Form 4: ICONIQ Strategic Partners Distributes Braze, Inc. Class A Common Stock to Limited Partners

ICONIQ Strategic Partners III, L.P. distributed shares of Braze, Inc.'s Class A Common Stock to its limited partners and ICONIQ Strategic Partners III GP, L.P. on July 15, 2024.

Summary

• ICONIQ Strategic Partners III, L.P. distributed 725,159 shares of Braze, Inc.'s Class A Common Stock to its limited partners and ICONIQ Strategic Partners III GP, L.P. on July 15, 2024.
• ICONIQ Strategic Partners III-B, L.P. distributed 774,841 shares of Braze, Inc.'s Class A Common Stock to its limited partners and ICONIQ Strategic Partners III GP, L.P. on the same date.
• These distributions were made pro rata and without consideration, in accordance with exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
• The filing also details the beneficial ownership of Class A Common Stock by various ICONIQ Strategic Partners entities and individuals, including Divesh Makan, William J.G. Griffith, and Matthew Jacobson.
• Each of ICONIQ III GP, ICONIQ III Parent GP, ICONIQ V GP, ICONIQ V Parent GP, ICONIQ VI GP, ICONIQ VI Parent GP, Makan, Griffith and Jacobson disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Exchange Act, except to the extent of its or his pecuniary interest therein, if any.

Sentiment

Score: 6

Explanation: The document is a routine SEC filing detailing a distribution of shares. It doesn't contain overtly positive or negative information, hence a neutral sentiment score.

Positives

• The distributions were conducted in accordance with exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, suggesting compliance with regulatory requirements.

Industry Context

This filing reflects standard transactions related to the distribution of shares by investment partnerships to their limited partners, a common practice in the investment management industry.

Comparison to Industry Standards

• Similar distributions of shares to limited partners are common among venture capital and private equity firms.
• The pro rata distribution method aligns with standard practices for allocating assets within investment partnerships.
• Disclaimers of beneficial ownership are typical in situations where individuals have indirect control over shares through trusts or partnerships.

Stakeholder Impact

• The distribution of shares may have a minor impact on the trading volume of Braze, Inc.'s Class A Common Stock.
• The limited partners of ICONIQ Strategic Partners III, L.P. and ICONIQ Strategic Partners III-B, L.P. will receive shares of Braze, Inc.

Key Dates