I have heard this story many times, typically it takes longer than what's actually promised to issue stock. Find out why it's taking so long, also speak to current employees there to figure out what was promised to them and when stock would be issued?
Even if they issue stock at a later date, I don't think they can start your vesting date from they day you join (check on this). Also the price would change every month and you will probably get it at higher price than right now (in the cents not $).
All that said, if you like the people, the market for which they are building a product, your role in the company go for it with ONE condition: Typically companies have a 1 year cliff, in this case, if the company takes X months to issue stock, you can ask the company to reduce the cliff by 12-X, which is fair. If they take longer than 12 months, count this as experience and move on.
Even if they issue stock at a later date, I don't think they can start your vesting date from they day you join (check on this). Also the price would change every month and you will probably get it at higher price than right now (in the cents not $).
All that said, if you like the people, the market for which they are building a product, your role in the company go for it with ONE condition: Typically companies have a 1 year cliff, in this case, if the company takes X months to issue stock, you can ask the company to reduce the cliff by 12-X, which is fair. If they take longer than 12 months, count this as experience and move on.
good luck!