Form 4: Summit Partners Sells 113,850 Shares of Klaviyo (KVYO) Stock

Summit Partners L.P. and affiliated entities sold 113,850 shares of Klaviyo, Inc. Series B Common Stock, which were then converted to Series A Common Stock, at a price of $31.76 per share on August 21, 2024.

Summary

• On August 21, 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 113,850 shares of Klaviyo, Inc.'s Series B Common Stock.
• The sale resulted in the automatic conversion of these shares into Series A Common Stock.
• The transaction was executed at a price of $31.76 per share.
• Following the reported transaction, the entities still hold a significant amount of Series B Common Stock, totaling 47,249,276 shares.
• These shares are held by Fund IX-A (27,925,380 shares), Fund IX-B (17,436,216 shares), Kiwi Co-Invest Fund (1,721,863 shares), Fund IX/VC IV (146,768 shares), and Fund IX/VC IV (UK) (19,049 shares).

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting a sale of shares. It doesn't inherently convey positive or negative sentiment, but the market may interpret the sale as a signal.

Industry Context

This transaction represents a significant sale of shares by a major holder, Summit Partners, which could influence market perception of Klaviyo. Monitoring subsequent transactions by major holders will be important.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders in publicly traded companies.
• The sale by Summit Partners is similar to transactions reported by other venture capital and private equity firms holding significant stakes in recently IPO'd companies.
• Comparable transactions would include sales by venture capital firms in companies like Snowflake (SNOW) or Datadog (DDOG) following their IPOs.

Stakeholder Impact

• Shareholders may react to the sale of shares by a major holder, potentially influencing the stock price.
• The transaction does not directly impact employees, customers, suppliers, or creditors.

Key Dates