SCHEDULE 13G/A: Investment Group Discloses Updated Stake in Upwork, Inc. Below 5% Threshold
Beneficial Ownership Disclosure
Ancient Art, L.P., Trango II, L.L.C., and Quincy J. Lee have filed an amended Schedule 13G, disclosing their beneficial ownership in Upwork, Inc. as of December 31, 2024, with Quincy J. Lee holding the largest individual stake at 4.1%.
Summary
- Ancient Art, L.P., Trango II, L.L.C., and Quincy J. Lee (collectively, the "Reporting Persons") have filed an Amendment No. 1 to their Schedule 13G regarding their beneficial ownership of Upwork, Inc. Common Stock.
- The filing indicates the beneficial ownership as of December 31, 2024.
- Ancient Art, L.P. and Trango II, L.L.C. each beneficially own 4,921,007 shares of Common Stock, representing 3.7% of the class.
- Quincy J. Lee beneficially owns an aggregate of 5,436,954 shares of Common Stock, representing 4.1% of the class.
- The percentages are calculated based on 133,667,123 shares of Common Stock outstanding as of November 4, 2024, as reported in Upwork, Inc.'s Form 10-Q filed on November 6, 2024.
- Mr. Lee holds sole voting and dispositive power over 515,947 shares directly.
- The Reporting Persons share voting and dispositive power over 4,921,007 shares held by Teton Capital Partners, L.P. (the "Fund").
- The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership, providing no inherent positive or negative sentiment regarding the company's performance or outlook. It simply reports a change in an investor's stake.
Future Outlook
NA
Industry Context
This filing is a standard disclosure of beneficial ownership by an investment group, indicating their stake in Upwork, Inc., a company operating in the freelance and remote work platform industry. It does not provide broader industry trends or competitive analysis.
Stakeholder Impact
- Shareholders: Provides transparency regarding significant ownership stakes by an investment group, which can influence perceptions of institutional interest in the company.
Key Dates
| Date | Description |
|---|---|
| 2024-11-04 | Date as of which 133,667,123 shares of Common Stock were reported as issued and outstanding in Upwork, Inc.'s Form 10-Q. |
| 2024-11-06 | Date Upwork, Inc. filed its Form 10-Q with the SEC. |
| 2024-12-31 | Date of event which requires filing of this statement (beneficial ownership snapshot). |
| 2024-02-14 | Date the Schedule 13G/A was signed and filed. |
Keywords
Upwork Inc., Schedule 13G, Beneficial Ownership, SEC Filing, Common Stock, Ancient Art L.P., Trango II L.L.C., Quincy J. Lee, Investment Disclosure
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