Form 4: Wellington Biomedical Innovation Converts Preferred Stock to Common Stock in Zenas BioPharma Following IPO

Wellington Biomedical Innovation Master Investors converted Series A, B, and C Convertible Preferred Stock into common stock of Zenas BioPharma upon the closing of the company's initial public offering on September 16, 2024.

Summary

• On September 18, 2024, Wellington Biomedical Innovation Master Investors (Cayman) I L.P. filed a Form 4 with the SEC.
• The filing reports the conversion of Series A, B, and C Convertible Preferred Stock into common stock of Zenas BioPharma (ZBIO) following the company's IPO.
• The conversions occurred on September 16, 2024.
• 180,635 shares of Common Stock were converted from Series A Convertible Preferred Stock.
• 420,271 shares of Common Stock were converted from Series B Convertible Preferred Stock.
• 200,718 shares of Common Stock were converted from Series C Convertible Preferred Stock.
• The conversion ratio for all series was 8.6831-for-1.
• Following the transactions, Wellington Biomedical Innovation Master Investors directly owns 801,624 shares of Zenas BioPharma common stock.

Sentiment

Score: 7

Explanation: The document reflects a standard post-IPO procedure, indicating a neutral to slightly positive sentiment as it simplifies the company's capital structure.

Positives

• The conversion of preferred stock to common stock simplifies Zenas BioPharma's capital structure following its IPO.

Industry Context

Conversion of preferred stock to common stock is a standard procedure following an IPO, simplifying the company's capital structure and aligning the interests of preferred shareholders with those of common shareholders.

Stakeholder Impact

• The conversion of preferred stock to common stock may impact the ownership structure and voting rights of existing shareholders.

Key Dates