SCHEDULE: Cadian Capital Discloses 2.9% Stake in Braze

Cadian Capital Management, LP and its affiliates reported a 2.9% passive ownership stake in Braze, Inc. as of June 30, 2025.

Summary

• Cadian Capital Management, LP, Cadian Capital Management GP, LLC, and Eric Bannasch (collectively, the "Reporting Persons") filed an Amendment No. 1 to Schedule 13G.
• The filing pertains to their beneficial ownership of Class A Common Stock of Braze, Inc.
• As of June 30, 2025, the Reporting Persons beneficially owned 2,651,487 shares of Braze, Inc. Class A Common Stock.
• This represents approximately 2.9% of Braze, Inc.'s Class A Common Stock outstanding.
• The percentage is based on 92,589,236 shares of Class A Common Stock outstanding as of May 29, 2025, as disclosed in Braze's Form 10-Q filed on June 6, 2025.
• The securities are held by Cadian Master Fund L.P., Cadian Opportunities Master Fund LP, and Cadian Master Software Opportunities Fund, LP, which are advisory clients of Cadian Capital Management, LP.
• Cadian Capital Management, LP exercises exclusive voting and investment power over these securities.
• Cadian Capital Management GP, LLC is the general partner of Cadian Capital Management, LP, and Eric Bannasch is the sole managing member of Cadian Capital Management GP, LLC.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a standard beneficial ownership disclosure (Schedule 13G) and does not contain information that would inherently indicate positive or negative sentiment regarding the issuer's performance or outlook. It simply reports a passive ownership stake.

Key Dates

Keywords

Braze, Cadian Capital Management, Schedule 13G, Beneficial Ownership, Class A Common Stock, Investment Management, Passive Investment