Janmohamed Arif 4

What Happened
Janmohamed Arif, a director, converted 1,650,000 shares of Class B common stock into Class A common stock (no additional consideration) and disposed of those 1,650,000 shares in open‑market sales. On 2026‑06‑12 he sold 1,313,827 shares at a weighted average price of $9.19 for proceeds of $12,074,070; on 2026‑06‑15 he sold 336,173 shares at a weighted average price of $9.00 for proceeds of $3,025,557. Total reported proceeds from the sales are about $15,099,627.

Key Details

• Transaction dates: conversion and first sale 2026‑06‑12; additional sale 2026‑06‑15. Form filed 2026‑06‑16 (timely).
• Prices: $9.19 (weighted average) for 1,313,827 shares; $9.00 (weighted average) for 336,173 shares. Reported price ranges: $8.71–$9.495 and $8.785–$9.44 (see footnotes).
• Total shares converted and sold: 1,650,000. Total proceeds ≈ $15.10M.
• Shares were held of record by Lightspeed Opportunity Fund, L.P.; Arif is a director of the indirect general partner and disclaims beneficial ownership except to the extent of his pecuniary interest (footnote).
• Conversion detail: each Class B share converts into one Class A share for no additional consideration; Class B also converts automatically on 9/19/2035 per the charter (footnotes).
• Shares owned after the transactions are not stated on the Form 4.

Context
This was a conversion of Class B to Class A shares followed by open‑market sales by an entity controlled at the GP level (institutional holder). The filing does not indicate an option exercise cashless sale or a gift — it reports a conversion and subsequent sales. Such sales are routine disclosures of insider/institutional liquidation; they are factual record of disposition rather than an explicit signal of company outlook.