[Form 4] Asbury Automotive Group, Inc. Insider Trading Activity

Q: How many Zevia (ZVIA) shares does CDPQ currently own?

The filing states CDPI/CDPQ beneficially own 20,022,092 Class A shares.

Q: What percentage of Zevia’s outstanding stock does this represent?

It represents approximately 30.3 % of the 66,064,650 shares outstanding as of 2 May 2025.

Q: Does CDPQ have sole or shared voting power over its Zevia shares?

CDPQ, through CDPI, has shared voting and dispositive power; it holds no sole authority.

Q: Why was a Schedule 13D/A filed instead of a Schedule 13G?

A Schedule 13D allows the investor to retain the option of influencing corporate policy or strategy, unlike the passive intent required for a 13G.

Filing Impact

(Low)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 1 Overview — CDP Investissements Inc. (CDPI) and its parent, Caisse de dépôt et placement du Québec (CDPQ), filed an amended Schedule 13D covering their investment in Zevia PBC (ticker: ZVIA). The amendment, dated 30 June 2025 and signed 2 July 2025, updates the ownership levels originally reported in August 2021.

Current Ownership — CDPI is the direct beneficial owner of 20,022,092 Class A common shares, equal to 30.3 % of Zevia’s 66,064,650 outstanding shares (per the issuer’s S-3 filed 28 May 2025). CDPI and CDPQ share both voting and dispositive power over these shares; neither entity holds sole voting or dispositive authority. CDPI’s source of funds is listed as working capital ("WC"); CDPQ’s is classified as "OO" (other).

Reporting Structure — Two reporting persons appear:

CDP Investissements Inc., a Québec corporation (Type: CO).
Caisse de dépôt et placement du Québec, a Québec governmental institutional investor (Type: OO).

Key Amendments

Item 2(f): Updated citizenship details for officers/directors (referenced in Annex A).
Item 5(a)–(c): Restates the precise share count, percentage ownership, and clarifies that CDPQ’s ownership is indirect through CDPI. Annex B (not provided) lists any share transactions within the last 60 days; the filing states no other transactions were made during that period.

Implications for Investors — With a >30 % stake, CDPI/CDPQ remain Zevia’s dominant outside shareholder. While the filing does not outline new strategic intentions, Schedule 13D (rather than 13G) signals that the investors reserve the right to influence corporate matters. No change in control, material financing, or board action is disclosed in this amendment.

Panoramica della Modifica n. 1 al Schedule 13D/A — CDP Investissements Inc. (CDPI) e la sua società madre, Caisse de dépôt et placement du Québec (CDPQ), hanno presentato un Schedule 13D modificato relativo al loro investimento in Zevia PBC (ticker: ZVIA). La modifica, datata 30 giugno 2025 e firmata il 2 luglio 2025, aggiorna i livelli di proprietà originariamente riportati nell'agosto 2021.

Proprietà Attuale — CDPI è il proprietario diretto di 20.022.092 azioni ordinarie di Classe A, pari al 30,3% delle 66.064.650 azioni in circolazione di Zevia (secondo il modulo S-3 dell'emittente depositato il 28 maggio 2025). CDPI e CDPQ condividono sia il potere di voto che quello dispositive su queste azioni; nessuna delle due entità detiene il potere esclusivo di voto o dispositive. La fonte dei fondi di CDPI è indicata come capitale circolante («WC»); quella di CDPQ è classificata come «OO» (altro).

Struttura di Segnalazione — Sono indicati due soggetti segnalanti:

CDP Investissements Inc., una società del Québec (Tipo: CO).
Caisse de dépôt et placement du Québec, un investitore istituzionale governativo del Québec (Tipo: OO).

Modifiche Chiave

Voce 2(f): Aggiornati i dettagli di cittadinanza per dirigenti/amministratori (riportati nell'Allegato A).
Voci 5(a)–(c): Ribadito il numero esatto di azioni, la percentuale di proprietà e chiarito che la proprietà di CDPQ è indiretta tramite CDPI. L'Allegato B (non fornito) elenca eventuali transazioni azionarie negli ultimi 60 giorni; il deposito dichiara che non sono state effettuate altre transazioni in tale periodo.

Implicazioni per gli Investitori — Con una quota superiore al 30%, CDPI/CDPQ rimangono il principale azionista esterno di Zevia. Sebbene il deposito non delinei nuove intenzioni strategiche, l'uso del Schedule 13D (anziché 13G) indica che gli investitori si riservano il diritto di influenzare le questioni societarie. Nessun cambiamento nel controllo, finanziamenti rilevanti o azioni del consiglio sono segnalati in questa modifica.

