Technology Impact Fund, LP 4

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.