Form 4: Summit Partners Sells Klaviyo Shares in Recent Transaction

Summit Partners sold 2,942 shares of Klaviyo's Series B Common Stock, which were automatically converted into Series A Common Stock upon the sale's execution.

Summary

• On September 11, 2024, Summit Partners sold 2,942 shares of Klaviyo, Inc.'s Series B Common Stock at a price of $31.01 per share.
• The sale resulted in the automatic conversion of these shares into Series A Common Stock.
• Following the transaction, Summit Partners, through various affiliated entities, continues to beneficially own a significant number of shares of Series B Common Stock.
• These shares are held by Fund IX-A (27,570,334 shares), Fund IX-B (17,214,529 shares), Kiwi Co-Invest Fund (1,699,971 shares), Fund IX/VC IV (144,903 shares), and Fund IX/VC IV (UK) (18,807 shares).
• The Series B Common Stock is convertible into Series A Common Stock at any time at the holder's election and will automatically convert upon certain conditions, including a specified date or transfer of shares.

Sentiment

Score: 5

Explanation: The document itself is neutral, simply reporting a transaction. The sale of shares by a major holder could be interpreted as slightly negative, but the relatively small size of the sale and the continued large holding by Summit Partners mitigate this.

Industry Context

This transaction reflects ongoing activity in the market for shares of recently IPO'd companies, where early investors may periodically liquidate portions of their holdings.

Comparison to Industry Standards

• Sales of shares by major holders after an IPO are common.
• The size of this sale (2,942 shares) is relatively small compared to the total holdings of Summit Partners (46,648,544 shares), suggesting a partial rather than a complete exit.
• Comparable transactions would include similar Form 4 filings by major shareholders of other recently public companies in the tech sector, such as Snowflake, Datadog, or Cloudflare.

Stakeholder Impact

• The sale could have a minor impact on shareholders, potentially creating slight downward pressure on the stock price in the short term.
• The continued significant ownership by Summit Partners suggests ongoing confidence in Klaviyo's long-term prospects.

Key Dates