Form 4: WC Special Situations Distributes StubHub Shares

WC Special Situations Fund, LLC distributed 800,000 shares of StubHub Holdings, Inc. Class A Common Stock to its members.

Summary

• WC Special Situations Fund, LLC reported a disposition of 800,000 shares of StubHub Holdings, Inc. Class A Common Stock.
• The transaction occurred on September 18, 2025, and represents a pro-rata in-kind distribution to the fund's members.
• No consideration was received for this distribution, meaning it was not a sale on the open market.
• Following this transaction, WC Special Situations Fund, LLC beneficially owns 0 shares of StubHub Holdings, Inc. Class A Common Stock.
• WestCap Management, LLC is the managing member of WC Special Situations Fund, LLC, and Laurence A. Tosi is the managing member of WestCap Management, LLC.
• Neither WestCap Management, LLC nor Laurence A. Tosi had any pecuniary interest in the distributed shares.

Sentiment

Score: 5

Explanation: Neutral, as the filing reports a change in beneficial ownership structure rather than operational or financial performance of StubHub Holdings, Inc.

Future Outlook

No forward-looking statements or guidance were provided in this filing.

Management Comments

• WC Special Situations Fund, LLC, by WestCap Management, LLC, its Manager, by Laurence A. Tosi, its Managing Member, signed the filing.

Industry Context

This filing reports a change in beneficial ownership for a specific investment fund and does not provide information related to broader industry trends or competitive landscape for StubHub Holdings, Inc.

Stakeholder Impact

• Shareholders of StubHub Holdings, Inc. will experience a change in the beneficial ownership structure, as 800,000 shares previously held by WC Special Situations Fund, LLC are now distributed to its individual members.

Key Dates

Keywords

StubHub, STUB, SEC Form 4, Beneficial Ownership, Share Distribution, WC Special Situations Fund, WestCap Management, Laurence A. Tosi