December 14, 2024
General Updates
- Exercise Options Workflow: The Exercise Date is now defined by the date that the grantee completes the Exercise Options workflow.
- RSA Grant Acceptance Workflow: The RSA Grant Acceptance Date is now defined by the date the grantee completes the Grant Acceptance workflow for an RSA.
- Stock Certificate Reissuance: Based on customer feedback, we improved the usability of our workflow to reissue stock certificates.
November 30, 2024
General Updates
- Company Profile: We added fields to the Company Profile for DBA Name, State Filing Number, Auditor, and FinCEN ID for the company's convenience.
- User Profile: We refreshed the User Profile's design and navigation for an enhanced user experience.
- CC'd Emails: We resolved an issue where emails were not being sent if the user was the recipient of the email and requested to be copied on that email.
November 18, 2024
General Updates
- 83(b) Grantee Email Reminders: We updated the language in our 83(b) email reminders to grantees to include a hyperlink to the 83(b) Election workflow on the platform.
- 83(b) Client Email Reminders: We created a weekly client email that indicates any relevant transactions that do not have an 83(b) on file.
- BOI Reminder Email: On November 18th, we sent an email to all active companies with incorporation dates of December 31, 2023 and earlier to remind them of the upcoming 2025 BOI reporting deadline.
November 2, 2024
General Updates
- My Equity page improvement: We added the grant expiration date to the list of grant details on the My Equity page.
October 19, 2024
General Updates
- Disclaimers in Exercise and RSA workflows: When a grantee purchases an award, if taxes are applicable, the tax obligation must be fulfilled by the client as a part of the transaction. We've added verbiage in the grantee and company representative workflows indicating that grantee taxes may be collected in addition to the grant cost and that the company is responsible for remitting taxes to the relevant tax authority.
- Price Per Share Report: We added a Price Per Share Report that provides a comprehensive view of share price over time, allowing clients to track and analyze fluctuations in relation to equity financing, secondary sales, common stock sales, and stock splits. On the report, clients can see a list of financing events and intuitive graphical visualization that shows how the share price has changed over time.
- Offer Letter Enhancement: We added optionality to the offer letter to specify work location, including working remotely.
- Improvements to Header Section of Documents: We streamlined the formatting of the header section of documents in our Data Room. There is no change in functionality.
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Help Videos: We added several videos to the right-hand sidebar of our workflows to provide the user with context. Help videos were added to the following workflows (with page indicated):
- Create New Stock Incentive Plan - Gather approvals page
- Add Employee - Introduction page
- Create Simple Agreement for Future Equity (SAFE) - Introduction page
- Create Non-Disclosure Agreement - Introduction page
- Exercise Options - Let's get started page
- Start a New Workflow Search: In response to customer feedback, we added a search bar to the Start a New Workflow screen. This allows users to quickly find the process they need by populating suggested workflows based on keywords related to the action.
- Planner enhancements: We improved the performance of our Next Round and Exit Scenario planners to be faster when loading for large companies.
October 5, 2024
General Updates
- ASC 718 Stock Options Report: We added controls to verify sufficient peer company stock trading history, thereby enabling more accurate volatility calculations.
- Update for International Users: Account recovery is now available for international users.
September 21, 2024
General Updates
- Cap Table Export Summary: In response to customer feedback, the Cap Table export now has a summarization tab. This allows clients to easily view a summary of the company holdings upon export.
- Email Subject Lines: Based on customer feedback, we updated several system-generated email subject lines for clarity. Many subject lines are now dynamically populated based on the workflow, company, grantee, etc.
- Email Address Change: The email address for system communications changed from noreply@shoobx.com to noreply@mail.privateshares.fidelity.com. To ensure Fidelity Private Shares emails are successfully delivered, add our new email address to your safe list.
- Employee Equity Report Enhancement: Based on customer feedback, we added a new column that includes the strike price of the last grant to the Employee Equity Report. This allows clients to contextualize the potential value of a grantee's holdings.
August 24, 2024
General Updates
- Fidelity Logins: Fidelity Private Shares now uses Fidelity Logins. If users have any type of account with Fidelity (401K, IRA, brokerage, etc.), they can connect their existing Fidelity login with Fidelity Private Shares. If users don’t have a Fidelity login, they can create one.
- Email Subject Lines: Based on customer feedback, we updated several system-generated email subject lines for clarity. Many subject lines will be dynamically populated based on the workflow, company, grantee, etc.
August 10, 2024
General Updates
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Cap Table Export - Convertible Debt: We have updated the Convertible Debt tab of the Cap Table Export to include converted, forfeited, and repaid convertible debts. Additionally, the tab now includes these fields:
- Principal outstanding
- Inactive date
- Debt status - Cap Table Ownership Summary: We have updated the Cap Table Ownership Summary View settings to allow users to customize the Equity Holder and Debt and Alternatives thresholds. These threshold settings can be found in the Ownership Summary Settings page of the Administration Workspace.
July 27, 2024
General Updates
- 100K Report: The new 100k Report provides our clients with a centralized location to view employees' ISO grants and track proximity to the $100,000 limit. The report can be found in Equity Reports.
- The 409A Valuation History Report: The new 409A Valuation History Report provides clients with a centralized location to view and manage their company’s previous and existing 409A Valuations. From the report, the client can view discrepancies based on valuation at the time of transaction, versus on the 409A Report.
- Record a Valuation Workflow: We created a stand-alone workflow for users to upload a 409A Valuation from a third-party firm, or from a board analysis report. Previously 409A Valuations could only be uploaded when granting shares.
- Re-use Board Analysis Report Valuation: Now clients have the option to re-use a previously uploaded Board Analysis Report as the source for Fair Market Value when granting shares.
- Ease when Switching Companies: For users who are stakeholders in more than one company, we added a search functionality to the company selection dropdown to easily navigate to a different company view.
- Improvements to ASC 718 Reporting: We added a department field for consultants for use in ASC 718 reporting.
- Gusto API Update: For clients who leverage our Gusto API, we no longer send address updates to Gusto after the initial creation. Address updates are only synced unidirectionally from Gusto.
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.