Welcome to KORECONX, Legion M’s new transfer agent
WELCOME TO OUR NEW TRANSFER AGENT!
As you may know, last year we announced that we would be moving away from Carta as our third-party transfer agent. It has taken MUCH longer than we originally anticipated (and we THANK YOU for your patience during this time), but we are now in the process of importing all of our investors into the new transfer agent, KoreConX. Because there are so many records to import (over 30,000 investment transactions!), KoreConX is telling us it should take weeks to complete the process.
WHAT SHOULD I EXPECT?
When your investment record is imported sometime over the next few weeks, you will receive an email invitation to create an account at KoreConX.com where you will be able to log in and see your investment in the Portfolio Section of their platform. This service is 100% free for you — Legion M is covering all the fees.
As our SEC-registered transfer agent, KoreConX will be responsible for managing our official cap table (register of shareholders). If you have any questions related to seeing your account on their all-in-one platform, you can contact them at support@koreconx.com. Note that if you have questions related to Legion M, our plans, etc. then you should contact us directly at team@legionm.com — KoreConX support is only for questions related to accessing your account.
WHAT IF I DON’T SEE THE EMAIL?
Don’t panic! As we mentioned, this process will take several weeks to complete. If you don’t see the email right away, just keep on the lookout. Try searching your email inbox for koreconx.com, in case the email went to your spam or promotions folder.
Be sure you are checking the email you used when you invested through Wefunder. Even if you have changed your email with Legion M, KoreConX uses the email address you originally invested with. Once you set up your KoreConX account, you'll be able to update that email address if you’d like.
We’ll send another update once the import process is complete with instructions on what to do in case you still haven’t received your invitation. In the meantime, if you have any questions at all, feel free to reach out to us at team@legionm.com. We'll help you get it figured out!
WHAT IS A REGISTERED TRANSFER AGENT?
If you aren't familiar with a transfer agent, their job is to maintain the company’s cap table (the official record of who owns the company’s stock) and record any issuances and transfers of shares. In the old days, this information was recorded in a large book, and shareholders were given paper stock certificates which served as their official proof of ownership. Today of course, everything is done digitally online.
As an SEC-regulated company offering shares under Regulation A of the JOBS Act, Legion M is required to use an SEC registered transfer agent. This is intended to give you, the investor, assurance that the cap table is being maintained according to SEC standards.
CAN I VIEW MY STOCK CERTIFICATE WITH KORECONX?
As mentioned above, all of Legion M’s records are held electronically, so there are no stock certificates. Our old transfer agent (Carta) used to have an option for you to print out a paper certificate, but it was for record keeping purposes only, and was not a legal document. While KoreConX does not offer this option, Legion M is planning to offer something in the near future for those of you who would like a Certificate to display on your wall or keep in your files. Stay tuned!
WHAT IS CARTA? WHAT IF I ALREADY HAVE AN ACCOUNT THERE?
Carta was Legion M’s first transfer agent, starting with round 1 in 2016 (although at the time they were known as eShares—they changed names to Carta in 2017). If you were one of our early shareholders (those who invested between 2016 -2018), you may already have an account set up in Carta. If so, there’s nothing you need to do — we’re in the process of transferring those records to KoreConX. Once your records have been moved over to the new system, we’ll remove them from Carta.