto-populating the Rule 144 date for certificates

Carta now automatically populates the Rule 144 date for certificates issued as a result of an exercise.

For Carta’s corporate customers domiciled in the United States, Carta will automatically set the Rule 144 date for certificates issued as a result of an exercise to be the recorded date of the exercise.

For more information about the Rule 144 date, check out the Rule 144 date support article in the Carta Support Center.

This is a simple improvement that will save time for Carta users and applies to exercises completed on Carta using our online exercising feature as well as any off-platform exercises reflected using our offline exercise workflow.

A special thank you from Carta’s product teams goes out to Carta’s law firm users for recommending this improvement.

Keep them coming!

Updating our Browser Security Protocols

Customer security and data protection is always a priority at Carta - this is why we are deprecating our support of TLS 1.1. TLS 1.1 is a HTTP security protocol for your internet browser that was released in 2006 and has known security vulnerabilities.

On July 7th, 2020, Carta will no longer be supporting, or allowing, our customers to access Carta with TLS 1.1.

You may be impacted if you are using a very old browser but can easily resolve the issue by updating your browser to the most up to date version.

CCL Compliance Certificates

CCL borrowers and Fund Admin can now submit compliance certificates in-app.

On a quarterly and annual basis, CCL borrowers must certify that they are in compliance with all required covenants in their Loan & Security Agreement by submitting a compliance certificate.

Screen Shot 2020-04-30 at 1.38.26 PM.png

A Fund Admin (Operator) can complete the certificate and submit to the Borrower (Signer) for signature. A Borrower can either sign these submitted forms or fill one out, sign, and submit directly. Both an Operator and a Signer can retract unsigned compliance certificates (e.g. certificate was filled out in error or is no longer applicable).

Exercises Ledger & Managing 83(b) Elections

Today, all of Carta’s private, corporate customers have access to the Exercises ledger with 83(b) administration features.

Awhile back, Carta introduced the Exercises ledger. The ledger provided a view of all exercise requests across the company, along with simple filtering by exercise status and date range. We’ve spent some time gathering and incorporating feedback from our customers to provide an improved Exercises ledger with additional features. A few highlights are illustrated below:

Admins are now given a tab that filters for early exercises:

Screen Shot 2020-04-22 at 3.46.29 PM.png

From there, admins can mark whether or not a shareholder chose to make an 83(b) election, and even send notifications reminding the shareholder to upload their 83(b) election form in Carta:

Screen Shot 2020-04-22 at 3.46.55 PM.png

Additionally, admins can reject a submitted exercise request when reviewing the request from within the Exercises ledger:

Screen Shot 2020-04-22 at 3.23.49 PM.png

Filtering by payment type is now possible - this should be especially useful for companies needing to process and accept wire transfers for exercise payment:

Screen Shot 2020-04-22 at 3.25.45 PM.png

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