Cerebras (CBRS) Director Steven Vassallo Converts Class B, Redistributes Shares

What Happened
Steven Vassallo, a director of Cerebras Systems (CBRS), reported several related transactions on Aug 18, 2026. The filing shows conversions of Class B common stock into Class A common stock totaling 1,912,792 shares (1,738,913 + 37,453 + 136,426) that were converted for no additional consideration. The report also records multiple in‑kind distributions and other transfers among affiliated entities resulting in several acquisitions and dispositions of Class A shares, all reported at $0. No cash proceeds or open‑market sales were reported.

Key Details

• Transaction date: Aug 18, 2026; Form 4 filed Aug 20, 2026 (appears timely).
• Conversions (derivative → common): 1,738,913; 37,453; 136,426 shares (total 1,912,792). Consideration: N/A (conversion).
• Other reported acquisitions at $0 (code J): 449,885; 28,373; 105,210; 54,126 shares.
• Other reported dispositions at $0 (code J): 1,738,913; 37,453; 136,426; 449,885; 29,741 shares. All these transactions show $0 consideration (in‑kind distributions or transfers).
• Shares owned after transaction: not specified in the excerpt provided.
• Notable footnotes:
  • F1 / F18 — Each Class B share is convertible into one Class A share for no additional consideration.
  • F5–F14 — Several entries represent pro rata, in‑kind distributions by affiliated investment vehicles (e.g., FC8, FC8P, FCLF2, FCMLF2) to partners/members (not purchases or market sales).
  • F2–F4, F9, F12, F15, F17 — Many shares are held by funds or trusts; Vassallo is a manager/co‑trustee and disclaims direct beneficial ownership except for his pecuniary interest.

Context
A “conversion” here means Class B shares (or derivative interests tied to Class B) were converted into Class A common stock; the in‑kind transfers are internal reallocations among affiliated funds and their members rather than open‑market trades. Because these were reported at $0 and described as distributions, they do not reflect cash sales or purchases and should not be read as a straightforward bullish or bearish cash trade. Several footnotes limit or disclaim Vassallo’s direct beneficial ownership — these are primarily institutional/fund movements, not necessarily personal trading decisions.