SCHEDULE 13G: Divisar Capital Management and Steven Baughman Disclose 5.5% Stake in BigCommerce Holdings

Divisar Capital Management LLC and its CEO, Steven Baughman, have disclosed beneficial ownership of 5.5% of BigCommerce Holdings, Inc.'s Series 1 Common Stock.

Summary

• Divisar Capital Management LLC, an investment adviser, and its CEO, Steven Baughman, have filed a Schedule 13G indicating beneficial ownership of BigCommerce Holdings, Inc. Series 1 Common Stock.
• Divisar Capital Management LLC and Steven Baughman each beneficially own 4,390,325 shares, representing 5.5% of the class.
• Divisar Partners QP, L.P., a fund managed by Divisar Capital Management LLC, holds 4,074,843 shares, which constitutes 5.1% of the class.
• The beneficial ownership is primarily shared voting and shared dispositive power, with no sole voting or dispositive power reported by any of the reporting persons.
• The percentage of class is based on 80,098,346 shares of Series 1 Common Stock outstanding as of May 6, 2025, as reported by BigCommerce Holdings, Inc. in its Form 10-Q.
• Divisar Partners QP, L.P. expressly disclaims beneficial ownership over the reported securities, stating the filing should not be construed as an admission of beneficial ownership.
• The securities were not acquired and are not held for the purpose or with the effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant passive stake by an investment firm is generally viewed positively as it signals investor confidence without indicating an intent to disrupt management or operations.

Positives

• The disclosure of a significant stake by an investment firm like Divisar Capital Management LLC and its CEO can be interpreted as a vote of confidence in BigCommerce Holdings, Inc.'s future prospects.
• The passive nature of the filing (Schedule 13G) indicates that the investors are not seeking to influence or change control of the company, suggesting a long-term investment perspective.

Risks

• Divisar Partners QP, L.P. expressly disclaims beneficial ownership over the reported securities, which is a standard legal disclaimer but highlights the indirect nature of the ownership for that specific entity.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance from BigCommerce Holdings, Inc. or the reporting persons regarding the company's future performance or strategic direction.

Industry Context

This filing indicates a significant investment by Divisar Capital Management LLC in BigCommerce Holdings, Inc., a company operating in the e-commerce platform industry. Such investments by institutional players can signal confidence in the sector's growth or specific company's position within it, potentially influencing market perception.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional investor may positively influence market sentiment and potentially the stock price, signaling confidence in the company.
• Company Management: Awareness of a new significant shareholder, though passive, may be noted by management.

Key Dates

Keywords

BigCommerce Holdings, Divisar Capital Management, Steven Baughman, Schedule 13G, beneficial ownership, common stock, investment, e-commerce, software