Form 4: ICONIQ Strategic Partners Distributes Procore Technologies Shares to Limited Partners

ICONIQ Strategic Partners distributed Procore Technologies shares to its limited partners and related entities on June 10, 2024, resulting in changes in beneficial ownership.

Summary

• On June 10, 2024, ICONIQ Strategic Partners II, L.P. distributed 696,548 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners GP II, L.P.
• ICONIQ Strategic Partners II-B, L.P. distributed 545,256 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners GP II, L.P. on the same date.
• ICONIQ Strategic Partners II Co-Invest, L.P., P Series distributed 258,196 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners GP II, L.P. on June 10, 2024.
• These distributions were made without consideration and in accordance with exemptions under the Securities Exchange Act of 1934.
• The filing also details the indirect ownership of Procore Technologies shares by various ICONIQ Strategic Partners entities, including ICONIQ Strategic Partners III, L.P., ICONIQ Strategic Partners IV, L.P., and others.
• Divesh Makan and Matthew Jacobson also reported indirect ownership of shares through trusts.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing share distributions, with no inherent positive or negative sentiment.

Industry Context

Form 4 filings are standard disclosures required by the SEC when there are changes in beneficial ownership of a company's securities by insiders, providing transparency to the market.

Stakeholder Impact

• The distribution of shares may have a minor impact on shareholders due to the change in ownership structure.
• The distribution does not appear to have a direct impact on employees, customers, suppliers, or creditors.

Key Dates