Investor Update: Cap Table After Token Swap

January 8, 2021

Dear Change investors and customers welcome to 2021. We hope you’ve spent a decent amount of time with your family and friends during the holidays. We know this has been a challenge this year, due to the lockdowns and of course the crazy upwards spike we experienced in cryptocurrency markets.

Last year was one of the most interesting years for Change as a company. You’re part of a company that has grown a lot. We’re currently making similar revenue and trading volume in a day as we used to make in a month at the start of 2020. 

Part of growing up is change and these more technical and less intriguing updates, compared to Bitcoin price movements, are exactly what a Change user needs.

Change Group capitalization table

On 31.12.2020 the conversion from CAG to CNG ended. This means we can now conclude the total number of shares allocated to CNG holders and the final capitalization table.

To give a simple overview of who owns what and how much, we have put together this table for you. If you’re completely new to capitalization tables, then we suggest you check out an explanation from Investopedia as well. Essentially, a capitalization table shows the structure of the company’s current equity.

Ownership Nominal value
Team 59.00% EUR 12,978.00
Change Group OÜ
- Treasury shares for future fundraising 16.39% EUR 3,605.75
- Treasury shares for team ESOP 15.00% EUR 3,299.25
CNG investors 8.61% EUR 1,893.00
Funderbeam investors 1.00% EUR 219.00

This is the current cap table as of 09.04.2021.

Plans for future fundraising

Change is a crowdfunded startup. If any company is going to be owned and governed not only by the company’s team but also by its customers then it’s probably going to be an investment app like Change.

Listing shares on Funderbeam definitely marks a big milestone in our journey. Here’s a brief update of future fundraising activities on Funderbeam and in the Change app.

Since the company will own 31.4% of its own shares, future fundraising will be carried out by selling these shares and therefore without dilution of current shareholdings. Additionally, these shares will be used for future ESOP agreements.

Previous team liquidations

When Change shares first got listed on Funderbeam, Kristjan Kangro (Change team member, CEO, and founder) liquidated 1% (EUR 303,683.10) from his own stake to create market liquidity on Funderbeam. From the net proceeds from selling 0.5% (after taxes) he voluntarily acquired back 0.5% share equivalent by acquiring CNG in the Change app. This is a strong indication that management believes the journey is just in the beginning.

Additional 1.5% share units were transferred by Kristjan Kangro to Funderbeam, from which 0.5% were on offer at the price of EUR 3.69. The sell orders will be canceled as the company now owns its own shares that can be used for direct fundraising. There is currently no plan to list additional share units on Funderbeam.

That’s it for this update, if you have any questions or like to learn more about investing in Change be sure to check out our investor page.