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by Startups.Studio

Finance Instrument

Instrument.convert

POST /{namespace}/instruments/{instrument}/convert

Convert turns a SAFE or note into Shares at a priced round, at its cap or discount, whichever gives more Shares.

Noun: Instrument
Mode: do
Event: Instrument.converted

You, to your agent

Convert the latest instrument.

curl -X POST https://api.sb/kilnbakery.com/instruments/instrument_1/convert \
  -H "Authorization: Bearer $STARTUP_BUILDER_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{"roundPrice":{"amount":9,"currency":"USD"}}'

import { $ } from 'startup-builder'

const { shares, instrument } = await $.Instrument.convert({ instrument: 'instrument_1', roundPrice: { amount: 9, currency: 'USD' } })

npx startup-builder do Instrument.convert --json '{"instrument":"instrument_1","roundPrice":{"amount":9,"currency":"USD"}}'

{
  "name": "do",
  "arguments": {
    "code": "return await $.Instrument.convert({ instrument: 'instrument_1', roundPrice: { amount: 9, currency: 'USD' } })"
  }
}

Inputs

Input	Type	Required	Description
`instrument`	Instrument	required	The SAFE or note.
`roundPrice`	`money`	required	The price per Share of the priced round.

Outputs

Output	Type	Required	Description
`shares`	list of Share	required	The Shares issued on conversion.
`instrument`	Instrument	required	The Instrument, now converted.

Effects

Emits Instrument.converted.
Performed by the Legal Lead.
One-way (money): it waits out its delay window, and runs in the send and do modes.
Applies most-favored-nation terms when a later Instrument got better ones.

Refuses when

Check	Error	Fix	Then call
The key is valid, but its scopes do not allow this operation.	`forbidden`	Use a key whose scopes cover the operation, or ask an owner of the namespace to grant them.	Instrument.convert

When it waits

Gate	Default
Decision class	High: one-way, broad (money)
Delay window	1 business day, in which a watcher can pause, redirect or cancel it; then it runs.
Limit	The spend Limit of the Permission or Mandate it runs under.
Over the Limit	It waits `pending` for an Approval from the Founder. Approved, it runs; refused, it ends `refused` with `limit-exceeded`; unanswered by its deadline, it ends `canceled`.

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