Form 4: Omada Health Insider Entities Convert Preferred Stock to Common Ahead of IPO

Revelation Alpine, LLC and affiliated entities have converted over 4.1 million shares of Omada Health preferred stock into common stock, increasing their beneficial ownership to over 5.2 million common shares, in a transaction immediately preceding the company's initial public offering.

Summary

• Revelation Alpine, LLC, along with Revelation Healthcare Fund II, L.P., Revelation Healthcare Fund IV, L.P., and Revelation Alpine, L.P., converted various series of preferred stock into common stock of Omada Health, Inc. on June 9, 2025.
• A total of 4,181,664 shares of common stock were acquired through the automatic conversion of Series C, C-1, D, and E Preferred Stock.
• The conversion occurred at an approximate ratio of 0.33333 shares of common stock for each preferred share, immediately prior to the closing of Omada Health's initial public offering.
• Following these transactions, the reporting persons collectively beneficially own 5,208,034 shares of Omada Health common stock.
• Michael Boggs and Scott S. Halsted, as managing members of the general partners for the Revelation funds, make investment and voting decisions for these entities and are also listed as reporting persons.
• This Form 4 is the second of two filings related to the same event, necessitated by the SEC's EDGAR system limit of 10 reporting persons per form.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing (Form 4) reporting a mechanical conversion of shares related to an IPO. It does not contain information that would typically indicate positive or negative sentiment about the company's performance, but rather a procedural change in ownership structure.

Industry Context

This filing reflects a standard procedural step for private companies transitioning to public ownership, where existing preferred shareholders convert their equity into common stock in anticipation of or concurrent with an Initial Public Offering (IPO). It indicates a significant liquidity event for the company and its early investors.

Stakeholder Impact

• Shareholders: The conversion of preferred stock into common stock by significant investors (directors and 10% owners) alters the common stock ownership structure, potentially impacting liquidity and trading dynamics post-IPO.
• Investors: Provides transparency into the holdings of major pre-IPO investors and their transition to common stock ownership.

Key Dates

Keywords

Omada Health, Revelation Alpine, SEC Form 4, Beneficial Ownership, Stock Conversion, Preferred Stock, Common Stock, Initial Public Offering, Insider Transaction