Form 4: Cibus CEO Rory Riggs Converts Up-C Units to Class A Common Stock

Cibus CEO Rory Riggs converted 1,388,084 Up-C Units into an equal number of Class A Common Stock shares on December 31, 2024.

Summary

• On December 31, 2024, Cibus CEO Rory Riggs converted 1,388,084 Up-C Units into 1,388,084 shares of Class A Common Stock.
• This conversion was done on a 1-for-1 basis, as per the Exchange Agreement dated May 31, 2023.
• The Up-C Units are paired with Class B Common Stock and are exchangeable for Class A Common Stock.
• Following the transaction, Mr. Riggs directly owns 4,839,912 shares of Class A Common Stock.
• Mr. Riggs also indirectly owns 2,916 shares through the Rory Riggs Family Trust and 15,791 shares through his spouse.

Sentiment

Score: 7

Explanation: The document reflects a routine insider transaction that is part of the company's established structure. It is neither particularly positive nor negative, but rather an expected event.

Positives

• The conversion of Up-C Units to Class A Common Stock simplifies the capital structure for the CEO.
• The transaction is in line with the existing Exchange Agreement, indicating a planned and orderly process.

Industry Context

This transaction is a routine insider transaction related to the company's capital structure and is not unusual for companies with Up-C structures.

Comparison to Industry Standards

• Up-C structures are common in companies that have undergone an initial public offering after being a private partnership or LLC.
• The conversion of units to common stock is a standard process as part of the agreement.
• Similar transactions can be seen in other companies with Up-C structures such as those in the real estate and private equity sectors.

Stakeholder Impact

• The transaction has a neutral impact on shareholders as it is a conversion of existing units to common stock and does not dilute ownership.

Key Dates

Keywords

Cibus, Rory Riggs, Up-C Units, Class A Common Stock, Exchange Agreement, insider transaction, beneficial ownership