Late-Stage Companies: Preparing for major milestones

What do I need to prepare for key life cycle moments?


As a new administrator in a late-stage company, a main focus will be on preparing for major milestones. This guide will walk you through Carta essentials, ensuring you’re fully equipped to navigate these pivotal transitions with confidence.


Strategic cap table management

Strategic cap table management can be complex, but Carta makes it simple. Here’s how to get started:

Updating the cap table: After closing a financing round, merging with another entity, or recapitalizing, ensure your share classes are up-to-date and any changes to your equity incentive plan are reflected


Securities templates: Manage or add pre-defined sets of information to streamline the equity issuance process such as document sets, vesting schedules, performance conditions, legends and more


Managing securities: Manage or update your securities individually or in bulk:

Repricing options: Simplify the repricing process by requesting your repricing directly in-app

  • Our team will help you model the repricing before it’s reflected on your cap table


701 Disclosures: Securely send 701 disclosures or other documentation that needs to be safely distributed to your stakeholders

Reach out to Carta’s Support team at (650) 669-8381 at any time if you aren’t sure how to reflect updates


Managing cap table health

Maintaining the integrity of your cap table is essential for any stage. Key components to maintaining your cap table health on Carta include:



  • Resolving reported issues: Reported issues from your stakeholders

    • When issues are reported, your designated Stakeholder contact will receive an email notification with the stakeholder’s message

    • Full Access and Company Editors can view reported issues.

Only the designated Stakeholder contact can resolve reported issues 

Essential reporting

Carta provides essential reports that are updated in real-time based on cap table activity.

Export the reports you need and find them in your Downloads tab for quick access. Recommended reports for late-stage companies:

  • Equity plan: A ledger of all securities granted from the equity plan including reserved and outstanding share counts as well as canceled and returned awards and more

  • Exercised and settled: A ledger of all option grant exercises, RSU settlements and secondary transactions from plan

  • Certification transaction: Detailed transaction history of each certificateAudit ReportA full audit report of every action taken in your account

  • Cap table export: Capitalization table grouped by organization, individual stakeholder, or security type

We recommend checking the settings ‘Detailed’ and ‘Securities ledger by type and class’ when exporting. This will give you the most detailed view of your cap table. 

Audit readiness

Whether you are in need of a refreshed 409a valuation or stock-based compensation reporting, Carta has you covered.


409a Valuation Services

WHY USE CARTA: Carta’s valuation services are integral to audit readiness

  • Leading 409A valuation provider, trusted with over 15,000+ 409A valuations each year

  • Audit-defensible services ensure your valuation stands up in IRS and SEC reviews

Advanced Financial Reporting

  • WHY USE CARTA: Carta provides detailed financial reports in US GAAP or IFRS accounting standards, ensuring compliance with ASC 718

    • Reports are designed to be audit-ready, reducing the risk of discrepancies

    • Automated calculations minimize manual errors

  • HOW IT WORKS: Create one or multiple scenarios by choosing your accounting standard, methodologies, financial reporting values, volatility and forfeiture rates

    • Generate reports on a monthly, quarterly, annual or ad-hoc basis

    • Easily export your stock-based compensation reports and minimum disclosure statements

World Class Support

  • Valuation Support: Our dedicated valuation experts can be reached at val-operations@carta.com or (650) 457-6657 before you start, during the request, or after you’ve received your draft

  • Financial Reporting Support: Our dedicated financial reporting team can be reached at 718@carta.com or (650) 669-8381 

  • Audit Support: Access to a team of dedicated analysts who can answer questions and offer audit support related to your valuations and financial reporting

Custom liquidity solutions

Run tender offers easily through an integrated liquidity solution that's connected to your cap table.


Advantages of using Carta for your custom liquidity solutions:

  • Streamlined process: Manage these transactions efficiently with a comprehensive platform

  • Expert guidance: Our Liquidity Team provides support throughout the process, ensuring you navigate the complexities with confidence

  • Compliance and security: Carta ensures compliance with regulations and provides a secure environment for handling sensitive financial data

Reach out to your Account Specialist or Customer Success Manager at any time if you would like to learn more

Managing tax impact

Approach year-end with ease by utilizing Carta to manage tax withholdings, generate necessary tax forms and much more.


Employee tax withholdings: Carta can help companies estimate tax withholding amounts. To ensure accuracy, keep accurate records of stakeholder addresses, payroll information and relationship histories

1099-B: Companies who run a secondary liquidity transaction on the Carta can elect to issue 1099-B Supplemental Statements to qualifying employees and others who sold certificates originating from an option exercise

Form 3921: For employees who exercised incentive stock options (ISOs)

  • Generate your Form 3921’s for any tax year

  • Deliver Copy B directly to your employee’s Carta account

  • Streamline the filing process by generating Copy A to upload directly to the IRS website

Qualified Small Business Stock (QSBS): Get up-to-date or historical attestation letters and ongoing expert QSBS guidance, so you and your stakeholders can save on taxes

Benefits & commission plans are not directly pulled from your HRIS integration

IPO readiness

When you’re ready to transition your company to the public sector, our dedicated transition teams will assist with the process to minimize management overhead.

Carta’s IPO Advisory 

Cap table cleanup, personalized guidance, shareholder communications, and data migration

  • Experienced Advisors: Introductions, advice surrounding which Transfer Agent and plan admin is the best fit, customized project plans and much more

  • Data Integrity: Lean on us to ensure your cap table is up-to-date, accurate, and all corporate actions have been executed properly, avoiding costly and time-consuming data transfers before listing day

  • Communication and Education: Easily communicate and enable all stakeholders on what this means for them

  • Flexibility: Exit timelines regularly shift, so give your team flexibility to adjust, while maintaining the best-in-class private company solution that your stakeholders know and love

Morgan Stanley <> Carta Collaboration

Working together to bring best-in-class equity management to all companies across the private and public markets

  • Secure and Scalable: Secure, compliant, and scalable to meet your needs as your company grows

  • Trusted by Thousands: More than 40,000 companies rely on Carta for their equity management needs. Morgan Stanley at Work is a leader in public company equity solutions, serving companies of all sizes and industries

  • Transition with Ease: Lean on Carta and Morgan Stanley dedicated transition teams to help quarterback the migration

Reach out to your Account Specialist or Customer Success Manager at any time if you would like to learn more