Your 409A history migrates as part of the standard migration process. Cake's team reconciles your historical 409A records alongside your cap table data — prior valuation dates, methodologies, and effective periods. Having the historical record in Cake also makes it straightforward to initiate future 409A updates directly from the same platform.
Your 409A history is a compliance record. It establishes the fair market value used to set strike prices for option grants across your company's history. If a grant was issued two years ago, the 409A in effect at that time was the valuation basis for the strike price. That connection between grants and their underlying 409A needs to survive the migration intact.
Cake migrates your historical 409A records as part of the standard process: prior valuation dates and their effective periods, the fair market value established at each valuation, and the relationship between historical grants and the 409A that was current at the time of grant.
This matters when auditors and attorneys review your cap table. If a finance team asks why a grant from 18 months ago has a particular strike price, the answer is in your historical 409A record. Having that history in Cake means the documentation is accessible directly in the platform — not in an email archive from your previous provider or a PDF on someone's hard drive.
It also sets you up for future 409A refreshes. When you need a new 409A — after your next financing round or after 12 months — you can initiate it directly in Cake. Your prior history gives the valuation team the context they need.
This article is designed and intended to provide general information in summary form on general topics. The material may not apply to all jurisdictions. The contents do not constitute legal, financial or tax advice. The contents is not intended to be a substitute for such advice and should not be relied upon as such. If you would like to chat with a lawyer, please get in touch and we can introduce you to one of our very friendly legal partners.
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