Blackburn Jeffrey M 4

What Happened
Jeffrey M. Blackburn, a director of StubHub Holdings, Inc. (STUB), had Series M redeemable preferred stock automatically converted into Class A common stock on March 17, 2026. The filing shows 110,097 shares acquired via conversion (derivative conversion) and a separate line reporting 2,000 shares disposed with a reported price of $0.00 (derivative). No cash consideration or dollar values are reported for the primary conversion.

Key Details

• Transaction date: March 17, 2026; Form 4 filed March 19, 2026 (appears timely).
• Converted (acquired) shares: 110,097 via conversion of Series M redeemable preferred (conversion code C). Price: N/A.
• Disposed (derivative) shares: 2,000 reported at $0.00.
• Footnote: Each Series M redeemable preferred share automatically converted into Class A common stock per the company’s Certificate of Designation.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• No 10b5-1, tax-withholding, or late-filing notes included in the excerpt.

Context
This was not an open-market buy or sale by the director but an automatic conversion of preferred stock into common stock under the company’s governing terms — a routine capital-structure event rather than an active purchase or sale decision by the insider. The 2,000-share line at $0 likely reflects a related derivative accounting adjustment recorded in the Form 4; it does not represent a cash sale. Retail investors should view conversions like this as neutral to the director’s market sentiment unless accompanied by separate market trades.