The Financial instruments page in Unlisted gives you an overview of these agreements, the investors involved, their main terms, and their current status.

In this article, we explain what you can see on the page and what the information means.

You can access this page from the left-hand menu under Financial instruments.

The page is divided into three tabs:

Each tab provides an overview of the instruments registered in your company.

Convertible equity is a type of financing where an investor provides capital to a company in exchange for the right to receive shares in the future.

These agreements are commonly known as SLIP (Startup Lead Investment Paper) in Norway or SAFE (Simple Agreement for Future Equity) internationally.

Unlike a traditional share investment, convertible equity does not give the investor shares immediately. Instead, the investment converts into shares when certain conditions are met, typically during a future funding round.

This allows companies to raise capital without having to agree on a precise company valuation at the time of the investment.

The overview displays the following information for each instrument:

Investor name

The name of the investor associated with the instrument.

An instrument can include one or multiple investors.

Investment amount

The amount invested through the instrument.

Exchange rate
The exchange rate used when the investment is made in a currency different from the company's currency.

Discount

The discount percentage agreed upon for the conversion.

For example, a 20% discount means the investor may convert at a share price 20% lower than the price paid by new investors in a qualifying funding round.

Valuation cap

The maximum company valuation used to calculate the conversion price.

For example, if an agreement has a valuation cap of NOK 20 million and the company raises capital at a valuation of NOK 30 million, the cap may allow the investor to convert based on the lower valuation.

Conversion price
The price per share used to convert the investment into shares, if defined or calculated.

Trigger amount

The minimum amount a future funding round must reach to trigger conversion, if specified in the agreement.

Investment date

The date on which the investor made the investment.

Agreement date

The date on which the agreement was entered into.

Alternative conversion date
An optional date specified in the agreement for a possible conversion outside the usual conversion event.

Exercise date

The date associated with the exercise or conversion of the instrument, where applicable.

Status

Shows the current status of the instrument, such as Draft, Active, or Converted.

You can customize the information displayed in the Convertible equity tab to focus on the data most relevant to you.

At the top of the tab, you have two options:

This allows you to adapt the overview to your needs and easily access your convertible equity data outside Unlisted.

A single convertible equity instrument can include several investors under the same agreement.

When an instrument contains multiple investors, you can click on it to expand the details.

The expanded view displays:

This allows you to see both the overall instrument and the individual investments without needing to register separate instruments for each investor.

For instructions on creating and converting these agreements, see Managing Convertible Equity.

Convertible debt is a loan that can be converted into shares under agreed conditions.

Unlike convertible equity, convertible debt is structured as a loan and may include interest, a maturity date, and repayment obligations.

Instead of repaying the entire loan in cash, the company may convert some or all of the outstanding amount into shares.

The overview displays the following information for each instrument:

Lender name

The name of the lender who has provided the loan to the company.

An instrument can include one or multiple lenders.

Loan amount

The amount lent to the company through the agreement.

Discount

The discount percentage applied to the conversion price, if included in the agreement.

For example, a 20% discount means the lender may convert at a share price 20% lower than the price paid by new investors in a qualifying funding round.

Interest rate

The interest rate applied to the loan, if applicable.

For example, a loan of NOK 100,000 with an annual interest rate of 5% would accrue NOK 5,000 in simple interest over one year. The actual calculation depends on the agreement terms.

Valuation cap

The maximum company valuation used to calculate the conversion price.

For example, if the agreement has a valuation cap of NOK 20 million and the company raises capital at a valuation of NOK 30 million, the cap may allow the lender to convert based on the lower valuation.

Conversion price
The price per share used to convert the outstanding loan amount into shares, if defined or calculated.

Trigger amount

The minimum amount a future funding round must reach to trigger conversion, if specified in the agreement.

Disbursement date

The date on which the loan amount was paid out to the company.

Agreement date

The date on which the convertible debt agreement was entered into.

Maturity date

The date by which the loan must be repaid, converted, or otherwise settled according to the agreement.

Status

Shows the current status of the instrument, such as Draft, Active, or Converted.

You can customize the information displayed in the Convertible debt tab to focus on the data most relevant to you.

At the top of the tab, you have two options:

This allows you to adapt the overview to your needs and easily access your convertible debt data outside Unlisted.

A single convertible debt instrument can include several lenders under the same agreement.

When an instrument contains multiple lenders, you can click on it to expand the details.

The expanded view displays:

This allows you to see both the overall loan and how the total amount is distributed between individual lenders, without needing to create a separate instrument for each one.

For instructions on creating and converting these agreements, see Managing Convertible Debt.

A warrant is a right to buy shares at a fixed price in the future.
It does not require the person to buy the shares, but gives them the option to do so if it benefits them.

On the page, each warrant shows:

Stakeholder

Who holds the warrant.

Share class

Which type of shares they can buy (for example A shares or B shares).

Aggregate exercise price

The total price the holder would pay if they exercised all their warrants.

Exercise price

The price per share that the person must pay when converting the warrant into shares.

Number of shares

How many shares the warrant gives the right to buy.

Expiration date

The last date when the warrant can be used.
After this date, it expires.

Warrant issue date

The date on which the company formally issues a warrant to the stakeholder, granting them the right to purchase shares under agreed conditions.

Status

Whether the warrant is active, exercised, or expired.

👉 Find here how to issue and manage your warrants.

The status of a financial instrument tells you where it is in its lifecycle.

The instrument has been saved but has not yet been added as an active agreement.

Drafts allow you to keep information saved while the agreement is being prepared.

The instrument has been registered as an active agreement.

For convertible equity and convertible debt, this means the agreement has not yet been converted into shares.

An active agreement can contain several investors or lenders.

The convertible equity or convertible debt agreement has gone through the conversion process.

The agreement remains accessible so you can review its original details and conversion information.

The resulting shares are reflected on the cap table after the corresponding share transaction has been confirmed.

Financial instruments are important because they may change who owns shares in your company in the future.

Even if an investor or lender has not yet received shares, their agreement may give them the right to receive shares later.

This is why financial instruments are relevant to your fully diluted cap table.

Your fully diluted cap table helps you understand potential ownership and dilution by considering not only shares already issued but also relevant rights to future shares.

Once a convertible equity or convertible debt agreement has been converted and the resulting share transaction confirmed, the newly issued shares are reflected in your cap table.

Here is a simple way to understand everything:

Convertible equity

→ Investment that becomes shares later, with a discount.
No interest. Simple and fast.

Convertible debt

→ Loans that become shares later, with a discount and interest.
More structured than notes.

Warrants

→ A right to buy shares in the future at a fixed price.
Like an “option” for stakeholders.

The financial instruments page gives you a complete overview of all instruments that may turn into shares in the future.
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Each tab helps you understand:

With clear details and simple vocabulary, you can confidently manage these instruments and understand how they may affect your future cap table, or fully diluted ownership.