Pulley shuts down on December 8, 2026, and its data is viewable only until January 31, 2027. Pulley has said it cannot help migrations to any provider other than Carta.
So the migration runs on files you download yourself. This checklist works for any destination, with notes on how Capable handles each step.
The migration is five steps, and step one is the only urgent one
- Export your data from Pulley.
- Collect the documents behind each security.
- Import into the new provider.
- Reconcile against Pulley's totals.
- Invite stakeholders and switch off Pulley.
Step 1: Export four files from Pulley
These four files contain the cap table and its full history.
| File | Where in Pulley | Why it matters |
|---|---|---|
| Cap table workbook (.xlsx) | Dashboard, then Download Cap Table, with All Time checked | Ownership by holder plus one sheet per security type |
| Stakeholder list | Stakeholders, then Actions, then Download | Emails, addresses, relationships and termination dates |
| Raw Cap Table report | Company, then Reports | Every underlying field for each security |
| Stakeholder Transaction report | Company, then Reports | The history: issuances, exercises, transfers, cancellations |
Pulley's help center documents the cap table download. Keep All Time checked, so cancelled and exercised securities come across with their dates.
Export the workbook as of today, not a past date
An as-of export drops activity after that date. You want the complete record, and you can always view a past date in the new tool.
Step 2: Collect the documents behind each security
Software records the cap table. The legal truth sits in signed documents, so bring them with you.
- Stock purchase agreements and certificates.
- Option and RSU grant agreements, with the equity plan and its amendments.
- SAFEs, convertible notes and warrants.
- Board and stockholder consents.
- 409A reports.
- Copies of filed 83(b) elections.
Pulley does not document a bulk document download. Save each file and name it after the certificate ID, such as CS-12 or ES-40, so it is easy to attach later.
Step 3: Import into the new provider
On Capable, create your company and open Import. Upload all four files at once.
Capable identifies each sheet, maps every column to the right field and rebuilds vesting schedules from their descriptions. Rows it cannot map cleanly are listed as errors or warnings for you to fix before anything is written.
Companies importing from Pulley, Carta or AngelList get a 30-day free trial with everything unlocked, so there is nothing to pay while you check the result.
Step 4: Reconcile before you commit anything
Reconciliation is the step that makes the migration trustworthy. Do not skip it, whatever tool you use.
Check these numbers against Pulley's Ownership tab:
- Fully diluted shares in total. This must match exactly.
- Fully diluted shares per stakeholder. Any difference points to a missing or duplicated security.
- Outstanding shares by class. This catches a security assigned to the wrong class.
- Option pool: granted, exercised, cancelled and available. This catches cancellations that did not return to the pool.
- Vested amounts as of today for a sample of option holders.
- SAFE and note principal in total.
Capable automates the first two for you: it shows its fully diluted shares for each stakeholder next to Pulley's figure and flags every mismatch. Check the rest in the review screen before you commit.
Step 5: Invite stakeholders and close Pulley out
Once the numbers agree, attach the documents to their securities. Record your current 409A, with its effective date and report.
Then invite stakeholders to the portal. They see their own holdings, vesting and documents, never anyone else's.
Finally, keep your Pulley exports in company storage. They are your record of the cap table on the day you moved.
These four problems cause most failed reconciliations
Duplicate stakeholders
The same person may appear under two emails. Merge them before committing so ownership does not split.
Cancelled grants missing their dates
If a cancellation has no date, historical views and pool math go wrong. The All Time export fixes this.
ISO and NSO splits
Options above the $100,000 ISO limit are treated as NSOs. Check that split grants carry the right amounts on each side. Our ISO vs NSO guide explains the rule.
Converted SAFEs still shown as outstanding
A SAFE that converted in a priced round should be closed and replaced by preferred shares. Confirm there is no double count.
We do the whole migration for free if you prefer
Send your Pulley files through the form on the migration page. We import, reconcile and send you the result to review within 24 hours, at no charge.
Before you decide on a destination, read what to do now that Pulley is shutting down and how Capable compares with Carta.