SCHEDULE: Millennium Management Discloses Reduced Braze Stake

Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander reported beneficial ownership of 4.7% of Braze, Inc.'s Class A Common Stock, having ceased to be over 5% by the filing date.

Summary

• Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander are the reporting persons.
• The filing concerns Class A Common Stock, par value $0.0001 per share, of Braze, Inc. (CUSIP: 10576N102).
• On January 14, 2026, the reporting persons acquired beneficial ownership of more than 5% of Braze, Inc.'s Class A Common Stock.
• By the filing date of January 20, 2026, the reporting persons ceased to be beneficial owners of more than 5% of the outstanding Class A Common Stock.
• As of the filing, the aggregate amount beneficially owned by each reporting person is 4,853,774 shares, representing 4.7% of the class.
• The reporting persons hold shared voting power and shared dispositive power over these shares.
• The securities were not acquired and are not held for the purpose of changing or influencing control of Braze, Inc.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of an ownership change by an institutional investor. While the reduction in stake could be seen as slightly negative, the filing itself is neutral in tone and provides no direct performance data for the issuer.

Positives

• A prominent investment firm, Millennium Management, initially acquired a stake exceeding 5% in Braze, Inc. on January 14, 2026, which could be interpreted as a positive signal at that time.

Negatives

• By the filing date of January 20, 2026, the reporting persons had reduced their beneficial ownership to 4.7%, indicating a reduction in their position from the peak and ceasing to be a 5%+ shareholder.

Future Outlook

The filing 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 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." (Certification by reporting persons)

Industry Context

This filing reflects a change in a significant institutional investor's position in Braze, Inc., a company operating in the customer engagement platform industry. Such changes can sometimes signal shifts in investor sentiment towards specific companies or the broader industry, though this filing is purely a disclosure of ownership change.

Stakeholder Impact

• Shareholders: Informed of a significant institutional investor's change in ownership, specifically a reduction below the 5% threshold, which may influence market perception.

Key Dates

Keywords

Braze Inc, Millennium Management, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investor, Equity Stake