Form 4: Derby LuxCo S.a r.l. Reduces Stake in Waystar Holding Corp.

Derby LuxCo S.a r.l., a major shareholder of Waystar Holding Corp., has disposed of 9,830,143 shares of common stock at $40 per share.

Summary

• Derby LuxCo S.a r.l. sold 9,830,143 shares of Waystar Holding Corp. common stock on February 24, 2025.
• The sale price was $40 per share.
• Following the transaction, Derby LuxCo S.a r.l. indirectly holds 38,828,374 shares of Waystar Holding Corp.
• EQT Fund Management S.a r.l. oversees Derby LuxCo through its management of EQT VIII, which owns 100% of Derby LuxCo's membership interests.
• Both Derby LuxCo S.a r.l. and EQT Fund Management S.a r.l. disclaim beneficial ownership of the securities, except to the extent of their pecuniary interest.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the large sale of shares by a major shareholder, which could indicate a lack of confidence or a change in investment strategy. However, the disclaimer of beneficial ownership mitigates the negative impact somewhat.

Negatives

• Derby LuxCo S.a r.l., a significant shareholder, has reduced its stake in Waystar Holding Corp.

Risks

• Further sales by Derby LuxCo S.a r.l. could put downward pressure on Waystar Holding Corp.'s stock price.

Management Comments

• This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any.

Industry Context

Sales of shares by major shareholders are common and can be for a variety of reasons, including portfolio rebalancing or to realize gains. The impact on the stock price depends on the size of the sale relative to the trading volume and the market's perception of the company's prospects.

Stakeholder Impact

• Shareholders may react negatively to the sale, potentially leading to a decrease in the stock price.
• The company's reputation could be slightly affected if the market interprets the sale as a lack of confidence by a major investor.

Key Dates