Resumen de la Enmienda No. 1 al Schedule 13D/A — CDP Investissements Inc. (CDPI) y su matriz, Caisse de dépôt et placement du Québec (CDPQ), presentaron un Schedule 13D enmendado que cubre su inversión en Zevia PBC (símbolo: ZVIA). La enmienda, fechada el 30 de junio de 2025 y firmada el 2 de julio de 2025, actualiza los niveles de propiedad reportados originalmente en agosto de 2021.

Propiedad Actual — CDPI es el propietario directo beneficiario de 20,022,092 acciones ordinarias Clase A, equivalentes al 30.3% de las 66,064,650 acciones en circulación de Zevia (según el S-3 del emisor presentado el 28 de mayo de 2025). CDPI y CDPQ comparten tanto el poder de voto como el poder dispositive sobre estas acciones; ninguna de las entidades tiene autoridad exclusiva de voto o dispositiva. La fuente de fondos de CDPI se indica como capital de trabajo («WC»); la de CDPQ está clasificada como «OO» (otro).

Estructura de Reporte — Aparecen dos personas reportantes:

CDP Investissements Inc., una corporación de Québec (Tipo: CO).
Caisse de dépôt et placement du Québec, un inversionista institucional gubernamental de Québec (Tipo: OO).

Enmiendas Clave

Ítem 2(f): Actualización de detalles de ciudadanía para oficiales/directores (referidos en el Anexo A).
Ítems 5(a)–(c): Reafirma el conteo preciso de acciones, porcentaje de propiedad y aclara que la propiedad de CDPQ es indirecta a través de CDPI. El Anexo B (no proporcionado) lista cualquier transacción de acciones en los últimos 60 días; la presentación indica que no se realizaron otras transacciones durante ese período.

Implicaciones para Inversores — Con una participación superior al 30%, CDPI/CDPQ siguen siendo los principales accionistas externos de Zevia. Aunque la presentación no detalla nuevas intenciones estratégicas, el uso del Schedule 13D (en lugar del 13G) señala que los inversores se reservan el derecho de influir en asuntos corporativos. No se divulgan cambios en el control, financiamiento material o acciones de la junta en esta enmienda.

Présentation de l'Amendement n°1 au Schedule 13D/A — CDP Investissements Inc. (CDPI) et sa société mère, la Caisse de dépôt et placement du Québec (CDPQ), ont déposé un Schedule 13D modifié concernant leur investissement dans Zevia PBC (symbole : ZVIA). L'amendement, daté du 30 juin 2025 et signé le 2 juillet 2025, met à jour les niveaux de propriété initialement déclarés en août 2021.

Propriété actuelle — CDPI est le propriétaire direct bénéficiaire de 20 022 092 actions ordinaires de Classe A, représentant 30,3 % des 66 064 650 actions en circulation de Zevia (selon le formulaire S-3 de l'émetteur déposé le 28 mai 2025). CDPI et CDPQ partagent à la fois le pouvoir de vote et le pouvoir discrétionnaire sur ces actions ; aucune des entités ne détient un pouvoir exclusif de vote ou discrétionnaire. La source des fonds de CDPI est indiquée comme fonds de roulement (« WC ») ; celle de CDPQ est classée comme « OO » (autre).

Structure de déclaration — Deux personnes déclarantes apparaissent :

CDP Investissements Inc., une société du Québec (Type : CO).
Caisse de dépôt et placement du Québec, un investisseur institutionnel gouvernemental du Québec (Type : OO).

Principales modifications

Point 2(f) : Mise à jour des détails de citoyenneté des dirigeants/directeurs (référencés en Annexe A).
Points 5(a)–(c) : Confirmation du nombre exact d’actions, du pourcentage de propriété et clarification que la propriété de CDPQ est indirecte via CDPI. L’Annexe B (non fournie) liste les transactions d’actions des 60 derniers jours ; le dépôt indique qu’aucune autre transaction n’a été effectuée durant cette période.

Implications pour les investisseurs — Avec une participation de plus de 30 %, CDPI/CDPQ restent les principaux actionnaires externes de Zevia. Bien que le dépôt ne précise pas de nouvelles intentions stratégiques, le Schedule 13D (plutôt que 13G) indique que les investisseurs se réservent le droit d’influencer les affaires de la société. Aucun changement de contrôle, financement important ou action du conseil n’est divulgué dans cet amendement.

