Form 4: Petrus Trust Company Distributes Cricut Shares, Some Convert to Class A Common Stock

Petrus Employee Profit Share, L.P. distributed shares of Cricut's Class B Common Stock to its limited partners, resulting in a portion converting to Class A Common Stock.

Summary

• On February 24, 2025, Petrus Employee Profit Share, L.P. (PAM2) distributed 1,679,809 shares of Class B Common Stock to its limited partners.
• This distribution was done without consideration and in accordance with PAM2's partnership agreement.
• The limited partners are employees of the Petrus Asset Management Company division of Petrus Trust Company, LTA (PTC).
• The distribution is exempt under Rule 16a-9(a) and Rule 16a-13 of the Securities Exchange Act of 1934.
• As a result of the distribution, 677,684 shares of Class B Common Stock automatically converted into 677,684 shares of Class A Common Stock.
• The remaining 1,002,125 shares remained as Class B Common Stock.
• After the transaction, Petrus Trust Company, LTA indirectly owns 677,684 shares of Class A Common Stock and 2,082,203 shares of Class B Common Stock.
• PAM Partners GP, LLC serves as the general partner of PAM2 and may be deemed to beneficially own the securities owned by PAM2.
• PTC serves as an investment advisor to PAM2 and as trustee of the sole member of PAM Partners GP.

Sentiment

Score: 5

Explanation: The document describes a routine distribution of shares, with no inherent positive or negative implications for Cricut's financial health or future prospects. It's a neutral event from an investment perspective.

Industry Context

This announcement reflects internal restructuring and distribution of shares within Petrus Trust Company, impacting their beneficial ownership of Cricut stock. It's a common practice for investment firms to distribute shares to employees as part of compensation or profit-sharing arrangements.

Stakeholder Impact

• The distribution of shares may have a minor impact on the ownership structure of Cricut, but is unlikely to significantly affect other stakeholders.

Key Dates