Form 4: Battery Ventures Entities and Affiliates Report Significant Sprinklr Class B to Class A Stock Conversions and Beneficial Ownership Changes

Multiple Battery Ventures entities and affiliated individuals have reported the conversion of millions of Class B common stock shares into Class A common stock of Sprinklr, Inc., alongside updates to their beneficial ownership stakes.

Summary

• Battery Ventures IX, L.P. (BV IX) converted 5,334,367 shares of Class B common stock into Class A common stock of Sprinklr, Inc. (CXM) on May 27, 2025, resulting in a direct beneficial ownership of 11,570,734 Class A shares.
• Battery Investment Partners IX, LLC (BIP IX) converted 53,335 shares of Class B common stock into Class A common stock on May 27, 2025, leading to an indirect beneficial ownership of 112,687 Class A shares.
• Battery Ventures Select Fund I, L.P. (BV Select I) holds an indirect beneficial ownership of 2,180,664 Class A common shares.
• Battery Investment Partners Select Fund I, L.P. (BIP Select I) holds an indirect beneficial ownership of 215,670 Class A common shares.
• Individual reporting persons, including Michael M. Brown, Jesse R. Feldman, R. David Tabors, and Scott R. Tobin, reported direct beneficial ownership of Class A common stock, with amounts of 566,431, 291,362, 84,010, and 468,832 shares respectively.
• Roger H. Lee, through The Lee Family Trust, holds an indirect beneficial ownership of 596,668 Class A common shares.
• Scott R. Tobin, through Tobin Family, LLC, holds an indirect beneficial ownership of 14,274 Class A common shares.
• The conversions of Class B to Class A common stock occur on a one-for-one basis and can be initiated by the reporting person or automatically upon certain conditions, such as sale/transfer, death, or if Class B shares fall below 5.0% of total outstanding Class A and B shares.
• Pro rata distributions in kind of securities to members of Battery Partners IX, LLC and Battery Investment Partners IX, LLC were noted as changes in form of ownership not requiring Section 16 reporting.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing (Form 4) reporting changes in beneficial ownership due to stock conversions and internal distributions. It does not contain information that would inherently indicate a positive or negative sentiment regarding the company's performance or outlook.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions, specifically conversions of Class B to Class A shares, which is common for companies with dual-class share structures. It provides transparency regarding the holdings of significant shareholders and directors, which is standard practice in the public markets.

Corporate Governance

Related Party Transactions

• The document notes that securities held by reporting persons prior to the reported transaction reflect the receipt of securities pursuant to pro rata distributions in kind, effected by Battery Partners IX, LLC and Battery Investment Partners IX, LLC to their members for no additional consideration. These distributions constituted a change in form of ownership and were not required to be reported under Section 16.

Stakeholder Impact

• Shareholders: Provides transparency regarding the holdings and transactions of significant institutional and individual insiders, which can inform investment decisions.
• Regulatory Bodies: Fulfills SEC reporting requirements for insider transactions, ensuring compliance and market transparency.

Key Dates

Keywords

Sprinklr, CXM, SEC Form 4, Beneficial Ownership, Insider Trading, Class A Common Stock, Class B Common Stock, Battery Ventures, Stock Conversion