Form 4: Summit Partners Sells 2.1 Million Klaviyo Shares, Triggering Conversion from Series B to Series A Common Stock

Summit Partners sold 2.1 million shares of Klaviyo's Series B Common Stock, which automatically converted to Series A Common Stock upon the sale.

Summary

• Summit Partners, through various affiliated funds, sold 2.1 million shares of Klaviyo's Series B Common Stock on December 9, 2024.
• The sale triggered an automatic conversion of these shares into Series A Common Stock.
• The Series B Common Stock is convertible into Series A Common Stock at any time at the holder's election.
• The conversion also occurs automatically upon certain events, including a sale of shares.
• The investment committee of Summit Partners, L.P., composed of Peter Y. Chung, Scott C. Collins, and Peter L. Rottier, has voting and dispositive authority over the reported securities.
• The various Summit Partners funds involved hold a significant number of Series B shares, including 24,130,130 shares held by Fund IX-A, 15,066,515 shares held by Fund IX-B, 1,487,851 shares held by Kiwi Co-Invest Fund, 126,822 shares held by Fund IX/VC IV, and 16,460 shares held by Fund IX/VC IV (UK).

Sentiment

Score: 5

Explanation: The document describes a routine transaction by a major investor, with no indication of positive or negative sentiment. It is a neutral event.

Industry Context

This filing reflects a transaction by a major institutional investor in Klaviyo, a company in the marketing automation and customer data platform space. Such transactions are common and can influence market perception of the company's stock.

Comparison to Industry Standards

• The sale of a large block of shares by a major investor like Summit Partners is not uncommon in the tech industry, especially after a company's IPO.
• Similar transactions can be seen with other venture capital and private equity firms that hold significant stakes in publicly traded companies.
• The conversion of Series B to Series A shares is a standard mechanism to simplify the capital structure of a company as it matures.

Stakeholder Impact

• The sale of shares by Summit Partners may have a minor impact on the stock price of Klaviyo.
• The conversion of shares does not have a direct impact on the company's operations or financial performance.

Key Dates

Keywords

Klaviyo, Summit Partners, Series B Common Stock, Series A Common Stock, Share Sale, Stock Conversion, Investment Funds