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Release Notes - 2021

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This article provides a brief description of the release notes for important new features and enhancements to the Shoobx platform. Updates to this article will happen in parallel to the Shoobx development schedule, and will be published every two weeks. 

December 28, 2021

General Updates

  • Investors can now create and execute term sheets on the platform for companies they wish to invest in, regardless of whether those companies are already on Shoobx.

  • Incoming clients can now capture stock splits and their details during the implementation process.

  • Shadow stock classes (created in relation to the issuance of SAFEs) are no longer counted as new classes when a 409A is requested. This will make the 409A experience smoother for clients who do not have a 409A valuation built into their subscriptions.  

  • The stock incentive plan summary information is now available to the company as a part of the Company Profile modal in Shoobx.

December 10, 2021

General Updates

  • The Data Room export now uses Shoobx document titles instead of the file names for the listed documents.

  • The Invite Users workflow has been improved to show only individual stakeholders. Previously, this workflow would allow for users to invite individuals who belonged to entities. This caused an issue because these individuals would not see any information after setting up their account, as the entity in many cases had not been set up first.

  • The workflows list page has been re-styled to be more consistent with the general app style and better support mobile users.

  • The app has been made more responsive so that certain pages load faster.

  • We now hide 83(b) reports when they are not relevant to the company.

November 29, 2021

General Updates

  • The cap table has been modernized and made mobile friendly. It now allows users to search for a specific stakeholder. We added progressive loading, as well as the ability to select what securities are included in ownership calculations.

  • We modernized the signup experience by adding separate pages for Log In and Account Creation.

  • We have added the capability to correct emails that have been marked as “invalid” during workflows.

  • The Compensation Net Value report now uses the total common stock equivalent from the cap table by default to calculate ownership percentage (note: this number can be overridden by the user).

November 16, 2021

General Updates

  • We have improved number inputs in forms to better handle negative numbers.

  • Company forms will now display their document size and provide the user with a warning if the file is too large to be sent by email.

October 28, 2021

General Updates

  • We now support milestone-based vesting, a functionality which includes the ability to specify and fulfill conditions on grant vesting.

  • The user profile page has been modified so that it indicates any email addresses that Shoobx couldn't send messages to.

  • We now allow for companies to specify the company representative(s) they would like to sign their advisor agreements.

October 13, 2021

General Updates

  • We have better organized our advanced HR features and functions into our new HR Plus module, which is designed to complement and enhance our existing HR core package. HR Plus includes access to granular HR reports, the setup of company forms and policies, the ability to customize employee administrative actions, the creation of default settings based on employee groups, and more. 

  • We made improvements for converting uninvited individuals into funds via the user directory.

  • We have created a new "Common Stock" tab in the Excel download of the Cap Table to provide a clear overview of all of a company's common stock issuances.

October 4, 2021

General Updates

  • We implemented a change so that now, users will designate the Consulting Agreement Amendment Effective Date before the checkpoint step. 

  • We updated the Exit Scenario planner so that Stock Incentive Plan pool usage at exit is configurable and able to be accounted for in the scenario. The options available are full pool, granted options, and exercised options.

  • Ancillary documents from equity financings now appear in the same folder as the core documents.

  • We created a separate Consultant Compensation Report.

  • We no longer send 83b reminder emails if a stock exercise has not yet been approved.

September 20, 2021

General Updates

  • Clients can now automatically create "Shadow" (example: A-1, A-2) stock classes via the Next Round Planner when they will be converting SAFEs as part of the financing.

  • We updated the Grant Cancellation Date field so that it utilizes either the "effective" date of the grant or the termination date, depending upon which is most recent. 

  • We updated the Excel Cap Table download which standardized the dates displayed at the top line in the export.

September 1, 2021

General Updates

  • Users with Full Human Resources Access can now view employee addresses in the profile page. 

  • Updating a team name in the team relationship page no longer requires the user to input an address.

  • Stock class is now exposed when running the “Convert Stock Certificates” process for deferred certificates. Previously, this was not displayed and could cause confusion if the same stockholder holds several certificates for different stock classes.

