July 13, 2024
General Updates
- Non-solicit Compliance: Residents of Washington are now excluded from the non-solicit clause of employee confidentiality and consulting agreements. This change is in compliance with the Washington law prohibiting restrictive covenants effective June 2024.
- HR Permission Update: For HR Plus users with Groups, access to IP Agreements is now its own selectable Group.
June 29, 2024
General Updates
- Improving the User Directory: We updated the User Directory to provide easier access to an individual user's holdings. You can now access a user's holdings by clicking the three-bar menu next to their name in the User Directory.
June 1, 2024
General Updates
- Flexible Stock Certificate Numbering: Registered Legal Counsel can now edit stock certificate numbers from within the Stock Ledger.
- SAFE Upload: We updated the form used to record a Pre-Money SAFE to make data entry clearer.
- Search Bar on All Companies Screen: On the company list for users connected to multiple companies, we added a search bar. Users who have stakes in more than one company can now easily search for and navigate to the appropriate company.
- Stock Split Certificates: We improved usability in the Stock Split workflow by allowing users to defer stock certificates for all transactions related to the stock split.
April 20, 2024
General Updates
- Changes to FMV Board Resolution: We improved our Board Consent template for the Grant Shares Under Stock Incentive Plan workflow. The language now captures the valuation date of the 409A that determined the Fair Market Value that the company is using for the grant.
- Improvements to Grant Details Page: We updated the Grant Details Page to improve the user's experience while viewing their grant information. The new page includes separate tabs for Overview, Transactions, Documents, and Vesting Schedule.
- Guidance in Accept Grant Workflow: We updated the Accept Grant workflow to provide more context for users to review their grant agreements prior to signing. The Review Grant page now has additional tool tips to help users with the workflow.
- Data Room Update: Warrants are now stored in the Data Room within Stockholder Information > Warrant Agreements.
April 6, 2024
General Updates
- Improvements to Fundraising Report: The purchase price in the Fundraising Report now displays at least 4 decimals.
- Updates to Equity Repurchases Report: The Equity Repurchases Report now loads faster.
- Upload Bridge Note Workflow: We updated the Upload Bridge Note Workflow to remove requests for non-material information.
March 23, 2024
General Updates
- Update to Fundraising Report: The fundraising report now includes shares that the company issued for note conversions.
- User-Defined Document References: Users can now add and manage references in order to connect documents in the Data Room. Users with the "Document Modifer" permission within Fidelity Private Shares can designate these relationships by adding links on the Reference tab of the document in question. This creates forward references and back references between the two documents, thus improving navigation.
- Grant Types Available for Equity Promise Uploads: We restricted the Equity Promise Upload spreadsheet so that it only allows users to select the enabled equity types for the company.
March 11, 2024
General Updates
- Managing Vesting Schedules: We have created an administrative page for managing all pre-defined vesting schedules. Now, the company can edit the 'New Grant' vesting schedule and 'Additional Grant' vesting schedule associated with the Stock Incentive Plan directly from the Vesting Schedules page, found in the Administration Workspace.
- Improvement to Proof of Payment: Previously, the Option Exercise workflow asked the grantee to provide the Proof of Payment. Now the Company representative will be responsible for uploading Proof of Payment for exercised options.
- Fidelity Private Shares Renaming and Rebranding: Shoobx is now Fidelity Private Shares! The platform now reflects our new name and associated branding. In practical terms, the name change from Shoobx to Fidelity Private Shares does not change how our clients manage their company's equity – it’s the same product, the same team, and the same level of dedication to service.
- Updated Terms of Use and Privacy Policy: We updated our Terms of Use and Privacy Statement to reflect our new name, provide more information on our data practices (including our confidentiality obligations), and improve the readability of our terms.
February 26, 2024
General Updates
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Double-Trigger RSU Grant Capabilities: Fidelity Private Shares now supports double-trigger Restricted Stock Units (RSUs). RSUs are a type of equity compensation that’s on the rise for late-stage start-ups, and we’re happy to be delivering these capabilities to meet our clients’ needs. As part of supporting double-trigger RSUs, we’ve implemented the following features:
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Addition of RSU grant type in Stock Incentive Plan
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Ability to upload Grant Form documents for RSUs
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Ability to upload double-trigger RSU promises for future issuance
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Integration of Board Approval of RSU grants (including the app-generated resolution)
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Capture of RSU grants issued outside of the platform
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Summary and resolution of RSU grants at termination
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February 10, 2024
General Updates
- Onboarding Improvements: We’ve made new enhancements to our data import to support more specificity for early exercise grants, better identification of securityholders that are entities, and additional validation for grants with unknown vesting type.
- Partial Share Handling in a Reverse Split: To ensure that the count of total shares granted remains consistent in the event of a reverse stock split with rounding for partial share calculations, we've added a system check that verifies the aggregate share amounts.
- Update to Change Corporate Officers Workflow: If an officer being removed in the Change Corporate Officer workflow was a signatory for stock certificates, the workflow will ensure that stock certificate settings are updated. This new step ensures there is always at least one officer designated for each required stock certificate signature.
January 14, 2024
General Updates
- Repricing Visibility: When the company reprices a grant, you will now see the repricing history on the Grant Details page.
- 409A Draft Updates: We made it easier for 409A valuation providers to upload a revised 409A Report draft. This improves the platform connectivity between the client and their 409A vendor.
- Workflow Status Modal: We improved the loading speed of the workflow status screen.
- Pending Third Party Relationships: The export of the Companies and Firms directory now provides a clearer representation of pending relationship requests. You can now see if the relationship is active, and for those that are pending, the spreadsheet displays the name and email associated with the invitation.
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