Form 4: Lightspeed Venture Partners Reports Conversion of Preferred Stock to Common Stock in Rubrik, Inc. Following IPO

Lightspeed Venture Partners and affiliated entities report the conversion of preferred stock to Class A and Class B common stock in Rubrik, Inc. following the company's initial public offering.

Summary

• Lightspeed Venture Partners IX, L.P. and affiliated entities filed a Form 4 with the SEC on May 1, 2024, reporting transactions related to Rubrik, Inc. (RBRK).
• The report details the conversion of various series of preferred stock (Series A, B, C, D, and E) into Class B Common Stock on April 29, 2024, immediately prior to Rubrik's IPO.
• The conversion occurred on a one-for-one basis.
• The filing also indicates the conversion of Class B Common Stock into Class A Common Stock.
• Lightspeed Venture Partners IX, L.P. directly holds 17,759,816 shares of Class A Common Stock and indirectly holds various amounts of Class B Common Stock through different entities.
• Other entities such as Lightspeed Venture Partners Select II, L.P., Lightspeed SPV I, LLC, Lightspeed SPV I-B, LLC, Lightspeed SPV I-C, LLC, Lightspeed Venture Partners X, L.P., and Lightspeed Affiliates X, L.P. also reported conversions and holdings.
• Multiple general partners and directors are associated with these entities, including Barry Eggers, Ravi Mhatre, and Peter Nieh, who share voting and dispositive power.
• Ravi Mhatre is a director of Rubrik and files separate Section 16 reports.
• Class B Common Stock will automatically convert into Class A Common Stock upon sale or transfer, subject to certain exceptions.

Sentiment

Score: 6

Explanation: The document is a standard SEC filing related to stock conversions following an IPO. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about ownership changes. The sentiment is neutral to slightly positive as it reflects the completion of the IPO process.

Industry Context

This filing is a standard procedure following an IPO, as preferred shareholders often convert their holdings to common stock, allowing them to trade their shares on the public market. It reflects the ownership structure and changes resulting from the IPO event.

Stakeholder Impact

• Shareholders are impacted by the conversion of preferred stock to common stock, as it changes the ownership structure of the company.
• The conversion allows preferred shareholders to participate in the public market trading of Rubrik's stock.

Key Dates