First, thank you for being an early supporter of Pulp.
As Pulp has grown and resumed active operations, we have been working through a broader housekeeping process: making sure our capitalization records, governance documents and the records of every past investment are complete, consistent, and accurately reflected. Part of that is reviewing the investment you made in Pulp Internet Corporation and proposing how it is treated going forward, in Pulp Corporation.
What we are proposing
Each early investor receives a letter and an agreement, the Prior Investor Restructuring and Exchange Agreement, with a Schedule A that sets out the terms for that investor. Depending on your investment, the proposal is either to exchange your existing convertible note, including outstanding principal and accrued interest, for shares of preferred stock in Pulp Corporation, or to replace your note with an amended and restated instrument on updated terms. Your actual treatment is the one in your Schedule A.
What this does, and does not, mean
- We are not changing the historical date or amount of your original investment. Your records keep both, exactly as they were.
- The purpose is to document clearly how your existing investment is treated going forward, so the company's records reflect it accurately.
- The agreement does not take effect merely because we sent it. Any exchange, conversion, replacement or issuance is subject to the terms and closing conditions in the agreement, including any required corporate approvals.
What we need from you
- Review the Prior Investor Restructuring and Exchange Agreement.
- Review Schedule A, your investor-specific terms, and any other documents in your package.
- Check the description of your original investment and tell us promptly if anything does not match your records.
- If everything is accurate and you are comfortable with the proposal, sign and return the documents by the date in your letter.
You are encouraged to review the documents with your own legal, tax or financial advisors before signing. Restructuring or exchanging an existing investment can have legal and tax consequences that depend on your circumstances.
After signing
Once the documents are signed and every closing condition is met, Pulp updates its capitalization records to reflect the completed transaction. If you receive shares, they are recorded in the company's stock ledger and, where applicable, in Carta, our capitalization management platform, and we send you documentation of the resulting investment.
Questions about your documents or your figures go to the contact named in your letter.
The letter you will receive
Each letter carries the figures from our records for that investor. They are shown here as blank fields.