SCHEDULE 13G/A: Greylock Funds Disclose Significant Beneficial Ownership in Rubrik, Inc. Class B Stock
Beneficial Ownership Report
Greylock XIV Limited Partnership and its affiliates have filed an amended Schedule 13G, disclosing their beneficial ownership of Rubrik, Inc.'s Class B Common Stock, which carries enhanced voting rights.
Summary
- Greylock XIV Limited Partnership, Greylock XIV-A Limited Partnership, Greylock XIV Principals LLC, and Greylock XIV GP LLC collectively reported beneficial ownership in Rubrik, Inc.'s Class B Common Stock.
- Greylock XIV Limited Partnership directly holds 13,429,342 shares of Class B Common Stock, representing approximately 13.36% of Class A Common Stock on a converted basis and 13.10% of the aggregate combined voting power.
- Greylock XIV-A Limited Partnership directly holds 746,073 shares of Class B Common Stock, representing approximately 0.85% of Class A Common Stock on a converted basis and 0.73% of the aggregate combined voting power.
- Greylock XIV Principals LLC directly holds 746,073 shares of Class B Common Stock, representing approximately 0.85% of Class A Common Stock on a converted basis and 0.73% of the aggregate combined voting power.
- Greylock XIV GP LLC, as the general partner and manager of the other entities, is deemed to beneficially own an aggregate of 14,921,488 shares of Class B Common Stock.
- This aggregate ownership by Greylock XIV GP LLC represents approximately 14.56% of the outstanding Class A Common Stock on a converted basis and 17.15% of the aggregate combined voting power of Class A and Class B Common Stock.
- Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time and carries 20 votes per share, compared to one vote per Class A share.
- The percentages of class were calculated based on 87,102,908 shares of Class A Common Stock and 98,140,824 shares of Class B Common Stock outstanding as of November 30, 2024, as reported in Rubrik's Form 10-Q filed on December 12, 2024.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership, providing neutral information without expressing positive or negative sentiment about the company's performance or prospects.
Future Outlook
This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Rubrik, Inc.'s future performance or strategic outlook.
Industry Context
This filing is a standard disclosure of significant ownership by a venture capital firm in a publicly traded technology company, Rubrik, Inc. It reflects the ongoing investment and governance influence of early-stage investors as companies transition to public markets, often retaining dual-class share structures to maintain control.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Disclosure of Dual-Class Share Structure | The filing highlights Rubrik, Inc.'s dual-class common stock structure, where Class B Common Stock (held by the reporting persons) carries 20 votes per share compared to Class A Common Stock's one vote per share. This structure concentrates voting power with Class B holders. | N/A | This structure allows significant shareholders, like Greylock, to maintain substantial control over corporate decisions despite potentially holding a smaller economic interest in terms of Class A equivalent shares. It can limit the influence of public Class A shareholders on corporate governance matters. |
Stakeholder Impact
- Shareholders: The dual-class share structure means that holders of Class A Common Stock have significantly less voting power per share compared to holders of Class B Common Stock, potentially impacting their influence on corporate governance and strategic decisions.
- Investors: Provides transparency regarding significant institutional ownership and the distribution of voting control within Rubrik, Inc.
Key Dates
| Date | Description |
|---|---|
| 2024-11-30 | Date as of which Class A and Class B Common Stock outstanding shares were reported in Rubrik's Form 10-Q. |
| 2024-12-12 | Date Rubrik, Inc. filed its Quarterly Report on Form 10-Q with the SEC. |
| 2024-12-31 | Date of event which requires the filing of this Schedule 13G statement. |
| 2025-02-13 | Date of filing of this Schedule 13G Amendment No. 1. |
Keywords
Rubrik Inc., SEC Filing, Schedule 13G, Beneficial Ownership, Class B Common Stock, Class A Common Stock, Voting Rights, Greylock XIV Limited Partnership, Greylock XIV GP LLC, Corporate Governance, Institutional Ownership
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