Übersicht Änderung Nr. 1 zum Schedule 13D/A — CDP Investissements Inc. (CDPI) und deren Muttergesellschaft, Caisse de dépôt et placement du Québec (CDPQ), haben einen geänderten Schedule 13D eingereicht, der ihre Beteiligung an Zevia PBC (Ticker: ZVIA) abdeckt. Die Änderung, datiert auf den 30. Juni 2025 und unterzeichnet am 2. Juli 2025, aktualisiert die ursprünglich im August 2021 gemeldeten Eigentumsverhältnisse.

Aktueller Besitzstand — CDPI ist der direkte wirtschaftliche Eigentümer von 20.022.092 Class A Stammaktien, was 30,3 % der 66.064.650 ausstehenden Aktien von Zevia entspricht (laut dem S-3 des Emittenten vom 28. Mai 2025). CDPI und CDPQ teilen sich sowohl Stimm- als auch Verfügungsrechte an diesen Aktien; keine der beiden Einheiten hält alleiniges Stimm- oder Verfügungsrecht. Die Mittelquelle von CDPI wird als Betriebskapital („WC“) angegeben; die von CDPQ als „OO“ (sonstige).

Melde-Struktur — Es erscheinen zwei meldende Personen:

CDP Investissements Inc., eine Gesellschaft aus Québec (Typ: CO).
Caisse de dépôt et placement du Québec, ein staatlicher institutioneller Investor aus Québec (Typ: OO).

Wesentliche Änderungen

Position 2(f): Aktualisierte Staatsangehörigkeitsangaben für leitende Angestellte/Directors (siehe Anhang A).
Positionen 5(a)–(c): Exakte Aktienanzahl und Eigentumsanteil werden bestätigt und klargestellt, dass CDPQs Eigentum indirekt über CDPI erfolgt. Anhang B (nicht bereitgestellt) listet Aktiengeschäfte der letzten 60 Tage; die Einreichung besagt, dass keine weiteren Transaktionen in diesem Zeitraum stattgefunden haben.

Auswirkungen für Investoren — Mit einem Anteil von über 30 % bleiben CDPI/CDPQ der dominierende externe Aktionär von Zevia. Obwohl die Einreichung keine neuen strategischen Absichten beschreibt, signalisiert das Schedule 13D (statt 13G), dass die Investoren sich das Recht vorbehalten, Einfluss auf Unternehmensangelegenheiten zu nehmen. Keine Änderungen in der Kontrolle, wesentliche Finanzierungen oder Vorstandshandlungen werden in dieser Änderung offengelegt.

Positive

Institutional support: CDPI/CDPQ retain a sizeable 30.3 % stake, signalling long-term confidence in Zevia’s prospects.
Stable ownership: No disclosed share sales in the past 60 days reduces near-term overhang risk.

Negative

Ownership concentration: A single holder controlling nearly one-third of votes may limit influence of minority shareholders.
Potential governance risk: Schedule 13D status indicates the investor could actively influence corporate actions, adding uncertainty.

Insights

TL;DR: CDPQ re-affirms a 30.3 % position in ZVIA; no new purchases, but influence potential remains.

The amendment confirms that CDPI/CDPQ still own roughly a third of Zevia’s float, cementing their role as a cornerstone shareholder. Absence of recent transactions suggests a stable holding pattern rather than an active accumulation or exit. The continued use of Schedule 13D (versus 13G) leaves the door open for governance involvement, which can be constructive if priorities align with minority shareholders. However, at Zevia’s current free float, this concentration can heighten volatility and reduce liquidity. Investors should monitor future 13D amendments for any shift in intent clauses, stand-still agreements, or board nomination activity.

TL;DR: One shareholder controls >30 % of votes—governance dynamics warrant close watch.

The filing underscores that CDPQ, via CDPI, wields shared voting power over 20 million shares with no sole authority split, indicating coordinated decision-making. Such a block can influence strategic direction, executive compensation, or capital allocation without launching a formal control contest. Because the amendment lacks any stated intent to acquire additional shares or seek board seats, immediate governance disruption appears limited. Nonetheless, minority investors face elevated agency risk should CDPQ’s objectives diverge from maximizing public-shareholder value. The filing provides no red flags on litigation or regulatory issues, mitigating downside concerns for now.