  • Arrow keys no longer change the number inputs. Previously, one could accidentally change the number of shares in a transfer when inadvertently clicking on an arrow key.

August 23, 2021

General Updates

  • We created a new IP Agreements Report to list any intellectual property that was excluded from an Employee Confidentiality Agreement or a Consulting Agreement.

  • We added a new optional entry field for "investment date" when setting up new stock classes in the Next Round Planner. This allows clients to calculate interest on Convertible Notes through their expected closing date.

  • We implemented a fix so that workflows will skip the internal approval step if the person running the workflow is an approver, and unanimous approval is not required.

  • We made some general appearance improvements for cases where clients are uploading more than 5 documents into the data room at a time. 

  • We updated the "Convert Stock Certificates" workflow to ensure that the stock class name for deferred certificates would be visible to the user.

August 9, 2021

General Updates

  • We have updated the welcome screens for individuals and entities invited to Shoobx during the Add Consultant, Add Advisor, Sign NDA, Sign External Document, and SAFE workflows.

  • We improved the onboarding process for Portfolio Management clients.

  • We implemented backend support for ISO/NQO split grants.

  • We added a column with acceleration information to the Grants tab in the Cap Table export file. 

  • The Termination workflow now skips the “Confirmation of Termination Date” step if there are only equity promises to cancel and not grants to address.

  • We fixed an issue where users with Shoobx accounts would appear to not be initialized on the relationship management page.

  • Users can now edit Board and Shareholder Consents listed in the sidebar of a workflow using the Resolution Editor. 

  • We updated the Cap Table so that stock classes are now displayed in chronological order.

July 22, 2021

General Updates

  • We have updated the termination workflow to display unvested and vested shares separately from unvested and vested options, at the “Confirm Termination Date” step.

  • The standalone 409A process no longer requires counsel to be registered for it to be used.

  • The Additional Bridge Note closing workflow is now a shorter process that allows for the uploading of multiple additional closings at once.

  • The onboarding process for stock incentive plans is now a simple, one step process, where all details and documents regarding the plan and form documents are on one page.

  • We updated and improved the scrivener's error fixing interface for Bridge Notes.

  • We can now support a stock transfer and exchange as a single transaction through one workflow, rather than two separate ones.

July 12, 2021

General Updates

  • Based on customer requests, we now allow for customization of the standard 1933 Act stock legend for stock certificates on a class by class basis, as well as for the company’s certificates as a whole.

  • Instead of using the person that a consultant reports to in the company as the signatory for the Amend Consulting Agreement, we now correctly pick who the signatory should be based on configuration.

June 18, 2021

General Updates

  • Grantees can now change their spouse's email if they mis-entered it during the spousal consent portion of the Grant Shares workflow.
  • We updated the Additional Closing workflow so that closing date is now captured for each investor.
  • We have removed non DE-corps entities with only one relationship. They are now teams managed within the C-corp with which they have a relationship, and they no longer have their own entity screen.
  • Board consents now dynamically reflect changes to the board after the process is started. Once the consent is sent for signature(s), changes to the board are no longer reflected in the consent.
  • Terminated HR managers are no longer displayed in the Employee Group manager list.
  • Data Room document uploads now display icons that convey real time upload status.
  • We implemented a fix for the “Scrivener’s Error” editing option from the Cap Table for SAFEs that allows users to edit the Conversion Discount.

May 28, 2021

General Updates

  • We’ve made improvements to the planner Excel export by adding more formulaic cells so that users can modify the round details and conversions to make tiny adjustments.

  • We redesigned the “Welcome” screen for Equity Financing investors to require fewer steps prior to their signature. 

  • The Data Room index download button now appears on the relationship management page so users can see everything that has been shared with a third party.

  • We have added internal approvers information the Checkpoint step of workflows so that there is clarity as to who will be required to approve the action.

  • We have implemented Appcues tools for in-app user tours, and to show usage hints depending on current user role and status.

May 12, 2021

General Updates

  • We made a change so that the status indicator now appears for finished workflows on the workflows history screen.

  • We have made improvements to the planner exports.

  • We added dates to Consent and Minutes document titles to make them easier to identify and search for.

