Form 4: Cerebras Director Lior Susan Converts Class B Shares

Director Lior Susan converted 13,466,197 shares of Class B common stock into Class A common stock on June 11, 2026.

Summary

• Director Lior Susan executed a voluntary conversion of 13,466,197 shares of Class B common stock into Class A common stock.
• The conversion involved multiple entities managed by the director, including Eclipse Continuity Fund I, L.P., Eclipse SPV II, L.P., Eclipse SPV XIII, L.P., and Eclipse Ventures Fund I, L.P.
• Following the transaction, the reporting person maintains beneficial ownership of 13,466,197 shares of Class A common stock through these entities.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative event related to internal share class conversion rather than a change in underlying business fundamentals.

Positives

• The transaction reflects a simplification of the capital structure by converting Class B shares to Class A shares.

Negatives

• None identified.

Risks

• Concentration of voting power remains with the reporting person through the managed Eclipse Entities.

Future Outlook

No forward-looking guidance provided in this filing.

Industry Context

StockSavvy.ai notes that share conversions by directors are common in pre-IPO or post-IPO capital structure adjustments to align voting rights and liquidity, often signaling confidence in the long-term equity structure.

Comparison to Industry Standards

• The conversion of dual-class stock structures is a standard corporate governance practice to streamline equity classes for institutional investors.

Related Party Transactions

• The reporting person is the managing member of the Eclipse Entities holding the shares.

Stakeholder Impact

• Shareholders may see a change in the composition of outstanding share classes, though total beneficial ownership remains unchanged.

Next Steps

• No future actions or milestones mentioned.

Key Dates

Keywords

Cerebras Systems, CBRS, Insider Trading, Form 4, Share Conversion, Lior Susan