Pulley's Dec 8 Cutoff: 11-Week Cap-Table Checklist

If your cap table sits in Pulley, the next decision is not which dashboard to buy. Pulley, a cap-table management startup, ends operations on December 8, 2026. The company raised over $50 million, with Founders Fund, General Catalyst, Stripe, and 8VC among the backers. Start by proving that the ledger matches the documents behind it, then choose where the records will live before the vendor disappears.

Choosing a destination is a pricing and dependency decision

Pulley has arranged for Carta, a rival, to take in its customers. The destination is not a neutral storage decision. Carta held equity ownership records for about 40,000 startups and, in early 2024, reported about $370 million in combined annual revenue, split across cap table software, fund administration, and private equity tools. Its valuation in private secondary markets fell from its 2021 Series G peak of $7.4 billion to the $3.3-to-$3.5 billion range by 2024 and 2025. Scale does not prevent product cuts; Carta wound down CartaX, its secondary-trading business, in January 2024 after an investor-contact scandal. The unit brought in about $3 million a year, a slice under 1% of Carta's revenue then.

Pulley asked current users to check their accounts and verify whether they qualify for the Carta migration offer ahead of the cutoff; it sent new prospects to Carta.com. Customers moving to Carta keep their existing Pulley price for one year, and unused Pulley subscription value credits the new Carta account. Those terms lower the cost of moving; they do not certify the ledger.

The dependency risk is real. If the new vendor becomes the only system that can produce a clean ledger, you have replaced one shutdown risk with another. Keep the source documents outside the vendor, and make sure counsel can reconstruct the ledger from them.

The exit is a legal reconciliation, not a software switch

The work is matching years of equity transactions against outside records, then getting sign-off from counsel, investors, and the board; legal costs commonly run into the tens of thousands, and timelines are measured in months. In Delaware, the ledger is a corporate record with evidentiary force: it lists holders of record, their addresses, holdings, issuances, and transfers. If the ledger is wrong, the vendor is not the issue. The company record may fail in a raise, audit, or dispute.

The ledger must survive a raise, not just a migration

When preparing for a raise, the accounting should capture all financing-related balances and expenses, tie those transactions to the cap table, and pull out the option information required for equity compensation accounting. Your migration should meet that standard. The export alone is not enough if the source documents do not support the numbers.

The 11-week checks are the real work

Keep this list. Each item is a yes/no check you can run quickly; each covers a point a vendor export will not fix by itself.

• Confirm migration eligibility in the vendor account.
• Lock the pricing and credit terms in writing.
• Export the full ledger, including historical transactions.
• Reconcile every stock issuance against board or investor records.
• Reconcile option grants against grant agreements and vesting schedules.
• Reconcile convertible instruments against signed agreements.
• Verify valuations and conversion prices used in the ledger.
• Match transfers, conversions, and repurchases to external records.
• Confirm the ledger lists every holder, address, holding, issuance, and transfer.
• Obtain counsel sign-off on the reconciled ledger.
• Decide the destination before the vendor disappears.

The vendor file is the input, not the proof. It can show what the system believed, but not whether the board approved the grant, the investor signed the convertible instrument, or the transfer was recorded in the ledger. Keep the export, the source documents, and the reconciliation notes together.