  • We fixed a problem where emails for sharing information from the data room were only being sent to individuals, rather than entities.

  • The Change Start Date workflow now creates a Job Change Event in the employee record for clearer record-keeping.

  • We implemented improvements for the SLT (Senior Leadership Team) compensation report.

  • We have added the option to hide exit projections from Limited Partners in our portfolio management platform.

  • We made improvements to the “did you mean” modal for stakeholders when users search for a name that is recognized by the Shoobx platform as belonging to an existing user.

April 9, 2021

General Updates

  • We have improved the handling of waived “proof of purchase” documents during option exercises.

  • We updated the internal handling of superseding stock incentive plans such that the numbers entered are more logical.

  • We have made various ASC 718 updates based on customer feedback.

  • We fixed an issue where special characters (e.g., & and <) would cause issues with the custom editor.

  • We implemented an equity management-based pricing scheme which includes a free 409A for clients who are not on our Formation tier.

  • We made a change to the termination workflow so that the user can now confirm the termination date and equity before beginning the repurchase process.

  • We have improved our Carta onboarding functionality to better handle situations such as RSAs with no certificates and exercises against multiple grants.

  • We have continued to make improvements to our spreadsheet onboarding process.

  • We now include scrivener’s error corrections in the history of equity and financing documents.

  • We fixed an issue in reporting of transfers from grants on the “Holdings Page.”

April 1, 2021

General Updates

  • We have changed the deletion of HR departments so the department cannot be deleted if it contains employees.
  • Signatures can now be uploaded for post-incorporation documents.
  • During a repurchase, the user must now confirm the termination date and equity numbers.
  • We have simplified the meeting minutes process so that the document will finalize upon Secretary review and acceptance of the minutes. Previously, the workflow would remain open until the resolution adopting the minutes was accepted.
  • Confirmation is now required for terminations “for cause”, because these cases are rare.
  • We have updated the “Select Documents from Data Room” task in transfer and equity financing workflows to search by folder and not by data room tags, resulting in a more effective search. 
  • We have implemented a change so that board members and corporate officers can no longer be converted into team stakeholders from the User Directory.
  • We have updated the “My Equity” page to display the full vesting history and future vesting of each grant.
  • We have improved our plan size calculation when an old stock incentive plan is superseded by a new plan.
  • We improved our portfolio management capabilities so that fund information is synchronized with existing Shoobx entities more smoothly.
  • We have added performance improvements to our Excel cap table generation.
  • We have built better tools for correcting “scrivener’s error” mistakes, including the ability to remove certain transactions (such as option exercises, grants, and equity promises) from the cap table.

March 19, 2021

General Updates

  • The workflow for granting shares under the plan now holds board consent signatures in escrow until the grants are released by the company. This allows clients to address errors without support intervention.

  • We have added a fix that allows for sorting based on “base compensation” in the employee compensation report.

  • A change was made so that watermarks are optional for documents in diligence mode.

  • We have fixed an issue where preferred stockholders were not considered investors after onboarding, and therefore were not able to access their My Equity application.

  • A change was implemented so that document counts are now included in the data room folder selection when the “share documents” functionality is used. 

  • We have added the capability to support Delaware Public Benefit Corporations that come onto the platform via onboarding.

  • We have improved our handling of scrivener’s error corrections from the Cap Table, so that users can now delete previously uploaded transactions (such as grants and/or exercises).

  • We have made changes that redirect the user to the account setup screen if they pause at the verification code step during account creation.

February 26, 2021

General Updates

  • We have made changes so that the equity transactions report now links to documents correctly; and, for users who do not have access to the document but can see the report, we suppress the link. 

  • A new fix was added so that the next round planner supports warrants in its calculations.

  • We have added better support for historical stock splits as part of onboarding.

  • We have added board and shareholder consents to the visible document list in the process status modal for Bridge Notes.

  • We have added a check during the upload of a grant which ensures that the expiration date is not the same as the grant date.

  • We have made cross company dashboard styling improvements which include: moving inactive entities to the very bottom of the screen and removing any duplicative company listings.

  • A change was implemented so that the ASC 718 workflow is no longer relevant for legal counsel review.

