Form 4: ICONIQ Strategic Partners Convert Class B Shares to Class A in Braze, Inc.

ICONIQ Strategic Partners and related entities converted a significant number of Class B common stock shares into Class A common stock of Braze, Inc. on June 14, 2024.

Summary

• On June 14, 2024, ICONIQ Strategic Partners III, L.P. converted 740,362 shares of Braze, Inc.'s Class B Common Stock into Class A Common Stock.
• ICONIQ Strategic Partners III-B, L.P. converted 791,087 shares of Class B Common Stock into Class A Common Stock on the same date.
• ICONIQ Strategic Partners V, L.P. converted 924,889 shares of Class B Common Stock into Class A Common Stock.
• ICONIQ Strategic Partners V-B, L.P. converted 1,424,796 shares of Class B Common Stock into Class A Common Stock.
• These conversions were executed under the standard terms where each Class B share is convertible into one Class A share.
• The filing also clarifies the relationships between the various ICONIQ entities and their general partners, including ICONIQ Strategic Partners III GP, L.P., ICONIQ Strategic Partners III TT GP, Ltd., ICONIQ Strategic Partners V GP, L.P., and ICONIQ Strategic Partners V TT GP, Ltd.
• Individual equity holders Divesh Makan, William J.G. Griffith, and Matthew Jacobson disclaim beneficial ownership of the securities except to the extent of their pecuniary interest.
• Additional shares are held by ICONIQ Strategic Partners VI, L.P. (752,506 shares), ICONIQ Strategic Partners VI-B, L.P. (1,036,124 shares), Divesh Makan (665,466 shares), William J.G. Griffith (665,828 shares), and Matthew Jacobson (336,062 shares) through various trusts and family trusts.

Sentiment

Score: 6

Explanation: The document is a standard SEC filing related to stock conversion, which is neither particularly positive nor negative. The sentiment is neutral.

Positives

• The conversion of Class B shares to Class A shares simplifies the capital structure of Braze, Inc.

Industry Context

The conversion of Class B shares to Class A shares is a common practice in companies with dual-class stock structures, often done to simplify the capital structure or increase the liquidity of the stock.

Stakeholder Impact

• The conversion of Class B to Class A shares may have a slight positive impact on shareholders by simplifying the capital structure.

Key Dates