Yadigaroglu Ion 4
4 · Fervo Energy Co · Filed May 18, 2026
Research Summary
AI-generated summary of this filing
Fervo (FRVO) 10% Owner Ion Yadigaroglu Converts/Disposes Shares
What Happened
Ion Yadigaroglu, reported as a 10% owner/manager of related investment vehicles, converted a package of derivative securities into 34,227,390 shares of Fervo Energy Class A common stock on May 14, 2026. The filing also reports a prior grant (an RSU award) on December 4, 2025 for 2,634,495 RSUs valued at $11.36 each (total ~$29,927,863). Several converted tranches totaling 34,227,390 shares were recorded as disposed/transferred on May 14, 2026, consistent with reallocation among affiliated funds rather than an open-market sale.
Key Details
- Primary transaction date: May 14, 2026 (conversion of derivative securities into 34,227,390 Class A shares).
- Prior award: Dec 4, 2025 — 2,634,495 RSUs at $11.36 each (derivative award valued at ~$29,927,863). Also a small grant of 9,259 RSUs on May 14, 2026 (no cash price).
- Shares reported after these transactions: 34,227,390 Class A shares held across affiliated funds (see footnote breakdown).
- Notable footnotes:
- F1: Multiple series of preferred stock converted into Class A immediately prior to the IPO.
- F2–F3: The 34,227,390 shares are held by several affiliated funds (Technology Impact Fund, Technology Impact Growth Fund II, and related series); Yadigaroglu, as manager, shares voting/disposal power but disclaims beneficial ownership except to the extent of his pecuniary interest.
- F5–F6: The RSUs represent a contingent right to one share each and will vest in full on the earlier of the issuer’s 2027 Annual Meeting or May 14, 2027.
- F4: Some reported activity (conversion) occurred prior to the company’s registration in connection with its IPO and is reported under Rule 16a-2(a).
- Filing timeliness: Form filed May 18, 2026. The May 14, 2026 transactions were reported within the standard Form 4 filing window.
Context for retail investors
- These were derivative conversions and internal transfers among affiliated funds, not open-market buys or routine insider sales. Conversions of preferred stock/derivatives into common shares are common around IPOs and restructurings; they don't necessarily signal new buying or selling intent.
- The RSU award (Dec 4, 2025) is a grant/compensation-type award (derivative) that vests by mid‑2027 and is the principal disclosed economic value (~$29.9M).
- Because Yadigaroglu is a manager of the funds that hold the shares and is a 10% owner, this filing mainly reflects institutional holdings and reallocation, not typical executive trading.
Insider Transaction Report
Form 4
Fervo Energy CoFRVO
Yadigaroglu Ion
Director10% Owner
Transactions
- Conversion
Class A Common Stock
[F1][F2][F3]2026-05-14+34,227,390→ 34,227,390 total(indirect: See Footnote) - Award
Series E-1 Preferred Stock
[F1][F4][F2][F3]2025-12-04$11.36/sh+2,634,495$29,927,863→ 2,634,495 total(indirect: See Footnote)→ Class A Common Stock (2,634,495 underlying) - Award
Restricted Stock Units
[F5][F6]2026-05-14+9,259→ 9,259 total→ Class A Common Stock (9,259 underlying) - Conversion
Series B Preferred Stock
[F1][F2][F3]2026-05-14−6,368,028→ 0 total(indirect: See Footnote)→ Class A Common Stock (6,368,028 underlying) - Conversion
Series C-1 Preferred Stock
[F1][F2][F3]2026-05-14−8,523,393→ 0 total(indirect: See Footnote)→ Class A Common Stock (8,523,393 underlying) - Conversion
Series C-3 Preferred Stock
[F1][F2][F3]2026-05-14−4,266,992→ 0 total(indirect: See Footnote)→ Class A Common Stock (4,266,992 underlying) - Conversion
Series D-1 Preferred Stock
[F1][F2][F3]2026-05-14−4,261,341→ 0 total(indirect: See Footnote)→ Class A Common Stock (4,261,341 underlying) - Conversion
Series D-3 Preferred Stock
[F1][F2][F3]2026-05-14−8,173,141→ 0 total(indirect: See Footnote)→ Class A Common Stock (8,173,141 underlying) - Conversion
Series E-1 Preferred Stock
[F1][F2][F3]2026-05-14−2,634,495→ 0 total(indirect: See Footnote)→ Class A Common Stock (2,634,495 underlying)
Footnotes (6)
- [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 has no expiration date.
- [F2]Following the transactions reported herein, consists of (i) 12,055,467 shares of Class A Common Stock held by Technology Impact Fund, LP, (ii) 14,962,430 shares of Class A Common Stock held by Technology Impact Growth Fund, II, L.P., (iii) 5,448,761 shares of Class A Common Stock held by TIGF II Direct Strategies LLC - Series 5 and (iv) 1,760,732 shares of Class A Common Stock held by TIGF II Direct Strategies LLC - Series 7.
- [F3]TIF Partners, LLC is the general partner of Technology Impact Fund, LP and TIGF Partners II, LLC is the general partner of Technology Impact Growth Fund, II, L.P. and the manager of (i) TIGF II Direct Strategies LLC - Series 5 and (ii) TIGF II Direct Strategies LLC - Series 7. Ion Yadigaroglu, as a manager of TIF Partners, LLC and TIGF Partners II, LLC, shares the power to vote and dispose of the shares held by Technology Impact Fund, LP, Technology Impact Growth Fund, II, L.P., TIGF II Direct Strategies LLC - Series 5 and TIGF II Direct Strategies LLC - Series 7. Ion Yadigaroglu disclaims beneficial ownership of such holdings, except to the extent of his pecuniary interest in the shares.
- [F4]This transaction occurred prior to the Issuer's registration of a class of equity securities under Section 12 of the Securities Exchange Act of 1934, as amended, in connection with the Issuer's initial public offering, and is reported herein pursuant to Rule 16a-2(a).
- [F5]Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's Class A Common Stock.
- [F6]The RSUs will vest in full on the earlier of the Issuer's 2027 Annual Meeting or May 14, 2027.
Signature
/s/ Gustavo Torres, Attorney-in-Fact|2026-05-18