How do I recap a company with a large amount of SAFE's outstanding?

To recap a company with a large amount of SAFEs outstanding, you would typically need to convert those SAFEs into equity, usually during a priced round of financing. As SAFE holders, your rights are generally limited until conversion, but you can negotiate for additional rights, such as information rights, through side letters. If you have concerns with management actions, you should: 1. Review the terms of your SAFEs for any specific rights or protections. 2. Engage in discussions with the company’s management to address your concerns. 3. Consider negotiating for board seats or observer rights in the next financing round to gain more oversight. Approach the situation by ensuring clear communication with the company and leveraging your significant investment to negotiate for better terms or protections in future rounds.