Founder Anthony Hsieh's Class C Shares Convert to Class B, Maintaining Significant Stake

summarizeSummary

Founder Anthony Hsieh's Class C shares converted to Class B Common Stock, simplifying the capital structure and confirming his continued beneficial ownership of 31.83% of Class A shares.

check_boxKey Events

• Capital Structure Simplification

  On February 11, 2026, all Class C and Class D Common Stock automatically converted into Class B or Class A Common Stock, respectively.

• Founder's Share Conversion

  Anthony Hsieh's Class C Common Stock converted into Class B Common Stock.

• Significant Beneficial Ownership Maintained

  Anthony Hsieh continues to beneficially own 106,563,368 shares, representing 31.83% of the Class A Common Stock (assuming conversion of his Class B shares).

auto_awesomeAnalysis

This Schedule 13D/A filing details the automatic conversion of all outstanding Class C and Class D Common Stock into Class B or Class A Common Stock, respectively, on February 11, 2026. Specifically, founder Anthony Hsieh's Class C shares converted to Class B Common Stock. This action simplifies the company's capital structure by eliminating two share classes. Hsieh continues to beneficially own 31.83% of the Class A Common Stock (assuming conversion of his Class B shares), indicating his sustained significant control and influence over the company. While Class B shares carry voting rights, they do not receive dividends or liquidation distributions, but are convertible to Class A. This update follows a previous 13D/A on January 21, 2026, which reported a sale of Class A shares by Hsieh.