Form 4: Clifford Sosin of CAS Investment Partners Reports Pro Rata Distribution of Cardlytics Shares

Clifford Sosin, Managing Member of CAS Investment Partners, reports a pro rata distribution of Cardlytics (CDLX) shares from Sosin Master, L.P. to its partners.

Summary

• Clifford Sosin, as Managing Member of CAS Investment Partners, filed a Form 4 regarding changes in beneficial ownership of Cardlytics, Inc. (CDLX) securities.
• On June 28, 2024, Sosin Master, L.P., an entity managed by CAS, distributed 45,126 shares of Cardlytics common stock to its partners.
• Sosin Master, L.P. directly holds $16,498,366 principal amount of Cardlytics' 4.25% Convertible Senior Notes due April 1, 2029.
• CSWR Partners, L.P., also managed by CAS, directly holds $7,501,634 principal amount of the same convertible notes.
• The notes are convertible into common stock at an initial rate of 55.4939 shares per $1,000 principal amount, subject to adjustment.
• Due to Cardlytics' option to settle conversions in cash, shares, or a combination, Sosin, Sosin Master, and CSWR are not deemed beneficial owners of the underlying shares for Section 13(d) purposes.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing a pro rata distribution of shares and holdings of convertible notes. It doesn't inherently convey positive or negative sentiment.

Future Outlook

The document does not contain specific forward-looking statements regarding Cardlytics' future performance.

Industry Context

Form 4 filings are routine disclosures related to insider transactions and ownership changes. This filing indicates adjustments in the holdings of a significant investor in Cardlytics.

Stakeholder Impact

• The pro rata distribution of shares may have a minor impact on the shareholder base.
• The filing provides transparency to stakeholders regarding the holdings of a major investor.

Key Dates