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Release Notes - 2023

Updated

December 31, 2023

General Updates

  • Aligning the ASC 718 Report: We've made updates to the methodology used in ASC 718 reporting. These minor changes provide a unified experience for companies as they grow and expand their use of Fidelity's services. 
  • Beneficial Ownership Information: Beginning in 2024, as part of the incorporation workflow, newly formed companies will receive the Company Applicant FinCEN identifier assigned to the support user who completes the filing. The company will have a record of the FinCEN identifier so that they can provide it when the US Department of Treasury requests their Beneficial Ownership Information filing, as required by the Corporate Transparency Act. Learn more about the US Department of Treasury Financial Crimes Enforcement Network (FinCEN) and the Corporate Transparency Act's required BOI filing here: https://www.fincen.gov/boi.
  • IRS Form W-4 for 2024: The Internal Revenue Service updated the Form W-4 for 2024. The new form is now available in the Submit or Update Your IRS Form W-4 workflow.

December 16, 2023

General Updates

  • Improvement to Stock Certificate sorting: The default sort for stock certificates in the cap table spreadsheet export has been changed based on client feedback. The new default sort order for certificates is by date of issuance and then certificate number.
  • Cap Table Editing Functionality: We updated the cap table edit feature to allow users to add the associated vesting schedule when they change the grant vesting type. This is the same view that is used the Grant Shares workflow, creating a consistent user experience.
  • IRS Form 3921: The Internal Revenue Service made updates to Form 3921 in 2023. We have updated the IRS Form 3921 workflow to account for these changes. To learn more about IRS Form 3921, reference our support article here. 
  • Name Changes in Stock Ledger:  In cases where a stockholder has changed their name after the stock certificate was issued, the stock ledger now lists both the original and the updated name. 

November 18, 2023

General Updates

  • Exercise Price Visibility: We’ve updated the Grant Details page to display the exercise price per share.
  • Vesting Modal Improvement: The vesting information for each grant now includes the running total of vested/distributed shares to date. The vesting modal can be found on the ‘My Equity’ page, under ‘Grant Details’.   
  • Editing Certificate Numbers: In the stock ledger, we added the ability for users to edit the certificate number on uploaded or deferred certificates. This helps users make updates if information was mis-entered.
    Note: this capability is not available for generative certificates.
  • Enhancement to E-Signature Management: We added the ability to upload a signature directly from the user profile page. This allows users to manage their signature in a centralized place. 
  • Flexible Editing for Bridge Notes and SAFEs: We now allow users to indicate the pre- or post-money valuation cap when updating a convertible note and SAFE. This selection is available in the cap table editing feature.

November 1, 2023

General Updates

  • Grant Shares or Options Under Stock Incentive Plan: We have updated the administration settings for Stock Incentive Plans to allow companies to grant shares or options above Fair Market Value
  • Capture Dividends: Our team has developed a new workflow for capturing dividends. Users can now easily record both cash and stock dividends, and can seamlessly use the workflow to generate electronic certificates (or upload existing ones).
  • ASC 718: Users can now grant ASC 718 permissions to teams outside their organization, such as Fractional CFOs or general accounting partners.
  • Stock Transfer: The Stock Transfer and Secondary Sale workflows have been split apart into three workflows to make finding the right action easier:
    1. Stock Transfer
    2. Record Existing Stock Transfer
    3. Record Existing Secondary Sale
    Counsel review is optional for both the "Record Existing Stock Transfer" and "Record Existing Secondary Sale" workflows.

October 20, 2023

General Updates

  • Stock Certificate Legend Management: We’ve created a new feature within the Administration Workspace that allows users to manage and make edits to the stock certificate legends for each of their stock classes. This includes the 1933 Act Legend that is automatically applied to all stock certificates.

  • Rule 701 Report: Our team has released a new report that allows users to assess their current status with regards to Rule 701. Previously, this could only be assessed via the Grant Shares workflow.

