SCHEDULE: Crosslink Capital Amends Weave Communications Stake

Crosslink Capital and related entities updated their beneficial ownership in Weave Communications, Inc., reporting a collective 5.6% stake after recent distributions and open market sales.

Summary

• Crosslink Capital, Inc., Crosslink Capital Management, LLC, and Michael J. Stark (Reporting Persons) filed an Amendment No. 4 to their Schedule 13D regarding Weave Communications, Inc.
• Collectively, the Reporting Persons beneficially own an aggregate of 4,402,482 shares of common stock, which represents 5.6% of the Issuer's outstanding common stock.
• This percentage is based upon 78,025,757 shares of common stock outstanding as of November 3, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 6, 2025.
• On December 3, 2025, Funds advised by Crosslink made pro rata in-kind distributions for no additional consideration of an aggregate of 3,054,712 shares of common stock to their limited partners and general partner.
• On December 4, 2025, a Fund made a pro rata in-kind distribution for no additional consideration of 226,568 shares of common stock to its members, with Mr. Stark receiving 90,220 shares.
• On December 5, 2025, a Fund sold an aggregate of 160,000 shares of common stock in open market transactions at prices ranging from $6.30 to $6.60, with a weighted average sales price of $6.47 per share.
• Crosslink Capital, Inc. beneficially owns 3,529,255 shares, representing 4.5% of the class.
• Crosslink Capital Management, LLC beneficially owns 717,603 shares, representing 0.9% of the class.
• Michael J. Stark beneficially owns 3,684,879 shares, representing 4.7% of the class.

Sentiment

Score: 5

Explanation: The filing is neutral, primarily reporting changes in beneficial ownership due to routine fund distributions and a minor open market sale. It does not contain information that significantly alters the investment thesis for Weave Communications, Inc. itself, but rather reflects portfolio management by the reporting entities.

Positives

• The distributions of shares to limited partners and general partner were made for no additional consideration, indicating a return of capital to investors in the funds.

Negatives

• A fund sold 160,000 shares in open market transactions, indicating a reduction in exposure to Weave Communications, Inc. by one of the reporting entities.

Future Outlook

NA

Industry Context

This filing reflects routine portfolio management activities by institutional investors, common in the venture capital and private equity space as funds mature and distribute assets to their limited partners. The sale of a portion of the stake in the open market is a typical liquidity event.

Related Party Transactions

• Funds made pro rata in-kind distributions to their general partner, which is related to Crosslink Capital, Inc. and Michael J. Stark.
• Michael J. Stark, a control person of Crosslink, received 90,220 shares from a Fund distribution.

Stakeholder Impact

• Shareholders: The distributions and sale by the reporting persons could slightly increase the float of Weave Communications shares available in the market. The overall beneficial ownership by this group has decreased.
• Limited Partners of Funds: Received in-kind distributions of Weave Communications shares, providing them direct ownership.

Key Dates

Keywords

Weave Communications, Crosslink Capital, Schedule 13D/A, Beneficial Ownership, Institutional Investor, Share Distribution, Stock Sale, WVE