Form 4: Battery Ventures Reports In-Kind Distributions and Conversions of Sprinklr (CXM) Stock

Battery Ventures and related entities report in-kind distributions and conversions of Sprinklr Class B common stock into Class A common stock, with no purchase or sale of securities involved.

Summary

• Battery Ventures IX, L.P. (BV IX) made a pro rata, in-kind distribution of 4,000,000 shares of Class A Common Stock to its general partner and limited partners.
• Battery Investment Partners IX, LLC (BIP IX) made a pro rata, in-kind distribution of 40,406 shares of Class A Common Stock to its members.
• BP IX distributed 1,177,672 shares of Class A Common Stock to its members.
• 5,300,000 shares of Class B common stock were converted into Class A common stock on a one-for-one basis.
• The report also details the beneficial ownership of Sprinklr stock by various Battery Ventures entities and related individuals, including directors Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Roger H. Lee, R. David Tabors, and Scott R. Tobin.
• The report clarifies that the distributions were not purchases or sales of securities and that the reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.
• The filing also covers holdings by Battery Ventures Select Fund I, L.P. and Battery Investment Partners Select Fund I, L.P.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing stock transactions, and does not inherently convey positive or negative sentiment.

Positives

• The conversion of Class B shares to Class A shares simplifies the capital structure of Sprinklr.
• The in-kind distributions allow Battery Ventures to distribute assets to its partners without triggering taxable events.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, providing transparency to the market.

Stakeholder Impact

• The conversion of Class B shares to Class A shares could have a minor impact on shareholders by simplifying the company's capital structure.
• The in-kind distributions do not directly impact employees, customers, suppliers, or creditors.

Key Dates