Form 4: Trinity Ventures Sells ThredUp Shares in Multiple Transactions

Patricia Nakache, a director of ThredUp Inc., reports multiple transactions involving the conversion and sale of Class A and Class B Common Stock by Trinity Ventures and related funds.

Summary

• Patricia Nakache, a director of ThredUp Inc., filed a Form 4 detailing changes in beneficial ownership.
• The transactions involve the conversion of Class B Common Stock into Class A Common Stock and the subsequent sale of Class A Common Stock.
• These transactions were executed by Trinity Ventures X, L.P., Trinity X Entrepreneurs' Fund, L.P., and Trinity X Side-By-Side Fund, L.P.
• The sales occurred on May 3, 2024, May 6, 2024, and May 7, 2024, with prices ranging from $1.80 to $1.99 per share.
• The transactions were made pursuant to a Rule 10b5-1 trading plan adopted on March 15, 2024.
• Nakache disclaims beneficial ownership of the shares except to the extent of her pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions by a director and related entities; it doesn't inherently convey positive or negative sentiment.

Industry Context

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

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for corporate insiders.
• The transactions are related to venture capital funds managed by Trinity Ventures.
• The sales are being conducted under a pre-arranged 10b5-1 trading plan, which is a common practice to avoid accusations of insider trading.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the sale of shares by a major shareholder.
• The impact is likely mitigated by the use of a pre-arranged trading plan.

Key Dates