Form 4: Andreessen Horowitz Funds Distribute Samsara Shares Following Class B to Class A Conversion

Various Andreessen Horowitz funds are distributing shares of Samsara Inc. Class A Common Stock to their partners following the conversion of Class B shares.

Summary

• This SEC Form 4 filing details the distribution of Samsara Inc. Class A Common Stock by several Andreessen Horowitz (AH) affiliated funds to their respective partners.
• The distributions follow the conversion of Class B Common Stock to Class A Common Stock on a 1:1 basis.
• AH LSV Fund I, L.P. plans to distribute 2,401,999 shares of Class A Common Stock.
• Andreessen Horowitz Fund IV, L.P. plans to distribute 10,949,016 shares of Class A Common Stock.
• AH Parallel Fund IV, L.P. plans to distribute 994,901 shares of Class A Common Stock.
• The filing also reports holdings by other AH affiliated entities including AH Parallel Fund V, L.P., Andreessen Horowitz LSV Fund III, L.P., and The 1997 Horowitz Family Trust.
• The distributions are being made in-kind on a pro-rata basis without consideration.
• The filing is one of three related filings due to SEC limitations on the number of reporting persons per form.

Sentiment

Score: 6

Explanation: The document is neutral in sentiment as it primarily reports a standard transaction. There are no indications of positive or negative news, just a procedural distribution of shares.

Positives

• The conversion of Class B to Class A shares simplifies the capital structure.
• The distribution of shares to partners could be seen as a positive move for the funds' investors.

Risks

• The distribution of a large number of shares could potentially increase the supply of shares in the market, which could have a short term impact on the share price.
• The complex structure of the various funds and entities could make it difficult to track the ultimate ownership of the shares.

Industry Context

This filing reflects the typical process of venture capital and private equity funds distributing shares to their limited partners after a company goes public and the lock-up period expires. It is a common practice and not unusual for a company like Samsara.

Comparison to Industry Standards

• The distribution of shares by venture capital funds after a lock-up period is a standard practice in the industry.
• Similar distributions have been observed with other tech companies backed by venture capital firms such as Sequoia Capital, Kleiner Perkins, and Accel Partners.
• The in-kind distribution method is also a common approach to distribute shares to limited partners.

Stakeholder Impact

• Shareholders may see a slight increase in the supply of shares in the market.
• Limited partners of the Andreessen Horowitz funds will receive shares of Samsara Inc.

Key Dates

Keywords

Samsara, Andreessen Horowitz, Class A Common Stock, Class B Common Stock, Share Distribution, SEC Form 4, Beneficial Ownership, In-Kind Distribution