SCHEDULE 13G/A: Cadian Capital Management Discloses 4.2% Passive Stake in Braze, Inc. Class A Common Stock

Cadian Capital Management, LP and its affiliates have disclosed a passive beneficial ownership of 4.2% of Braze, Inc.'s Class A Common Stock as of December 31, 2024.

Summary

• Cadian Capital Management, LP, Cadian Capital Management GP, LLC, and Eric Bannasch (collectively, the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G.
• The Reporting Persons collectively beneficially own 3,673,650 shares of Braze, Inc. Class A Common Stock.
• This ownership represents approximately 4.2% of the outstanding Class A Common Stock of Braze, Inc.
• The shares are held by Cadian Master Fund L.P., Cadian Opportunities Master Fund LP, and Cadian Master Software Opportunities Fund, LP (Advisory Clients) for which Cadian Capital Management, LP acts as investment adviser.
• Cadian Capital Management, LP exercises shared voting and dispositive power over these securities.
• The filing indicates that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not convey positive or negative sentiment regarding the company's performance or outlook.

Future Outlook

This document is a beneficial ownership disclosure and does not contain any forward-looking statements or guidance from Braze, Inc. or the Reporting Persons regarding the issuer's future performance.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing is a routine disclosure of institutional ownership and does not provide specific insights into broader industry trends or competitive dynamics within the customer engagement platform or marketing technology sectors. It indicates Cadian Capital Management's continued or adjusted passive investment in Braze, Inc.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's passive stake in the company, which can influence market perception and liquidity.
• Company Management: Awareness of a notable institutional shareholder, though the filing explicitly states no intent to influence control.

Key Dates

Keywords

Braze Inc., Cadian Capital Management, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investor, Passive Investment, SEC Filing, Equity Stake