Maplebear Inc. Converts 5.83M Series A Preferred; Eliminates Series A Designation

What Happened
Maplebear Inc. (CART) filed an 8‑K reporting that on September 21, 2026 a holder converted all 5,833,333 shares of the Company’s Series A Convertible Preferred Stock into 5,833,333 shares of common stock (par value $0.0001). The newly issued common shares are non‑transferable for 35 days after issuance. The conversion was exempt from registration under Section 3(a)(9) of the Securities Act. After the conversion, no Series A Preferred Stock remained outstanding. On September 24, 2026 the company filed a Certificate of Elimination with the Delaware Secretary of State removing the Series A provisions from its certificate of incorporation; the previously designated Series A shares were returned to the company’s authorized but undesignated preferred stock.

Key Details

• Conversion date: September 21, 2026; 5,833,333 shares of Series A converted into 5,833,333 shares of common stock.
• Transfer restriction: Issued common shares may not be transferred or disposed of for 35 days after issuance.
• Registration exemption: Issuance exempt under Section 3(a)(9) of the Securities Act (exchange by existing security holder; no commission).
• Certificate of Elimination filed: September 24, 2026 — Series A provisions removed and those shares returned to authorized but undesignated preferred stock.

Why It Matters
This transaction increased the company’s outstanding common stock by 5,833,333 shares, which can change ownership percentages and voting power among existing shareholders. Eliminating the Series A designation removes that specific preferred class from the capital structure and returns those authorized shares to undesignated status, meaning the company now has those preferred shares available to designate for future use under its charter. Investors should note the 35‑day transfer restriction on the issued shares and the registration exemption relied upon for the conversion.