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Ethos Technologies Inc.·4

Feb 2, 6:41 PM ET

SEQUOIA CAPITAL U.S. SCOUT SEED FUND 2013, L.P. 4

Research Summary

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Updated

Ethos (LIFE) 10% Owner Converts Preferred into 12M Common Shares

What Happened

  • SC US (TTGP), Ltd., a reported 10% owner (Sequoia-related), reported multiple conversions, disposals and grants tied to Ethos Technologies' IPO. On 2026-01-30 the filing shows conversions of preferred securities into Class A common (and an immediate 1:1 exchange into Class B per the charter), with primary line items totaling 12,000,124 shares acquired by conversion and matching disposals/grants at $0.00 per share.
  • The entries include conversion (code C), disposition to the issuer (D), and grant/award (A) transactions — all recorded at $0.00. Many additional derivative-conversion/disposition lines in the filing sum to the same 12,000,124-share amount, reflecting related internal reclassifications following the IPO.

Key Details

  • Transaction date: 2026-01-30; Form 4 filed: 2026-02-02 (filed within required period; not marked late).
  • Price: $0.00 for all reported conversions/dispositions/grants (automatic conversion on IPO rather than market purchases/sales).
  • Shares reported in the key conversion batch: 12,000,124 shares converted; 12,000,124 shares reported as disposed to issuer; additional derivative conversions/dispositions/grants also total 12,000,124 in aggregate across related lines.
  • Footnotes of note:
    • F1: Automatic conversion of Series A-2/A/B/C/D preferred into Class A common at the IPO price, then an immediate 1:1 exchange of those Class A shares for Class B common; Class B shares remain convertible into Class A.
    • F2–F3, F4–F5: SC US (TTGP), Ltd. is a Sequoia-affiliated GP and may be deemed to share power with several funds; disclaimers state limited pecuniary beneficial ownership.
    • F6–F7: Small blocks of shares are held by related LLCs (Spelunker Channel Holdings and Nalrena).
  • This filing reflects institutional/10% owner activity, not an individual executive trading.

Context

  • These entries appear to document routine, non-cash corporate conversions tied to the issuer’s IPO (automatic preferred-to-common conversions and internal exchanges), not open-market buying or selling. For retail investors, such IPO-driven conversions generally do not signal a buying/selling decision by the institution — they reflect capitalization and share-class changes required by the IPO.