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 June 10, 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 June 10, 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 ICONIQ Strategic Partners VI, L.P., ICONIQ Strategic Partners VI-B, L.P., Divesh Makan, William J.G. Griffith, and Matthew Jacobson.
• Each of ICONIQ III GP, ICONIQ III 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: 5

Explanation: The document is a neutral regulatory filing, so the sentiment is neither positive nor negative.

Positives

• The pro rata distribution of shares to limited partners could be seen as a positive move to align interests.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders or significant shareholders of a publicly traded company buy or sell shares, or transfer them as in this case. This provides transparency to the market regarding the holdings and transactions of those with privileged information.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for individuals and entities deemed insiders by the SEC.
• The reporting requirements are clearly defined, and the information provided in this filing appears to be consistent with industry norms for such disclosures.
• Similar filings are routinely made by insiders at other publicly traded companies, such as executives at Salesforce or Workday, when they engage in transactions involving their company's stock.

Stakeholder Impact

• The distribution of shares to limited partners may have a minor impact on shareholders, potentially increasing the number of individual holders of the stock.

Key Dates