SCHEDULE: White Pine LLC and Laird Norton Co LLC Reduce Zevia PBC Stake Below 5%, File Exit Statement

White Pine LLC and Laird Norton Co LLC have filed an Amendment No. 4 to their Schedule 13G for Zevia PBC, indicating their beneficial ownership of Class A Common Stock has fallen to 4.9% as of June 30, 2025, and correcting a previous overstatement.

Summary

• White Pine LLC and Laird Norton Co LLC, as reporting persons, have filed an Amendment No. 4 to their Schedule 13G for Zevia PBC.
• The filing serves as an exit statement, as the reporting persons' beneficial ownership of Zevia PBC's Class A Common Stock has fallen below 5%.
• As of June 30, 2025, the aggregate beneficial ownership by White Pine LLC and Laird Norton Co LLC is 3,357,486 shares, representing 4.9% of the Class A Common Stock.
• This ownership includes 951,548 Class A Shares and 2,405,938 Class B units of Zevia LLC (convertible to Class A Shares).
• The filing corrects an inadvertent overstatement in Amendment No. 3 (as of December 31, 2024), where 4,838,288 Class A Shares were reported, but the correct amount should have been 4,747,490 Class A Shares.
• Based on Zevia PBC's Form 10-Q filed on May 7, 2025, there were 66,064,650 shares of Class A common stock and 8,156,591 shares of Class B Common Stock issued and outstanding as of May 2, 2025.
• Considering all issued and outstanding capital stock, White Pine beneficially owns approximately 4.5% of Zevia PBC's total capital stock.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reduction in a significant shareholder's stake below the 5% threshold and the correction of a previous reporting overstatement. While the filing is routine for ownership changes, the decrease in stake by a major holder can be interpreted as a lack of increasing confidence.

Negatives

• The reporting persons' beneficial ownership of Zevia PBC's Class A Common Stock has decreased to 4.9%, falling below the 5% threshold, which could be interpreted as a reduced conviction in the company by a significant holder.
• An inadvertent overstatement of 90,798 Class A Shares (from 4,838,288 to 4,747,490) was made in the previous Amendment No. 3 filing as of December 31, 2024, indicating a past reporting inaccuracy.

Future Outlook

This filing is an exit filing for the reporting persons, indicating they have ceased to be beneficial owners of more than five percent of Zevia PBC's Class A common stock. This means they are no longer required to file Schedule 13G amendments unless their ownership again crosses the 5% threshold.

Industry Context

This filing is a routine disclosure of a change in beneficial ownership by a significant shareholder. It does not provide broader industry trends or competitive analysis, but rather reflects a specific investor's reduced stake in Zevia PBC.

Related Party Transactions

• White Pine LLC is an indirect, wholly owned subsidiary of Laird Norton Company LLC, and they are filing this statement jointly.

Stakeholder Impact

• Shareholders may note the reduction in beneficial ownership by White Pine LLC and Laird Norton Co LLC, which could influence perceptions of institutional confidence in Zevia PBC.

Next Steps

• The reporting persons, White Pine LLC and Laird Norton Co LLC, are no longer required to file Schedule 13G amendments for Zevia PBC unless their beneficial ownership of Class A Common Stock again exceeds five percent.

Key Dates

Keywords

Zevia PBC, Schedule 13G, Beneficial Ownership, Class A Common Stock, White Pine LLC, Laird Norton Co LLC, SEC Filing, Exit Filing, Shareholding, Investment