Convert SAFEs to equity

When a cyberCORP runs a priced round, outstanding SAFEs convert to equity. The SafeCertificateConverter computes the conversion plan from round data.

The SafeCertificateConverter is currently a stub — the body of computeConversion is commented out in the source and the function returns an empty plan. This guide describes the intended use; do not rely on it for live conversions until the implementation lands. See SafeCertificateConverter.

Intended usage

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 cert printer
    tokenId         // the SAFE cyberCERT to convert
);

The converter reads the SAFE cert's investmentAmountUSD and issuerUSDValuationAtTimeOfInvestment, the round's price and cap-table snapshot, and applies the round's rounding policy to produce a share count and target class/series.

The resulting plan is then executed by issuing the new equity cyberCERTs through the IssuanceManager (see Issue a cyberCERT) and voiding the SAFE certs.

Related

• SafeCertificateConverter, RoundManager.