Technology Impact Fund, LP 4
4 · Fervo Energy Co · Filed May 18, 2026
Research Summary
AI-generated summary of this filing
Fervo Energy (FRVO) 10% Owner Converts Preferred into 34.2M Shares
What Happened
- TIF Partners, LLC (reported as a 10% owner) converted multiple derivative securities into a total of 34,227,390 Class A common shares of Fervo Energy (FRVO) on May 14, 2026. The Form 4 shows matching “acquired” common shares and “disposed” derivative securities — i.e., the preferred/derivative positions were converted into common stock. No cash price is reported (N/A).
Key Details
- Transaction date: 2026-05-14; Form 4 filed: 2026-05-18 (timely filing).
- Total shares acquired (common) via conversion: 34,227,390.
- Total derivative securities disposed (converted): 34,227,390 (net effect: conversion, not a sale).
- Price / consideration: N/A — conversion pursuant to security terms (no open‑market purchase or sale).
- Shares owned after transaction: Not specified in the provided entries.
- Footnotes: F1 states Series B, C-1, C-3, D-1, D-3 and E-1 preferred converted into Class A immediately before the issuer’s IPO; F2–F5 explain the holdings are held by various TIF/TIGF funds and that TIF Partners and the named managers may be deemed beneficial owners but disclaim ownership except for pecuniary interest. Ion Yadigaroglu is a director and files separate Section 16 reports.
- Filing timeliness: Appears timely (filed within the SEC two-business-day window).
Context
- This was a conversion of preferred/derivative securities into common stock (a structural, IPO-related event), not an open-market buy or sell. Conversions like this typically don’t reflect active trading intent by the holder — they change the security type into freely tradable common shares.
- Because TIF Partners is an institutional 10% owner (via funds), this is institutional conversion activity rather than personal insider trading by an executive.
Insider Transaction Report
Form 4
Fervo Energy CoFRVO
TIF Partners, LLC
10% Owner
Transactions
- Conversion
Class A Common Stock
[F1][F2]2026-05-14+12,055,467→ 12,055,467 total(indirect: By Technology Impact Fund, LP) - Conversion
Class A Common Stock
[F1][F3]2026-05-14+14,962,430→ 14,962,430 total(indirect: By Technology Impact Growth Fund II, LP) - Conversion
Class A Common Stock
[F1][F4]2026-05-14+5,448,761→ 5,448,761 total(indirect: By LLC) - Conversion
Class A Common Stock
[F1][F5]2026-05-14+1,760,732→ 1,760,732 total(indirect: By LLC) - Conversion
Series B Preferred Stock
[F1][F2]2026-05-14−6,368,028→ 0 total(indirect: By Technology Impact Fund, LP)→ Class A Common Stock (6,368,028 underlying) - Conversion
Series C-1 Preferred Stock
[F1][F3]2026-05-14−8,523,393→ 0 total(indirect: By Technology Impact Growth Fund II, LP)→ Class A Common Stock (8,523,393 underlying) - Conversion
Series C-3 Preferred Stock
[F1][F2]2026-05-14−4,266,992→ 0 total(indirect: By Technology Impact Fund, LP)→ Class A Common Stock (4,266,992 underlying) - Conversion
Series D-1 Preferred Stock
[F1][F2]2026-05-14−1,420,447→ 0 total(indirect: By Technology Impact Fund, LP)→ Class A Common Stock (1,420,447 underlying) - Conversion
Series D-1 Preferred Stock
[F1][F3]2026-05-14−2,840,894→ 0 total(indirect: By Technology Impact Growth Fund II, LP)→ Class A Common Stock (2,840,894 underlying) - Conversion
Series D-3 Preferred Stock
[F1][F3]2026-05-14−2,724,380→ 0 total(indirect: By Technology Impact Growth Fund II, LP)→ Class A Common Stock (2,724,380 underlying) - Conversion
Series D-3 Preferred Stock
[F1][F4]2026-05-14−5,448,761→ 0 total(indirect: By LLC)→ Class A Common Stock (5,448,761 underlying) - Conversion
Series E-1 Preferred Stock
[F1][F3]2026-05-14−873,763→ 0 total(indirect: By Technology Impact Growth Fund II, LP)→ Class A Common Stock (873,763 underlying) - Conversion
Series E-1 Preferred Stock
[F1][F5]2026-05-14−1,760,732→ 0 total(indirect: By LLC)→ Class A Common Stock (1,760,732 underlying)
Footnotes (5)
- [F1]Each share of the Series B, Series C-1, Series C-3, Series D-1, Series D-3 and Series E-1 Preferred Stock converted into Class A Common Stock immediately prior to the completion of the Issuer's initial public offering pursuant to its terms and had no expiration date.
- [F2]Securities are held directly by Technology Impact Fund, LP ("TIF I"). TIF Partners, LLC ("TIF Partners I") is the general partner of TIF I and Ion Yadigaroglu and Dipender Saluja are the managers of TIF Partners I. Each of TIF Partners I and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIF I. Each of TIF Partners I and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.
- [F3]Securities are held directly by Technology Impact Growth Fund II, LP ("TIGF II"). TIGF Partners II, LLC ("TIGF Partners II") is the general partner of TIGF II and Ion Yadigaroglu and Dipender Saluja are the managers of TIGF Partners II. Each of TIGF Partners II and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIGF II. Each of TIGF Partners II and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.
- [F4]Securities are held directly by TIGF II Direct Strategies LLC - Series 5 ("TIGF II DS 5"). TIGF Partners II is the manager of TIGF II DS 5 and Ion Yadigaroglu and Dipender Saluja are the managers of TIGF Partners II. Each of TIGF Partners II and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIGF II DS 5. Each of TIGF Partners II and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.
- [F5]Securities are held directly by TIGF II Direct Strategies LLC - Series 7 ("TIGF II DS 7"). TIGF Partners II is the manager of TIGF II DS 7 and Ion Yadigaroglu and Dipender Saluja are the managers of TIGF Partners II. Each of TIGF Partners II and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIGF II DS 7. Each of TIGF Partners II and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.