Managing your cap table

Everything on a Tenacap cap table hangs off two kinds of record: the stakeholders who can hold equity, and the share classes that define what they hold. Once those exist, every issuance, transfer, repurchase, and cancellation is a dated entry on an append-only ledger — so the fully-diluted ownership view is always a faithful replay of what actually happened.

If you imported from Carta, Pulley, or a spreadsheet, these records already exist and you can edit and add to them. If you’re starting fresh, the Getting started guide walks the shortest path; this article is the reference for each piece.

Stakeholders

A stakeholder is anyone — or any entity — that can appear on the cap table: founders, employees, investors, and the funds or family vehicles behind them. When you add one, you pick a type: Individual, Entity (a company or fund), or Trust. Give them a legal name, and an email if you have one. Email is optional because early founders and repurchased holders often don’t have one on file — but it’s what later lets you invite them to the stakeholder portal.

You can edit a stakeholder’s name or email at any time. Deleting one is only possible while they hold nothing — once they own securities, the record is part of the ledger’s history. To remove their holdings, reverse or transfer them first.

Share classes

A share class describes a kind of stock — typically “Common Stock” to start, then a “Series Seed Preferred” or similar as you raise. Creating one is an admin action, since share classes carry legal weight. You set the name, the type (Common or Preferred), its seniority, the authorized share count, and an optional par value. Tenacap fills in sensible default rights — a 1× liquidation preference, one vote per share, no dividend — which you can refine for preferred classes.

Issuing & moving shares

With a stakeholder and a share class in place, you can put shares on the cap table. Each of these is a dated transaction that the ledger validates before it commits:

• Issue shares — grant a quantity of a share class to a stakeholder at a price per share, effective on a date you choose.
• Transfer shares — move a holding from one stakeholder to another (for a secondary sale or a re-titling), at a transfer price.
• Repurchase shares — buy a holding back into the company, for example unvested stock when a founder departs.
• Cancel shares — retire a holding entirely, with an optional reason.

Made a mistake? The ledger is append-only, so you correct entries by reversing them rather than deleting — the original transaction and its reversal both stay in the record. Reversals are an admin action so the history is never quietly rewritten.

The fully-diluted view

The cap-table page shows fully-diluted ownership as of today: every stakeholder, their share class and share count, and their FD %. Subtotals roll up by class, and the footer shows the economic fully-diluted total. Ownership percentages are computed in integer basis points from exact share counts — no floating-point rounding — so the column always sums to 100%.

Voting-only classes are shown for control but excluded from the economic denominator, so they don’t dilute everyone else’s percentage. Where shares carry a vesting schedule, a Vested column shows vested-over-total. If you’ve recorded a 409A valuation, the current fair market value per share appears in the header (informational, not tax advice).

Exporting

Your data is always yours. From the top of the cap-table page you can download a CSV, a JSON file in Tenacap’s open schema, or a full .zip of everything. The JSON follows a public, versioned format, so it’s a clean handoff to a spreadsheet, a lawyer, or another platform. The details — what each file contains and how the schema is versioned — are in Export & open schema.