Form 4: CDPQ Sells Zevia Shares in Pre-Planned Transaction

Caisse de dépôt et placement du Québec and its subsidiary CDP Investissements Inc. reported a pre-planned sale of 2,971,664 Zevia PBC Class A Common Stock shares at $2.73 per share.

Summary

• Caisse de dépôt et placement du Québec (CDPQ) and its subsidiary CDP Investissements Inc. (CDP) reported a transaction involving Zevia PBC [ZVIA] Class A Common Stock.
• The transaction was a sale of 2,971,664 shares of Class A Common Stock.
• The sale price for the shares was $2.73 per share.
• The transaction date is reported as September 30, 2025.
• Following this transaction, the reporting persons beneficially own 17,050,428 shares of Class A Common Stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged sale.
• CDPQ and CDP are identified as 10% Owners and Directors of Zevia PBC.

Sentiment

Score: 5

Explanation: Neutral. A Form 4 reports a factual transaction. While an insider sale can sometimes be viewed negatively, the fact it's a pre-planned Rule 10b5-1 sale mitigates immediate negative sentiment as it's not necessarily based on new, adverse information.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The sale by a significant 10% owner could be interpreted by other shareholders as a reduction in confidence, potentially leading to downward pressure on the stock price, although the Rule 10b5-1 plan mitigates this to some extent.

Key Dates

Recommendation

The filing reports a pre-planned sale of a significant number of shares by a 10% owner and director. While insider sales can sometimes be a negative signal, the transaction being executed under a Rule 10b5-1 plan suggests it was pre-arranged and not necessarily based on new, adverse information about the company. Therefore, a 'hold' recommendation is appropriate, advising investors to monitor future developments rather than making an immediate buy or sell decision based solely on this transaction.

Keywords

Zevia PBC, ZVIA, SEC Form 4, Insider Trading, Stock Sale, Beneficial Ownership, CDPQ, CDP Investissements Inc., Rule 10b5-1