Form 4: Revelation Funds Convert Preferred Stock to Common Ahead of Omada Health IPO

Multiple Revelation entities, significant shareholders in Omada Health, Inc., have converted their preferred stock holdings into common stock immediately prior to the company's initial public offering.

Summary

• Revelation Alpine, LLC and several affiliated entities, identified as 10% owners of Omada Health, Inc. (OMDA), reported changes in their beneficial ownership.
• On June 9, 2025, these entities converted various series of preferred stock (Series C, C-1, D, and E) into common stock.
• Each share of preferred stock automatically converted into approximately 0.33333 shares of Omada Health's common stock.
• This conversion occurred immediately prior to the closing of Omada Health's initial public offering (IPO).
• A total of 4,181,664 shares of common stock were acquired through these conversions.
• Following these transactions, the Revelation entities collectively beneficially own 5,208,034 shares of Omada Health common stock.
• This Form 4 filing is the first of two related filings, necessitated by the SEC's EDGAR system limit of 10 reporting persons per form.

Sentiment

Score: 7

Explanation: The sentiment is positive as the conversion is a necessary and expected step for an IPO, indicating the company is moving towards a public listing, which is generally seen as a positive milestone for growth and liquidity.

Positives

• The conversion of preferred stock to common stock is a standard and necessary step preceding an Initial Public Offering (IPO), indicating progress towards a public listing for Omada Health, Inc.
• The significant common stock holdings by Revelation entities (over 5.2 million shares) demonstrate substantial investor confidence and alignment with Omada Health's long-term success.

Risks

• The concentration of ownership by a single investment group (Revelation entities) could influence corporate governance and strategic decisions, potentially limiting the influence of other shareholders.
• The success of the IPO and subsequent trading performance of Omada Health's common stock will depend on market conditions and investor appetite, which are subject to various risks.

Future Outlook

The filing indicates that the preferred stock conversion occurred 'immediately prior to the closing of the Issuer's initial public offering,' suggesting that Omada Health, Inc. has either recently completed or is on the verge of completing its IPO.

Management Comments

• Michael Boggs, Managing Member of Revelation Alpine, LLC, and other general partners, signed the filing on behalf of the various Revelation entities, indicating his role in managing these investment vehicles.

Industry Context

This filing is typical for a company nearing or completing its IPO, as existing preferred shareholders convert their holdings into common stock to facilitate public trading. Omada Health operates in the digital health or healthcare technology sector, an industry that has seen significant investment and public interest.

Related Party Transactions

• The various Revelation entities (Revelation Alpine, LLC, Revelation Healthcare Fund II, L.P., Revelation Healthcare Fund IV, L.P., Revelation Alpine, L.P., and their respective general partners/managing members) are related parties, with shared management and investment decisions made by Scott Halsted and Michael Boggs.

Stakeholder Impact

• Shareholders: Existing preferred shareholders (Revelation entities) have converted their holdings into common stock, which will become publicly tradable. New investors participating in the IPO will acquire common stock.
• Company: The IPO provides Omada Health, Inc. with access to public capital markets, potentially funding future growth and operations.

Next Steps

• The completion and public trading of Omada Health, Inc.'s common stock following its Initial Public Offering (IPO).

Key Dates

Keywords

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