Run a rights issue on a tokenized equity with the Platform API

Offer new shares to existing holders pro-rata, either as a subscription offering through a token sale or as a direct allotment mint.

A rights issue offers existing holders the chance to buy new shares pro-rata at a set price before the offer opens to anyone else. You run it today in one of two ways: a subscription offering through the token sale addon, whitelisted to entitled holders, or a direct allotment mint when every subscription is already agreed off-platform.

Rendering diagram...

Choose the subscription path when holders decide during a live window and pay on-platform. Choose the allotment path when subscription and payment settle off-platform and the on-chain step is only the share delivery.

Prerequisites

Subscription path: API key for a wallet authorized to deploy and manage token sale offerings, and a payment currency configured for the sale.
Allotment path: API key for a wallet with the Supply Management role on the equity.
The equity carries the historical-balances feature if the record date lies in the past.
Cap headroom for the new shares on a capped token, or a cap raise first.

Subscription offering

Snapshot entitlement

Read holders at the record date with GET /api/v2/tokens/{tokenAddress}/historical-balances/holders-at-block?timepoint={unixSeconds}&limit=200, paginating to the full set, and compute each holder's entitlement as floor(balance x ratio) new shares at the subscription price. Publish the entitlement table to your subscription ledger before the window opens, because it is the basis for the whitelist and for the post-close reconciliation.

Deploy and gate the sale

Create the offering with POST /api/v2/addons/token-sales, supplying the sale token, price, window, and hard cap equal to the offer size. Then load the entitled holders into the presale whitelist with POST /api/v2/addons/token-sale-presale-whitelist-entries, so only rights holders can subscribe during the window. The token sale offering flows reference documents every field of these calls.

Open the window and take subscriptions

Activate with POST /api/v2/addons/token-sale-activations, which opens the subscription window. During the window each holder subscribes with POST /api/v2/addons/token-sale-purchases, paying in the configured currency, and the sale enforces the whitelist and per-buyer limits on-chain. Track take-up as you go by reading the sale state at GET /api/v2/addons/token-sales/{saleAddress}.

Close, finalize, settle

At the end of the window, close with POST /api/v2/addons/token-sale-closures and finalize with POST /api/v2/addons/token-sale-finalizations. Withdraw the subscription proceeds with POST /api/v2/addons/token-sale-fund-withdrawals and reclaim unsold shares with POST /api/v2/addons/token-sale-unsold-token-withdrawals. Unsubscribed rights lapse when the window closes.

Direct allotment

When subscriptions and payment settle off-platform, deliver the shares as a batch mint to the subscribing holders. Send up to 100 recipients per request, with one Idempotency-Key each.

curl -X POST "https://your-platform.example.com/api/v2/tokens/0x9459D52E60edBD3178f00F9055f6C117a21b4220/mints" \
  -H "X-Api-Key: sm_dalp_test_xxxxxxxxxxxxxxxx" \
  -H "Idempotency-Key: rights-nwih-2026-allotment-001" \
  -H "Content-Type: application/json" \
  -d '{
    "recipients": ["0x742d35Cc6634C0532925a3b844Bc9e7595f0bEb"],
    "amounts": ["50000000000000000000"]
  }'

Reconcile the minted amounts against the subscription ledger, and record the off-platform payment references with the transaction hashes.

Operational notes

The platform does not model tradeable nil-paid rights today. The right exists as a whitelist entry plus an entitlement in your subscription ledger, not as a transferable instrument.
Compliance runs on the share delivery: a subscriber must pass the equity's compliance checks at purchase or mint time, so verify eligibility before the window opens rather than during settlement.
For partial take-up, decide before the window opens whether unsold shares lapse or move to a second round, and size the sale's hard cap to the full offer either way.

Bonus issue distributes new shares without consideration.
Spin-off delivers a different instrument to the same entitled holder base.
Token sale offering flows reference documents the full offering lifecycle, including refunds and vesting.

Rights issue