Corporate and M&A legal support
Cap table support
Most cap tables are a spreadsheet somebody has been maintaining by hand. We rebuild it from the documents — every issuance traced to the board consent that authorised it — and hand back a reconciled table plus a list of everything that does not tie out.
- Published price
- $500–2,000 / company
- Turnaround
- 48 hours
- Without us
- $3,000–10,000
Fixed per unit, not hourly. No minimum engagement. Quoted before we start.
What you receive
A reconciled capitalisation table reflecting every issuance, transfer and option grant to date.
- A reconciled cap table showing every class, holder and position as at the current date
- Each issuance, transfer and cancellation traced to the instrument that authorised it
- Option pool reconciliation: authorised, granted, exercised, cancelled and available
- Conversion mechanics modelled for convertible instruments, including SAFEs and notes
- Fully diluted calculations with the assumptions stated
- A discrepancy list of every position the documents do not support
What it costs, and what it replaces
Both figures are published ranges for the same unit of work. Ours is fixed before we start; if our process gets faster, that is our gain and your price does not move.
How engagements are structured →- Adnah Legal
- $500–2,000 / company
- Typical cost without us
- $3,000–10,000 / company
Roughly 81% lower at the midpoint of each published range.
How the work runs
01
Document inventory
We inventory every instrument affecting capitalisation and order it chronologically, which is the only way to see where the recorded table diverged from what was actually authorised.
02
Rebuild from source
The table is rebuilt from the documents rather than corrected in place, so the result reflects the authorising instruments instead of inheriting the existing spreadsheet's errors.
03
Authorisation reconciliation
Each position is checked against the board consent that authorised it and the share reserve available at the time, which is where unauthorised issuances and over-granted pools surface.
04
Dilution and delivery
Fully diluted and as-converted calculations are built with assumptions stated, and the table is delivered with the discrepancy list.
What we need from you
- The existing cap table in whatever form it exists
- Charter documents and all amendments
- Board consents authorising issuances and grants
- Stock purchase agreements, option agreements, SAFEs and notes
What we check before delivery
- Every position is traced to its authorising instrument or listed as unsupported
- Authorised share counts are checked against the charter as amended at each point in time
- Option pool arithmetic is reconciled across grants, exercises, cancellations and returns
- Conversion mechanics are modelled from the instrument text, not from a standard assumption
When firms send us this
- Pre-financing cleanup before an investor's counsel finds the problems
- Diligence preparation on a sale process
- Companies whose table has drifted through several financings and administrators
- Firms inheriting a company with no reliable capitalisation record
Questions about cap table support
Do you use our cap table software?
We can deliver into Carta, Pulley or a comparable platform, or as a clean spreadsheet. The reconciliation matters more than the container, and the container is your choice.
What if positions cannot be supported?
They go on the discrepancy list with what is missing for each. Finding those before an investor's counsel does is the point of the exercise.
Do you model financing scenarios?
Yes, as a pro forma layer on the reconciled table with assumptions stated. The reconciliation comes first; modelling on an unreconciled table produces confident nonsense.
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Send one and judge the output.
Cap table support at $500–2,000 per company, 48 hours. No minimum, no scoping call, no onboarding cycle.