Form 4: StubHub Director Levine Reports Share Conversions

StubHub Holdings Director Jeremy S. Levine reported the conversion of preferred stock into Class A common shares and a restricted stock unit grant, increasing his indirect beneficial ownership.

Summary

• Jeremy S. Levine, a Director and 10% Owner of StubHub Holdings, Inc., reported changes in his beneficial ownership.
• On March 17, 2026, Series M Redeemable Preferred Stock held indirectly by Deer Partners Investment Fund LLC converted into 82,572 shares of Class A Common Stock.
• On the same date, Series O Redeemable Preferred Stock held indirectly by Cloud All Star Fund LP converted into 46,808 shares of Class A Common Stock.
• Levine also holds 7,700 Restricted Stock Units (RSUs) directly, which represent a contingent right to receive one share of Class A common stock each, with rights assigned to Deer Management Co, LLC.
• His indirect beneficial ownership includes significant holdings through various Bessemer Venture Partners entities, Deer Partners Investment Fund LLC, and Cloud All Star Fund LP.
• Levine disclaims beneficial ownership of these indirectly held securities except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It reports routine insider transactions involving preferred stock conversion and RSU grants, which are standard corporate events and do not inherently signal positive or negative operational changes.

Positives

• Conversion of preferred stock into common stock can simplify the capital structure and potentially increase liquidity for the common shares over time.
• The grant of Restricted Stock Units (RSUs) to a director aligns management's interests with long-term shareholder value.

Risks

• The reporting person disclaims beneficial ownership of indirectly held securities except for his pecuniary interest, which highlights a complex ownership structure through various funds.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the nature of the RSU vesting and the automatic conversion terms of the preferred stock.

Industry Context

StockSavvy.ai notes that the conversion of preferred stock to common stock is a standard event in a company's lifecycle, often occurring as a company matures or approaches certain financial milestones. The grant of RSUs to a director is a common compensation practice aimed at aligning executive incentives with shareholder interests, consistent with broader industry trends in corporate governance and executive compensation.

Related Party Transactions

• Jeremy S. Levine, as a Director and Partner at Bessemer Venture Partners, has indirect beneficial ownership through various Bessemer entities, Deer Partners Investment Fund LLC, and Cloud All Star Fund LP.
• The reporting person has agreed to assign the right to any shares or proceeds from the RSU grant to Deer Management Co, LLC.
• Affiliates of the Bessemer Entities own a material interest in Cloud All Star Fund GP, LLC, which has voting and dispositive power over shares held by Cloud All Star Fund, L.P.

Stakeholder Impact

• Shareholders: The conversion of preferred stock to common stock increases the number of outstanding common shares, potentially diluting existing common shareholders, though this is often anticipated. The RSU grant aligns director interests with shareholders.

Next Steps

• The Restricted Stock Units (RSUs) will vest in accordance with the terms of the applicable awards.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions, specifically the conversion of preferred stock into common shares and an RSU grant. These are standard events that do not provide new fundamental information about the company's operational performance or strategic direction. While they reflect changes in ownership structure, they do not warrant a change in investment recommendation based solely on this disclosure. A 'hold' recommendation is appropriate as the filing does not present compelling reasons for a 'buy' or 'sell' decision.

Keywords

StubHub Holdings, STUB, Jeremy S. Levine, Form 4, Insider Trading, Beneficial Ownership, Preferred Stock Conversion, Class A Common Stock, Restricted Stock Units, Bessemer Venture Partners, Deer Partners Investment Fund, Cloud All Star Fund, Director, 10% Owner