Form 4: Zevia 10% Owner Plans Sale of 3.5M Shares

A 10% owner of Zevia PBC, Caisse de depot et placement du Quebec, plans to sell 3.5 million shares of Class A Common Stock at $2 per share in a pre-arranged transaction.

Summary

• Caisse de depot et placement du Quebec (CDPQ) and its wholly-owned subsidiary, CDP Investissements Inc., identified as a 10% owner and director of Zevia PBC, filed a Form 4.
• The filing reports a planned disposition of 3,500,000 shares of Zevia PBC Class A Common Stock.
• This transaction is scheduled for January 27, 2026, at a price of $2 per share.
• Following this planned sale, the reporting persons will beneficially own 13,550,428 shares of Class A Common Stock.
• The transaction is indicated as being made pursuant to a Rule 10b5-1(c) plan, signifying a pre-arranged sale.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to a significant planned insider sale by a 10% owner and director, even though it's pre-planned. A large disposition of shares can be perceived as a lack of strong conviction in the company's future prospects by a key stakeholder.

Positives

• The transaction is pre-planned under Rule 10b5-1(c), which suggests an orderly disposition strategy rather than an immediate reaction to market conditions.

Negatives

• A significant planned sale of 3,500,000 shares by a 10% owner and director could be perceived negatively by the market, potentially indicating a strategic portfolio rebalancing away from Zevia.
• The stated sale price of $2 per share might be below the company's current market value, depending on ZVIA's stock price at the time of the filing, which could signal a low valuation expectation by the insider.

Risks

• Potential negative market reaction to a large insider sale, which could put downward pressure on the stock price.
• The sale by a significant shareholder and director might be interpreted as a signal of future challenges or limited growth prospects for Zevia PBC.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the planned future transaction date.

Industry Context

This Form 4 filing reflects an individual insider's planned transaction and does not directly provide insights into broader industry trends for the beverage sector or Zevia PBC's competitive positioning. However, significant insider sales can sometimes be a lagging indicator of sentiment within the company or sector.

Related Party Transactions

• The transaction involves a 10% owner and director, Caisse de depot et placement du Quebec (and its subsidiary CDP Investissements Inc.), selling shares of Zevia PBC, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders: Existing shareholders might view the significant insider sale negatively, potentially leading to a decrease in confidence and downward pressure on the stock price.
• Management/Board: The sale by a director could raise questions about the director's long-term commitment or view of the company's future.

Next Steps

• The planned disposition of 3,500,000 shares of Class A Common Stock is scheduled to occur on January 27, 2026.

Key Dates

Recommendation

While a significant insider sale by a 10% owner and director is generally a negative signal, the transaction is pre-planned under a Rule 10b5-1 plan, which mitigates the immediate negative interpretation of a reactive sale. The future date of the transaction (January 2026) also means the immediate impact is limited. Investors should hold and monitor Zevia PBC's operational performance and future filings for more definitive signals, as this specific transaction is a planned portfolio adjustment rather than an urgent divestment.

Keywords

Zevia PBC, ZVIA, Form 4, Insider Sale, CDPQ, CDP Investissements Inc., Beneficial Ownership, Stock Disposition, Rule 10b5-1, Director Transaction, 10% Owner