September 30, 2023

General Updates

  • Employee Compensation Report: We’ve updated the report so that users can indicate whether or not they wish to include terminated employees in the report. Their inclusion can be toggled on and off at will.

  • Amend Bridge Note: The user can now choose to waive the Amendment Document while still making updates to the metadata associated with the Note Purchase Agreement.

August 18, 2023

General Updates

  • I-9 Update: The DHS recently released a permanent form for remote inspection of I-9 documentation. The official DHS E-verify system must be used in order to utilize the remote version. We have updated our I-9 workflow to account for these changes.
  • Amend Grant: Our Amend Grant process now allows users to edit all of the terms of a given grant. Users can also waive the amendment document if no amended and restated grant was issued.

July 14, 2023

General Updates

  • Equity Promises: Within the platform’s capitalization table, users can view a version of the cap table that treats all equity promises as if they had been granted. We have updated this feature to better distinguish between option grants and RSAs, thus improving overall clarity.

June 16, 2023

General Updates

  • Discarded Processes: Our team can now view discarded processes in the event that a client reaches out about something historical.
  • Error Messaging: Our error messaging in required fields within workflows now reacts after the field is submitted rather than in the middle of edits.

May 19, 2023

General Updates

  • ASC 718: Our team made a variety of updates to our ASC 718 reports, including an increase in the number of decimal places displayed in pricing columns, and the addition of grantees' names to the expense allocation tab.

May 5, 2023

General Updates

  • Board of Directors: We made improvements to the Update Board Structure workflow to improve its efficiency and clarity.
  • Relationship Notification settings: We updated the settings page for relationship notifications to improve its usability.

April 28, 2023

General Updates

  • Capitalization Table export: We have made an update to the export to help make it obvious which stock incentive plan was issued to issue a particular grant.
  • Banking integration: The integration we formally offered with Silicon Valley Bank is no longer available.

April 14, 2023

General Updates

  • 409A Report process: We have improved the 409A report process so that the communication between clients and vendors is more streamlined.
  • Branding updates: In connection with the recent acquisition, we have updated branding throughout the platform to align with Fidelity.
  • Two-Factor Authentication: The app's two factor authentication has switched from Duo Mobile to a simple text or email code.

March 31, 2023

General Updates

  • Fundraising Report: The Fundraising Report has been redesigned to be more user friendly – providing a clearer summary of all events and more detail on individual transactions. 
  • Saved vesting schedules: Users can now save multiple types of vesting schedules (e.g. one for new hires and one for retention grants) in the workflow administration settings.
  • Plan Utilization Report: This new report provides a summary of plan transactions and a percentage utilization rate for the Stock Incentive Plan as of a given date.

March 17, 2023

General Updates

  • 2FA verification: We streamlined the 2FA instructions for new stakeholders to make adding their phone number and securing their account even easier. 

  • Document labeling: We updated our document labeling within the data room to minimize confusion around some documents that were displaying as “active.”
  • External signatures: We made changes to the Sign External Documents workflow to improve its functionality.

February 23, 2023

General Updates

  • Phone number verification: We updated the messaging for phone number verification to help make it clear that we only support US phone numbers.
  • Deferred documents: We removed the "Download" option for deferred documents since there is no actual document body to download.
  • User Profile: We updated User Profiles to allow for editing of one's Social Security Number.

January 27, 2023

General Updates

  • Companies & Firms Directory: We added a search bar to the Companies & Firms listing page to make it simpler to find a particular entity.

  • Start New Workflow page: We made changes to the Start New Workflow page's formatting to make it easier to navigate.

January 13, 2023

General Updates

  • Equity transactions reporting: The Equity Transactions Report now includes stock splits.
  • Data room clarity: We no longer show active/inactive status labels for Consulting Agreements, Advisor Agreements, Offer Letters, NDAs, and Employee Confidentiality Agreements.
  • 83(b) Election improvements: Companies can now appoint a representative to review employees’ 83(b) filing evidence.

 

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