# Instrument.converted

URL: /business/events/Instrument.converted · Id: `event:Instrument.converted`

> Emitted each time an Instrument is converted.

[Instrument.convert](/business/nouns/instrument/convert) emits `Instrument.converted` when it completes on an [Instrument](/business/nouns/instrument).

| Property | Value |
| --- | --- |
| Emitted by | [Instrument.convert](/business/nouns/instrument/convert) |
| Noun | [Instrument](/business/nouns/instrument) |
| Moves | [Instrument](/business/nouns/instrument) `outstanding` to `converted` |
| Wakes | None. |

### Payload
Each delivery is an [Event](/business/nouns/event) record. `data` holds what [Instrument.convert](/business/nouns/instrument/convert) returns, and `previous` holds the state it left.

| Field | Type | Required | Description |
| --- | --- | --- | --- |
| `name` | `string` | Yes | `Instrument.converted`. |
| `at` | `datetime` | Yes | When it happened. |
| `seq` | `integer` | No | Its position in the namespace, one more than the Event before; any seq is a cursor into the history. |
| `data` | `json` | Yes | The Thing as the Action left it. |
| `data.shares` | list of [Share](/business/nouns/share) | Yes | The Shares issued on conversion. |
| `data.instrument` | [Instrument](/business/nouns/instrument) | Yes | The Instrument, now converted. |
| `data.instrument.kind` | `string` | Yes | Which right: `safe`, `note`, `option` or `warrant`. |
| `data.instrument.amount` | `money` | No | The amount invested, for a SAFE or a note. |
| `data.instrument.cap` | `money` | No | The valuation cap a SAFE or note converts at. |
| `data.instrument.discount` | `number` | No | The percent discount to the next priced round a SAFE or note converts at. |
| `data.instrument.strike` | `money` | No | The price per Share an option or warrant exercises at. |
| `data.instrument.quantity` | `integer` | No | The Shares an option or warrant covers. |
| `data.instrument.vesting` | `json` | No | The vesting schedule and cliff of an option grant. |
| `data.instrument.status` | `string` | Yes | Where it stands; a canceled or converted Instrument is kept, never deleted. |
| `data.previous.status` | `string` | Yes | The `status` before this Event: `outstanding`. |

### Example
```json
{
  "$id": "https://api.sb/patentpad.com/events/event_1",
  "$type": "Event",
  "name": "Instrument.converted",
  "at": "2026-10-22T12:00:00Z",
  "data": {
    "shares": [
      {
        "$id": "https://api.sb/patentpad.com/shares/share_1",
        "$type": "Share",
        "class": "common",
        "quantity": 1
      }
    ],
    "instrument": {
      "$id": "https://api.sb/patentpad.com/instruments/instrument_1",
      "$type": "Instrument",
      "kind": "safe",
      "amount": {
        "amount": 499,
        "currency": "USD"
      },
      "cap": {
        "amount": 499,
        "currency": "USD"
      },
      "discount": 1,
      "strike": {
        "amount": 499,
        "currency": "USD"
      },
      "quantity": 1,
      "vesting": {},
      "status": "converted"
    },
    "previous": {
      "status": "outstanding"
    }
  },
  "seq": 1
}
```