A warrant does not force the holder to buy shares, it simply gives them the option to do so before the warrant expires.

From the “Financial instruments” page, you can issue, edit, expire, delete, or settle warrants.

Warrants are displayed in the fully diluted cap table so you can see the ownership structure, including warrants and other instruments.

You can issue a warrant in two ways:

This opens a side panel where you fill in the details.

Choose who will receive the warrant:

You now define the key elements of the warrant:

How many shares the warrant gives the right to buy.

The price the holder must pay per share when exercising the warrant.

The last date the warrant can be used.
After this date, the warrant becomes invalid.

If the holder pays something to receive the warrant, you can fill it in here.

You can choose how the share class is defined:

The agreement already specifies which share class will be issued.
Select it from your existing share classes.

The share class will be confirmed later.
Here you can write any details or rules from the agreement.

Use this field to highlight important terms such as:

This helps when reviewing the warrant later.

Upload any supporting documents:

Send an email invitation so the receiver can view the warrant in their Unlisted portfolio.

Click “Issue warrant”.

The warrant will now appear in the warrants tab with the status “Approved.”

Next to each warrant, you'll see three dots with additional actions.

You can:

Here’s what each option does.

A warrant expires when the expiration date has passed and the holder no longer has the right to exercise it.
If the warrant is no longer valid, click this option to mark it as expired.

The warrant will remain in your records but cannot be used to buy shares.

Opens a side panel where you can update:

Save the changes when you're done.

Deletes the warrant permanently.
This action cannot be undone.

When the holder wants to use the warrant to buy shares, you need to settle it.

Click “Settle” to open a side panel.

When settling a warrant, you finalize the conversion from warrant → shares.

At the top of the panel, you see:

This helps confirm everything before settling.

Enter:

This can be all or only part of the warrant.

The date the shares are being issued.

You can adjust the share class if needed.

Add any documentation needed for the issuance, agreements, board approvals, etc.

If the person should receive an email invitation to access their new shares in their portfolio, toggle the option on.

If the receiver is not yet a stakeholder, settling the warrant will automatically add them to the company’s cap table.

You now have two possibilities:

If you sent an invite, the receiver will:

Statuses will update automatically:

If you do not send an invite, you can click “Validate” and the warrant becomes Settled immediately.

In both cases, the new shares will:

Warrants give someone the right to buy shares at a fixed price later.

Unlisted guides you through each step so you always understand the terms, the impact, and the final result on your cap table.

Warrants are displayed on the fully diluted cap table helping you manage dilution and future ownership structure.