Form 4: ICONIQ Strategic Partners Distributes Procore Technologies Shares to Limited Partners
SEC Form 4 Filing
ICONIQ Strategic Partners distributed Procore Technologies shares to its limited partners and related entities on May 21, 2024, resulting in changes in beneficial ownership.
Summary
- On May 21, 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 May 21, 2024.
- These distributions were made for no consideration and represented each partner's pro rata interest in the shares.
- The distributions were conducted in accordance with exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
- Following these transactions, ICONIQ Strategic Partners and related entities continue to hold significant amounts of Procore Technologies common stock.
- Divesh Makan indirectly holds 2,007,130 shares, including shares received from the distributions.
- Matthew Jacobson indirectly holds 623,513 shares, including shares received from the distributions.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing detailing share distributions. It doesn't contain overtly positive or negative information, hence a neutral sentiment score.
Industry Context
This Form 4 filing reflects routine adjustments in the ownership structure of Procore Technologies shares held by ICONIQ Strategic Partners, a major investment firm. Such filings are common and provide transparency into the holdings of significant shareholders.
Stakeholder Impact
- The share distribution may have a minor impact on the short-term trading volume of Procore Technologies stock.
- The long-term impact on shareholders is likely to be minimal, as the underlying ownership by ICONIQ Strategic Partners remains substantial.
Key Dates
| Date | Description |
|---|---|
| 05/21/2024 | Date of the share distributions by ICONIQ Strategic Partners II, L.P., ICONIQ Strategic Partners II-B, L.P., and ICONIQ Strategic Partners II Co-Invest, L.P., P Series. |
| 05/23/2024 | Date of signature for the Form 4 filings by ICONIQ Strategic Partners entities, Divesh Makan, and Matthew Jacobson. |
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