SCHEDULE: Asana Co-Founder Rosenstein Maintains 8.9% Stake

Justin Rosenstein, co-founder of Asana, Inc., has reported beneficial ownership of 8.9% of the company's Class A Common Stock as of September 30, 2025.

Summary

• Justin Rosenstein beneficially owns an aggregate of 15,337,283 shares of Asana, Inc. Class A Common Stock.
• This ownership represents 8.9% of the Issuer's Class A Common Stock outstanding.
• The beneficial ownership includes 3,197,309 shares of Class A Common Stock held of record.
• It also includes 575,984 shares of Class A Common Stock issuable upon the exercise of stock options exercisable within 60 days of September 30, 2025.
• Additionally, 10,716,532 shares of Class B Common Stock are held of record by Mr. Rosenstein.
• An additional 847,458 shares of Class B Common Stock are held by the Justin Rosenstein 2024 Grantor Retained Annuity Trust, for which Mr. Rosenstein serves as trustee.
• Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the holder's option and carries 10 votes per share, while Class A shares have one vote per share.

Sentiment

Score: 7

Explanation: The filing indicates a co-founder maintains a substantial beneficial ownership stake, including significant voting power through Class B shares, which generally signals confidence in the company's future and strong insider alignment.

Positives

• A co-founder maintaining a significant beneficial ownership stake (8.9%) signals continued alignment with the company's long-term success and confidence in its future.
• The substantial holding of Class B shares, which carry 10 votes per share, provides Justin Rosenstein with significant voting power, potentially contributing to stable leadership and strategic direction.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing reflects a co-founder's continued significant ownership in a publicly traded software company. High insider ownership, especially by founders, is often viewed positively by investors as it aligns management interests with shareholder value. The dual-class stock structure is also common in the technology sector, allowing founders to retain control and pursue long-term strategies.

Comparison to Industry Standards

• High insider ownership, particularly by founders, is a common characteristic in the technology industry, often seen as a positive indicator of commitment and long-term vision.
• Dual-class stock structures, where different share classes carry unequal voting rights (e.g., Asana's Class B shares with 10 votes per share), are prevalent among tech companies like Google (Alphabet), Meta (Facebook), and Snap Inc., designed to allow founders to maintain control and resist short-term pressures.

Corporate Governance

Related Party Transactions

• Shares of Class B Common Stock are held of record by the Justin Rosenstein 2024 Grantor Retained Annuity Trust, of which Mr. Rosenstein serves as trustee.

Stakeholder Impact

• Shareholders: The significant beneficial ownership by a co-founder, especially with enhanced voting power through Class B shares, indicates strong insider commitment but also means Class A shareholders have proportionally less voting influence.
• Management: The co-founder's substantial stake and voting power provide a stable foundation for long-term strategic planning and execution.

Key Dates

Recommendation

The filing confirms a co-founder's continued significant beneficial ownership, including substantial voting power through Class B shares. While this indicates insider confidence and alignment, a Schedule 13G primarily discloses ownership and does not provide financial performance or strategic updates necessary for a 'buy' or 'sell' recommendation. It reinforces a 'hold' position for investors who value strong insider stakes.

Keywords

Asana, Justin Rosenstein, Schedule 13G, Beneficial Ownership, Class A Common Stock, Class B Common Stock, Stock Options, Corporate Governance, Voting Power