Presidio Management Group XII, L.L.C. 4

What Happened

• Presidio Management Group XII, L.L.C. (a reported 10% owner / general partner for U.S. Venture Partners funds) converted a series of derivative securities into common stock and reported a number of disposals on 2026-05-11. The filing shows four conversion (acquired) entries totaling 3,626,826 shares and six disposal (disposed) entries totaling 15,307,358.08 shares, for a net decrease of 11,680,532.08 shares. No transaction prices or dollar amounts are reported (all listed as N/A).

Key Details

• Transaction date: 2026-05-11; Form 4 filed: 2026-05-13.
• Conversions (acquired): 1,906,809; 96,772; 1,309,155; 314,090 — total 3,626,826 shares.
• Disposals (disposed, noted as derivative): 5,610,776; 1,030,642; 284,754; 52,306; 4,559,790; 3,769,090.08 — total 15,307,358.08 shares.
• Prices / dollar values: Not disclosed (N/A) in the filing.
• Shares owned after transaction: Not specified in the Form 4.
• Relevant footnotes: conversions reflect Series F and Series E-2 preferred and Convertible Notes converting into common stock immediately prior to the issuer’s IPO; Convertible Notes converted per a contractual formula. Securities are held by USVP funds; PMG XII is the GP and may be deemed to share voting/dispositive power. Managers disclaim beneficial ownership except for any pecuniary interest.
• Filing timeliness: Form 4 filed two days after the transactions; filing does not indicate lateness.

Context

• These were derivative conversions (preferred stock and convertible notes converting into common shares) and subsequent disposals — not a straightforward open-market buy/sell by an individual officer. Because the filing involves a 10% institutional owner and fund structures, the entries likely reflect contract-driven conversions and institutional allocation or disposition around the issuer’s IPO rather than typical insider sentiment trades.
• Because no prices or dollar amounts are disclosed, retail investors cannot infer the transaction value from this filing.