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 May 6, 2024, resulting in adjustments to beneficial ownership.

Summary

• On May 6, 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 the same date.
• These distributions were made without consideration and proportionally to each partner's interest, in accordance with exemptions under the Securities Exchange Act of 1934.
• The filing also details the beneficial ownership of Procore Technologies shares by various ICONIQ Strategic Partners entities, including ICONIQ Strategic Partners III, IV, V, and VI, as well as individual holdings by Divesh Makan and Matthew Jacobson.
• Divesh Makan holds 1,858,359 shares, including shares received from the distributions.
• Matthew Jacobson holds 579,762 shares, including shares received from the distributions.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing share distributions, with no inherent positive or negative sentiment. It's a factual report of transactions.

Positives

• The distributions were conducted in compliance with SEC rules 16a-13 and 16a-9, ensuring regulatory adherence.
• The pro rata distribution to limited partners suggests a fair and equitable allocation of shares.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, providing transparency to the market regarding significant transactions by major shareholders and company leadership.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for publicly traded companies like Procore Technologies, similar to filings made by insiders at companies like Autodesk (ADSK), Oracle (ORCL), and Salesforce (CRM).
• The distribution of shares to limited partners is a common practice among investment firms, and the reporting of these transactions aligns with SEC regulations.

Stakeholder Impact

• Shareholders may be interested in the changes in ownership structure, although the pro rata distribution suggests minimal impact on the overall market dynamics.
• The distributions could potentially increase the number of individual holders of Procore Technologies shares.

Key Dates