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by Undo Capital
December 15, 2025
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What Is a Long-Stop Date (ASA/CLN)?

The long-stop date in an ASA or CLN is the final deadline by which the investment must either convert into shares or be repaid to the investor.

Long-Stop Date (ASA/CLN) Meaning

The long-stop date (ASA/CLN) centres on investor protection and timing certainty. To define long-stop date in practice, it is a fixed future date, typically 12 to 24 months after issue, by which a qualifying funding round, exit or conversion event must occur. If no trigger happens by that date, the ASA or CLN usually becomes repayable, with CLNs often including interest. A clear long-stop date definition gives founders a clear fundraising timeframe and gives investors certainty that their capital will not remain locked in indefinitely.

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Disclaimer: Our services are designed to assist startups and businesses with company formation, legal agreements, and funding-related documentation. We do not provide investment advice, financial advice, or tax advice, nor are we regulated by the Financial Conduct Authority (FCA). Participating in startups and early-stage enterprises carries inherent risks, including limited liquidity, absence of dividends, potential loss of investment, and dilution. Any decisions regarding investments should be made independently by the investor as part of a well-diversified portfolio.