A spreadsheet or table that details the ownership structure of a company, commonly used by portfolio companies or early-stage ventures. It lists the various equity interests, including common shares, preferred shares, options, promissory notes, warrants, SAFEs, and other securities, along with the prices paid by each holder. The table presents ownership on both an actual and fully diluted basis, allowing for a clear understanding of the company’s capital structure. Special Purpose Vehicles (SPVs) also maintain a cap table to track the investors who have subscribed to an SPV raise. Cap tables for SPVs are generally simpler than those for operating companies.
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