> For the complete documentation index, see [llms.txt](https://docs.metalex.tech/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.metalex.tech/building-on-the-protocol/how-to/convert-safe-to-equity.md).

# Convert SAFEs to equity

The intended SafeCertificateConverter flow for converting SAFE LETs into equity in a priced round; the converter is a stub

When a cyberCORP runs a priced round, its outstanding SAFEs convert to equity. Each SAFE is recorded as a Ledger Entry Token (LET) on the company's SAFE LET contract, and `SafeCertificateConverter` is meant to compute each one's conversion plan from the round's data.

{% hint style="warning" %}
`SafeCertificateConverter` is a stub. The body of `computeConversion` is commented out in the source, and the function returns an empty plan. Do not rely on it for live conversions. This guide describes the intended use; see [SafeCertificateConverter](/building-on-the-protocol/reference/contracts/safecertificateconverter.md).
{% endhint %}

## Compute the conversion plan

```solidity
import {ICertificateConverter} from "src/interfaces/ICertificateConverter.sol";

ConversionPlan memory plan = ICertificateConverter(CONVERTER).computeConversion(
    roundManager,   // the RoundManager running the priced round
    roundId,        // bytes32, the priced round
    certPrinter,    // the SAFE LET contract
    tokenId         // the SAFE LET to convert
);
```

The converter is designed to read the SAFE LET's `investmentAmountUSD` and `issuerUSDValuationAtTimeOfInvestment`, the round's price and cap table snapshot, and apply the round's rounding policy to produce a share count and a target class and series.

## Execute the plan

Issue the new equity LETs through the IssuanceManager (see [Issue a LET](/building-on-the-protocol/how-to/issue-a-let.md)) and void the SAFE LETs with `voidCert` on the SAFE LET contract.

Function-level detail is in [SafeCertificateConverter](/building-on-the-protocol/reference/contracts/safecertificateconverter.md) and [RoundManager](/building-on-the-protocol/reference/contracts/roundmanager.md).


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