Pulley Shuts Down December 8: Cap Tables Must Move

Pulley will cease all operations and services on December 8, 2026, forcing customers to move their cap tables before the platform closes. The company’s official shutdown notice identifies Carta as its exclusive transition partner and directs existing customers to log in to determine whether they qualify for an assisted migration offer.

The closure entered the public news cycle on September 16. TechCrunch’s report independently established the final service date, noted that Pulley had raised more than $50 million and found that the company had not publicly provided a reason for shutting down.

The transition has three separate deadlines

Pulley’s shutdown FAQ dated September 15 sets November 30, 2026, as the cutoff for opting into the collaborative Carta migration, ends the normal app experience and customer support on December 8, and promises only limited access to customer data through January 31, 2027.

Those dates do not represent interchangeable migration windows. Missing the first cutoff does not prevent a company from opening a Carta account later, but it removes Pulley’s guarantees concerning assisted migration, existing pricing, subscription credits and continuity. The limited-access period is also not described as an extension of the full product, so administrators cannot assume that every report, document or workflow will remain available after normal service ends.

How the Carta arrangement works

The initial opt-in authorizes Pulley to share contact and contract information with Carta, including the customer’s plan, billing frequency, subscription period, entity type, stakeholder count and the types of securities and transactions on its cap table. It does not transfer the cap table, create a Carta account or bind the customer to switch.

Customers that proceed receive a new annual Carta agreement. After it is signed, Carta and Pulley coordinate the technical migration of cap-table data, transaction history, equity records and documents; the customer then reviews the resulting account and flags discrepancies before accepting it for use. Pulley’s published arrangement also allows Carta to accept an existing Pulley 409A valuation and fair market value when the customer supplies a copy, with Carta taking over when that valuation expires.

SiliconReport’s account of the offer independently describes two financial terms: Carta will preserve a switching customer’s Pulley pricing for the first year and apply unused prepaid Pulley subscription balances as credits. The public terms do not establish renewal pricing after that first year, and customers on monthly Pulley billing will need a different billing cadence because the published arrangement does not include monthly Carta billing.

Carta is the only provider receiving migration assistance from Pulley, but customers remain free to choose another platform. A move elsewhere must be managed by the customer and receiving provider, including exports, field mapping and reconciliation, because Pulley has made no assistance commitment for those transfers.

Administrators need an independent record set

A successful platform import is not, by itself, proof that every attachment, approval, signature, historical transaction and custom field arrived correctly. Cap-table administrators should create a dated archive that remains under the company’s control and can be compared with the receiving system during review.

The archive should include:

Cake’s Pulley migration instructions identify three core exports—the cap table, Stakeholders report and Vesting Details report—and separately call for signed agreements, board consents and earlier 409A reports.
Executed stock, option, SAFE, convertible-note and warrant instruments supporting the balances recorded in the cap table.
Board and stockholder approvals for issuances, equity plans, amendments, transfers, repurchases and cancellations.
Current and historical valuation reports, including the fair-market-value dates applied to grants.
A snapshot of pending grants, exercises, transfers, corrections and other transactions that could remain incomplete when the migration begins.
The Pulley subscription agreement, invoices and evidence of any prepaid balance submitted for a Carta credit.

Before approving a migrated account, administrators should reconcile fully diluted ownership, share classes, stakeholder identities, option-pool balances, vesting schedules and transaction dates. They should also verify that executed documents remain attached to the correct securities and that draft or pending activity has not been mistaken for completed transactions.

Several migration details remain unanswered

Pulley has not publicly specified the exact functions available during limited access, whether customers can obtain a complete standalone audit log, or how every integration, permission, custom field and historical attachment will map into Carta. The public materials also do not provide universal pricing beyond the introductory period.

Those gaps make the receiving agreement and account-specific migration scope important evidence, particularly for companies with complex equity histories or active transactions. The confirmed position is narrower: Pulley is closing, the assisted Carta route expires before normal service does, and independent records are needed to test whether the transferred account is complete.