Form 4: Summit Partners Sells 113,561 Shares of Klaviyo (KVYO) Stock

Summit Partners L.P. and affiliated entities sold 113,561 shares of Klaviyo, Inc. (KVYO) Series A Common Stock at $31.47 per share on September 13, 2024, following the conversion of an equal number of Series B Common Stock.

Summary

• On September 13, 2024, Summit Partners L.P., along with affiliated entities including Summit Partners Growth Equity Fund IX-A, L.P., Summit Partners Growth Equity Fund IX-B, L.P., Summit Partners Co-Invest (Kiwi), L.P., Summit Investors GE IX/VC IV, LLC, and Summit Investors GE IX/VC IV (UK), L.P., sold 113,561 shares of Klaviyo, Inc.'s Series A Common Stock.
• The sale was executed at a price of $31.47 per share.
• Prior to the sale, the shares were converted from Series B Common Stock to Series A Common Stock.
• Following the transaction, Summit Partners and its affiliates continue to hold a significant number of Series B Common Stock, totaling 46,427,778 shares across various funds.
• The Series B Common Stock is convertible into Series A Common Stock at any time at the holder's election and will automatically convert under certain conditions, including a date specified by 66-2/3% of the outstanding shares of Series B Common Stock, the seventh anniversary of Klaviyo's IPO, or certain transfers.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to a stock sale. It doesn't inherently convey positive or negative sentiment about the company's prospects, but rather reflects a transaction by a major shareholder.

Future Outlook

The document does not contain specific forward-looking statements regarding Klaviyo's future performance or Summit Partners' future transactions.

Industry Context

This filing reflects the ongoing activity of major shareholders in Klaviyo following its IPO. Sales by large shareholders are a normal part of the post-IPO landscape as initial investors monetize their positions.

Comparison to Industry Standards

• Sales of this size by major shareholders are common after the IPO lock-up period expires.
• Comparable transactions can be seen in other tech companies post-IPO, such as initial sales by venture capital firms in companies like Snowflake or Datadog.

Stakeholder Impact

• The sale of shares by a major shareholder could create short-term selling pressure on the stock.
• However, it also increases the float and liquidity of the stock, which can be beneficial in the long run.

Key Dates