  • Pending stock grants are no longer eligible for selection in the repurchase workflow.

  • We have reordered our stock certificates in the Excel cap table export to sort them based on stock class first and then effective date.

  • We have improved the reporting of stock forfeitures, so that shares which have been forfeited will appear on grant summary reports.

February 12, 2021

General Updates

  • We have added a “Manager” field to the Employee Compensation Report.
  • A change was made so that uploaded documents that would previously fail to render in the Data Room now render successfully through the use of cloudconvert.
  • We fixed various stakeholder editing bugs, including the handling of a new user with the same email as that of an existing user, the removal of duplicative editing widget buttons for entities whose email had not been specified, and an improved experience of the left sidebar stakeholder editing during a workflow.
  • A change was made so that when a user signs documents where the counterparty is another Shoobx client, the system no longer creates a second Company lens in Shoobx for the user.
  • We have fixed the Ownership Summary Cap Table to respect defined thresholds and show data accurately.
  • We have made the stakeholder approval process more dynamic. When the workflow is at the step which requires company approval of the relationship, if a new user is added as a designated company approver, the workflow will update automatically allowing for this user to claim the step.
  • We have added support for uploading signatures as part of the Sign External Document workflow.
  • We have fixed the calculation of the number of shares during the repurchase process to reflect any applicable equity split.
  • We have made changes that allow a company’s General Counsel to run the NDA workflow.
  • A fix was added to the “My Equity” page so that option expiration is now visible in the ownership graph on the dashboard, and any relevant transfers or secondary sales are also presented.
  • General improvements were made to the bulk onboarding process to better support onboarding customers with complex history in their cap tables.

January 29, 2021

General Updates

  • The User Directory Export was updated to include all stakeholder email addresses.
  • We have made significant performance enhancements to our ASC 718 workflow, including improvements to the notification email and our handling of errors. Now, users receive a link to the Data Room file to make review easier.
  • We have added the capability to support the re-pricing of grants and exercising at the new value (for example, in the case of a down round).
  • The “Invite” button is now only visible to users who have permission to invite other users to Shoobx.
  • We have added support for the conversion of unspecified grants from onboarding to be RSAs.
  • Our “Proof of Filing” work item has been modernized.
  • An improvement was made so that the 3921 workflow now supports non-US addresses for US taxpayers and the exclusion of certain exercises by non-US taxpayers.
  • We have added the capability to support multiple exercises that are reflected in a single stock certificate. Prior to this change, every exercise was connected to its own certificate. 
  • We have implemented a fix for the exercise options approval process. When the workflow is at the step which requires company approval of the exercise, if a new user is added as a designated company approver, the workflow will update automatically allowing for this user to claim the step.
  • Fixed bug to support entity exercise of grants.
  • A new fix was added for portfolio management clients, so that users with the view-only permission do not have access to the notes added to a company profile.
  • Our portfolio management lens now supports entering the complete lifecycle information for a stock class.
  • A change was made so that the “Employee Documents” report can be accessed from the Human Resources module in the dashboard.

January 15, 2021

General Updates

  • We have updated the Next Round Planner to provide options for the treatment of convertible securities to calculate the price per share of the new stock class.
  • We have also added a new feature that allows Next Round Planner calculations to be set to a specific date (similar to our Cap Table “as-of” capabilities).
  • We have added another pro rata calculation option to the Next Round and Exit Scenario Planners that includes the full option pool.
  • A change was made so that the ASC 718 report is no longer sent via email, but rather a link is provided for download from the Data Room.
  • We have added an option to specify the number of shares subject to vesting on specific dates in onboarding (i.e. if the vesting schedule is for a different amount of shares over two different periods of time).
  • Equity Promises can now be cancelled (with evidence provided as to the circumstances) from the Cap Table.
  • We have made changes to our Employee Group capabilities. Managers can now be specified for employee groups, and they will have access to run HR workflows, reports, and documents only for employees of that group. 

Third parties mentioned and Fidelity Private Shares LLC are not affiliated.

Fidelity Private Shares LLC provides cap table management and other administrative services to private companies and their equity compensation plans.

Fidelity Private Shares LLC

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