> ## Documentation Index
> Fetch the complete documentation index at: https://docs.launchboard.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Securities: individual equity positions

> Issue, track, and manage every individual equity position — stock, options, warrants, and convertibles — in your cap table ledger.

A security is one stakeholder's holding in one share class. It represents a specific, discrete equity position: for example, "Jane Doe holds 10,000 shares of Common Stock" or "Alice Chen holds an option to purchase 50,000 shares of Common Stock at \$0.50 per share." Every security has its own certificate ID, grant date, and lifecycle status.

Securities live at **Cap Table → Securities (Ledger)**. The ledger is the complete transactional record of your company's equity — every issuance, transfer, cancellation, and conversion is recorded here.

## Security types

| Type           | Description                                                                                                 |
| -------------- | ----------------------------------------------------------------------------------------------------------- |
| `STOCK`        | Direct share ownership — a fixed number of issued and outstanding shares                                    |
| `STOCK_OPTION` | The right to purchase shares at a set exercise price; typically granted under an equity plan                |
| `WARRANT`      | Similar to an option but usually issued to investors or service providers, not employees                    |
| `CONVERTIBLE`  | A convertible instrument such as a SAFE or convertible note that will convert into equity at a future event |

## Security lifecycle

A security moves through several states from creation to on-chain settlement:

| Status    | Meaning                                                         |
| --------- | --------------------------------------------------------------- |
| Active    | The security has been issued and is outstanding                 |
| Issued    | Created in the ledger, pending any required signatures          |
| Signed    | The underlying agreement has been fully executed by all parties |
| Minted    | SPL tokens have been sent to the stakeholder's Solana wallet    |
| Cancelled | The security has been cancelled (repurchase, forfeiture, lapse) |
| Exercised | An option or warrant has been exercised and converted to stock  |
| Converted | A convertible instrument has converted into equity              |

## Issuing a security

<Steps>
  <Step title="Go to the Securities ledger">
    Navigate to **Cap Table → Securities** in the left sidebar.
  </Step>

  <Step title="Click Issue security">
    Select **Issue security** from the top-right action area. A dialog will open.
  </Step>

  <Step title="Choose the security type">
    Select the type: Stock, Stock Option, Warrant, or Convertible. The form fields adjust based on the type you choose.
  </Step>

  <Step title="Select the stakeholder and share class">
    Pick the **stakeholder** who will hold this security and the **share class** it belongs to. Both must already exist — create them first if needed.
  </Step>

  <Step title="Enter the quantity and pricing">
    Enter the **quantity** (number of shares or units). For options and warrants, enter the **exercise price** per share. For stock, enter the **price per share** paid.
  </Step>

  <Step title="Set the grant date">
    Enter the **grant date** — the date the security was officially issued or granted. This is required for all security types.
  </Step>

  <Step title="Attach vesting terms (optional)">
    For options and restricted stock, you can link a set of **vesting terms** from your equity plan. Vesting terms control when the stakeholder's shares become exercisable or fully owned.
  </Step>

  <Step title="Save the security">
    Click **Create**. The security appears in the ledger with status `Active`. It can now be sent for signature and, once signed, minted on-chain.
  </Step>
</Steps>

<Tip>
  The fastest path to issuing shares and minting tokens in one step is **Transactions → Issue Shares**. This flow creates the security and mints the corresponding SPL tokens immediately, without requiring a separate approval. Use this for straightforward initial issuances.
</Tip>

## Viewing the ledger

The Securities ledger shows every position in your company. You can filter by security type (`STOCK`, `STOCK_OPTION`, `WARRANT`, `CONVERTIBLE`) or by stakeholder. Each row shows the certificate ID, holder, share class, quantity, grant date, and current status.

Click any row to open the security's detail view, where you can see its full history, linked documents, vesting schedule, and on-chain transaction hash (if minted).

## Minting tokens to a stakeholder

Once a security exists in the ledger, you can mint the corresponding SPL tokens to the stakeholder's Solana wallet. There are two paths:

**Direct issuance (no approval required)**
Use **Transactions → Issue Shares** or **Transactions → Issue Options**. This creates the security and mints tokens immediately. The share class must already be tokenized and the stakeholder must have a Solana wallet address on their record.

**Mint from an existing security (approval required)**
For securities created through document merges, manual entry, or governance approvals, use the **Mint** action on the security row. Before you can mint:

1. The share class must be tokenized.
2. The security must have a linked governance approval with status **Approved** or **Locked**.
3. The stakeholder must have a Solana wallet address or a linked OASIS avatar.

<Warning>
  Minting an existing security without a linked approval is intentionally blocked. This ensures that tokens only go on-chain after the appropriate governance sign-off has been recorded. If you need to bypass this for a specific case, use the direct issuance path instead.
</Warning>

## Vesting and token release

For securities with vesting terms, Launchboard mints only the cliff amount (the shares that vest immediately at the cliff date) when you first mint. After the cliff, vesting releases are processed daily and additional tokens are minted to the stakeholder's wallet as each tranche vests. The `Quantity Vested` field on the security tracks how much has been minted so far.