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.

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.

Compute the conversion plan

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) and void the SAFE LETs with voidCert on the SAFE LET contract.

Function-level detail is in SafeCertificateConverter and RoundManager.