Form 4: Rubrik Director Ravi Mhatre Reports Conversion of Preferred Stock to Common Stock Following IPO

Director Ravi Mhatre reports the conversion of preferred stock to common stock held by various Lightspeed entities following Rubrik's initial public offering.

Summary

• Ravi Mhatre, a director of Rubrik, Inc., filed a Form 4 on May 1, 2024, reporting transactions related to the conversion of preferred stock into common stock.
• The transactions occurred on April 29, 2024, and involve the conversion of Series A, B, C, D, and E preferred stock into Class B Common Stock.
• The preferred stock was held by various Lightspeed Venture Partners entities, including Lightspeed Venture Partners IX, Select II, SPV I, SPV I-B, SPV I-C, X, and Affiliates X.
• The conversions occurred on a one-for-one basis immediately prior to the closing of Rubrik's initial public offering (IPO).
• Mhatre disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.
• Class B Common Stock is convertible into Class A Common Stock under certain conditions.

Sentiment

Score: 7

Explanation: The document is a standard regulatory filing related to an IPO. It doesn't contain overtly positive or negative information, but the successful IPO itself is a positive event. The sentiment is neutral to slightly positive.

Positives

• The conversion of preferred stock to common stock is a standard procedure following an IPO, simplifying the company's capital structure.

Future Outlook

The document does not contain any specific forward-looking statements regarding Rubrik's future performance.

Industry Context

This Form 4 filing is a routine part of the IPO process, reflecting the conversion of preferred shares held by venture capital firms into common stock, which is typical for companies like Rubrik that have recently gone public. This simplifies the capital structure and aligns the interests of early investors with public shareholders.

Comparison to Industry Standards

• The conversion of preferred stock to common stock upon an IPO is a standard practice observed across the technology industry.
• Companies like Snowflake, Datadog, and CrowdStrike also underwent similar conversions of preferred shares held by venture capital firms like Lightspeed Venture Partners upon their respective IPOs.
• The timing and mechanics of these conversions are generally consistent across companies, reflecting standard legal and financial practices.

Stakeholder Impact

• The conversion of preferred stock to common stock simplifies the capital structure, potentially making the company more attractive to a broader range of investors.
• The conversion aligns the interests of early investors with those of public shareholders.

Key Dates