Cap Table (Shareholder Structure)

The cap table documents a company’s ownership structure, including common and preferred shares, options, convertible loans, virtual participation programmes and liquidation preferences. It shows how shares, voting rights and proceeds entitlements are distributed among founders, employees and investors.

A consistent, fully diluted cap table (one that reflects all entitlements) is a standard requirement of any financing or M&A due diligence and forms the basis for waterfall calculations at exit.