Ignition Acquisition Holdings LP 4
4 · OPENLANE, Inc. · Filed Jun 1, 2026
Research Summary
AI-generated summary of this filing
OPENLANE (OPLN) 10% Holder Converts Preferred, Sells 288K Shares
What Happened
- Ignition Acquisition Holdings LP, a >10% holder of OPENLANE (OPLN), converted Series A preferred stock into 16,424,728 shares of common stock on 2026-05-28 at an effective conversion price of $17.75 per share (aggregate value shown as $291,538,922). The same report shows a disposition (open market or private sale) of 288,323 shares (reported as a derivative disposition); no price per share for that sale is provided in the filing.
- The conversion resulted in a large acquisition of common shares (via conversion of a derivative security); the subsequent reported disposition reduced the converted position by 288,323 shares.
Key Details
- Transaction date: 2026-05-28; Form 4 filed: 2026-06-01 (filed after the transaction date).
- Conversion: 16,424,728 shares acquired at an effective conversion price of $17.75 → aggregate value reported $291,538,922.
- Disposition: 288,323 shares disposed (sale of derivative security); per-share sale price not provided in the filing.
- Shares owned after the transactions: not specified in the summary provided here (see the full SEC filing for the beneficiary holdings table).
- Footnotes of note:
- F1: Describes Series A Preferred convertible into common at an initial conversion price of $17.75 and conversion rate; issuer could mandatorily convert after certain conditions.
- F2–F3: Show the chain of entities controlling the reporting LP and disclaimers that affiliated entities may disclaim beneficial ownership except for pecuniary interest.
- Timeliness: The Form 4 was filed 2026-06-01 for a 2026-05-28 transaction — this appears to be later than the usual two-business-day Form 4 deadline.
Context
- This filing reflects an institutional/affiliate action by a >10% holder converting preferred into common stock (a derivative conversion), not an ordinary open-market buy by an individual executive. Conversions exchange preferred shares for common shares at a preset conversion rate/price rather than a market purchase.
- The conversion created a large block of common shares; the reported sale/disposition of ~288K shares is small relative to the total converted amount. The filing includes standard ownership-chain footnotes and a disclaimer of beneficial ownership by affiliated entities.
Insider Transaction Report
Form 4
OPENLANE, Inc.OPLN
Ignition Acquisition Holdings LP
10% Owner
Transactions
- Conversion
Common Stock
[F1][F2][F3]2026-05-28$17.75/sh+16,424,728$291,538,922→ 16,424,728 total(indirect: See Footnotes) - Sale
Series A Preferred Stock
[F1][F2][F3]2026-05-28−288,323→ 0 total(indirect: See Footnotes)Exercise: $17.75→ Common Stock (16,424,728 underlying)
Footnotes (3)
- [F1]Reflects Series A Preferred Stock, par value $0.01 per share, of the Issuer ("Series A Preferred Stock"). The Series A Preferred Stock had no stated maturity, and beginning on June 10, 2021, the Series A Preferred Stock were convertible at the option of the holders thereof into shares of common stock, par value $0.01 per share, of the Issuer ("Common Stock") at an initial conversion price of $17.75 per share of Series A Preferred Stock and an initial conversion rate of 56.3380 shares of Common Stock per share of Series A Preferred Stock, subject to adjustment as provided in the Certificate of Designations of the Series A Preferred Stock ("Certificate of Designations"). The Issuer had the right to mandatorily convert the Series A Preferred Stock into Common Stock at any time after the three-year anniversary of the issuance, if certain conditions are met.
- [F2]Reflects securities held directly by Ignition Acquisition Holdings LP. Ignition Acquisition Holdings GP LLC is the general partner of Ignition Acquisition Holdings LP. Ignition Parent LP is the sole member of Ignition Acquisition Holdings GP LLC. Ignition GP LLC is the general partner of Ignition Parent LP. Ignition Topco Ltd is the sole member of Ignition GP LLC. Apax X GP Co. Limited, in its capacity as investment manager of the Apax funds, controls 100% of the shares of Ignition Topco Ltd. Apax Guernsey (Holdco) PCC Limited Apax X Cell is the sole parent of Apax X GP Co. Limited.
- [F3]Each of the Reporting Persons may be deemed to beneficially own the securities beneficially owned by Ignition Acquisition Holdings LP directly or indirectly controlled by it, but each (other than Ignition Acquisition Holdings LP to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.