Form 4: LiveOak Entities Adjust CS Disco Holdings

LiveOak Venture Partners entities reported an in-kind distribution of CS Disco common stock among their various funds and management services, effective September 17, 2025.

Summary

• LOVP SBIC Management Services, LLC, and several LiveOak Venture Partners entities, including LiveOak Venture Partners 1A, L.P., LiveOak Venture Partners I, L.P., LiveOak I Co-Invest L.P., LiveOak I Co-Invest II L.P., and LiveOak I Co-Invest IV LP, reported changes in their beneficial ownership of CS Disco, Inc. common stock.
• The reported transactions, effective September 17, 2025, represent a pro rata, in-kind distribution of shares and not a purchase or sale of securities, with a transaction price of $0.
• LiveOak Venture Partners 1A, L.P. disposed of 4,889,700 shares of Common Stock, resulting in 0 shares beneficially owned by this entity following the transaction.
• LiveOak Venture Partners I, L.P. acquired 4,612,116 shares of Common Stock, bringing its total beneficial ownership to 6,324,973 shares.
• LOVP SBIC Management Services, L.L.C. acquired 51,432 shares of Common Stock, holding 51,432 shares beneficially owned directly after the transaction.
• Other LiveOak entities reported beneficial ownership following the transactions: LiveOak I Co-Invest L.P. with 561,314 shares, LiveOak I Co-Invest II L.P. with 768,058 shares, and LiveOak I Co-Invest IV LP with 172,940 shares.
• Venu Shamapant, a managing member of several LiveOak general partners, disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The filing reports a routine internal restructuring of share ownership among related entities, which is neutral in sentiment for the broader market.

Positives

• The filing clarifies the internal ownership structure of CS Disco, Inc. shares among various LiveOak Venture Partners entities.

Negatives

• No direct negative implications for CS Disco, Inc. or its shareholders are apparent from this internal ownership restructuring.

Risks

• No specific risks related to CS Disco, Inc.'s operations or financial health are mentioned in this Form 4 filing.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding CS Disco, Inc.'s future performance or operations.

Management Comments

• The transactions represent a pro rata, in-kind distribution, and not a purchase or sale of securities, by LiveOak Venture Partners 1A, L.P. to its general partner and limited partners without additional consideration.
• Various managing members and general partners of the LiveOak entities disclaim beneficial ownership of these securities except to the extent of their respective pecuniary interest therein.

Industry Context

This internal restructuring of share ownership among related investment entities has minimal direct impact on broader industry trends or competitive landscape for CS Disco, Inc.

Related Party Transactions

• The reported transactions involve a pro rata, in-kind distribution of shares among various LiveOak Venture Partners entities and their general partners/managing members, which are considered related parties.

Stakeholder Impact

• Shareholders: The filing clarifies the specific LiveOak entities holding shares, but the overall beneficial ownership by the LiveOak group remains significant. No direct impact on the company's operational or financial performance is indicated.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this internal ownership restructuring.

Key Dates

Keywords

CS Disco, LAW, Form 4, beneficial ownership, LiveOak Venture Partners, stock distribution, insider transaction, equity ownership