CAISSE DE DEPOT ET PLACEMENT DU QUEBEC 4

What Happened

• Caisse de dépôt et placement du Québec (CDPQ), reported as a 10% owner of Zevia PBC (ZVIA), disposed of 2,971,664 shares on 2025-09-30. The sale was reported at $2.73 per share for a total proceeds of approximately $8,112,643. The transaction is coded "S" (sale) and described as an open market or private sale.

Key Details

• Transaction date and price: 2025-09-30 at $2.73 per share.
• Total shares sold and value: 2,971,664 shares for ~$8,112,643.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Filing date and timeliness: Form 4 was filed 2026-01-28 — roughly 120 days after the trade (late filing).
• Footnote: The Form 4 is filed jointly by CDPQ and CDP Investissements Inc. (CDP). CDP directly owns the securities and is a wholly owned subsidiary of CDPQ, so CDPQ may be deemed to beneficially own the shares (footnote F1).

Context

• This appears to be an institutional sale by a large investor (CDPQ/CDP), not an executive or company officer. Institutional sales can be routine portfolio management and do not necessarily reflect management sentiment. The late filing is a reporting compliance issue investors may note, but the transaction itself is a straightforward disposition.