Ignition Acquisition Holdings LP 4

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.