Struttura di Segnalazione — Sono indicati due soggetti segnalanti:

CDP Investissements Inc., una società del Québec (Tipo: CO).
Caisse de dépôt et placement du Québec, un investitore istituzionale governativo del Québec (Tipo: OO).

Modifiche Chiave

Voce 2(f): Aggiornati i dettagli di cittadinanza per dirigenti/amministratori (riportati nell'Allegato A).
Voci 5(a)–(c): Ribadito il numero esatto di azioni, la percentuale di proprietà e chiarito che la proprietà di CDPQ è indiretta tramite CDPI. L'Allegato B (non fornito) elenca eventuali transazioni azionarie negli ultimi 60 giorni; il deposito dichiara che non sono state effettuate altre transazioni in tale periodo.

Estructura de Reporte — Aparecen dos personas reportantes:

CDP Investissements Inc., una corporación de Québec (Tipo: CO).
Caisse de dépôt et placement du Québec, un inversionista institucional gubernamental de Québec (Tipo: OO).

Enmiendas Clave

Ítem 2(f): Actualización de detalles de ciudadanía para oficiales/directores (referidos en el Anexo A).
Ítems 5(a)–(c): Reafirma el conteo preciso de acciones, porcentaje de propiedad y aclara que la propiedad de CDPQ es indirecta a través de CDPI. El Anexo B (no proporcionado) lista cualquier transacción de acciones en los últimos 60 días; la presentación indica que no se realizaron otras transacciones durante ese período.

Structure de déclaration — Deux personnes déclarantes apparaissent :

CDP Investissements Inc., une société du Québec (Type : CO).
Caisse de dépôt et placement du Québec, un investisseur institutionnel gouvernemental du Québec (Type : OO).

Principales modifications

Point 2(f) : Mise à jour des détails de citoyenneté des dirigeants/directeurs (référencés en Annexe A).
Points 5(a)–(c) : Confirmation du nombre exact d’actions, du pourcentage de propriété et clarification que la propriété de CDPQ est indirecte via CDPI. L’Annexe B (non fournie) liste les transactions d’actions des 60 derniers jours ; le dépôt indique qu’aucune autre transaction n’a été effectuée durant cette période.

Melde-Struktur — Es erscheinen zwei meldende Personen:

CDP Investissements Inc., eine Gesellschaft aus Québec (Typ: CO).
Caisse de dépôt et placement du Québec, ein staatlicher institutioneller Investor aus Québec (Typ: OO).

Wesentliche Änderungen

Position 2(f): Aktualisierte Staatsangehörigkeitsangaben für leitende Angestellte/Directors (siehe Anhang A).
Positionen 5(a)–(c): Exakte Aktienanzahl und Eigentumsanteil werden bestätigt und klargestellt, dass CDPQs Eigentum indirekt über CDPI erfolgt. Anhang B (nicht bereitgestellt) listet Aktiengeschäfte der letzten 60 Tage; die Einreichung besagt, dass keine weiteren Transaktionen in diesem Zeitraum stattgefunden haben.

07/02/2025 - 04:01 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Calloway Dean

(Last)

(First)

(Middle)

C/O ASBURY AUTOMOTIVE GROUP, INC.

2905 PREMIERE PKWY, STE. 300

(Street)

DULUTH

30097

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ASBURY AUTOMOTIVE GROUP INC [ ABG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP, General Counsel & Sec

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/01/2025		F		130⁽¹⁾	D	$238.54	5,695	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the number of shares of the Issuer's common stock withheld for payment of taxes upon the vesting of restricted share units granted on July 1, 2024.

Remarks:

	/s/Dean Calloway	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How many Zevia (ZVIA) shares does CDPQ currently own?

The filing states CDPI/CDPQ beneficially own 20,022,092 Class A shares.

What percentage of Zevia’s outstanding stock does this represent?

It represents approximately 30.3 % of the 66,064,650 shares outstanding as of 2 May 2025.

Does CDPQ have sole or shared voting power over its Zevia shares?

CDPQ, through CDPI, has shared voting and dispositive power; it holds no sole authority.

Why was a Schedule 13D/A filed instead of a Schedule 13G?

A Schedule 13D allows the investor to retain the option of influencing corporate policy or strategy, unlike the passive intent required for a 13G.

Were any recent transactions in ZVIA shares disclosed?

Annex B (referenced but not included) contains transaction details; the amendment notes no additional trades in the last 60 days beyond those listed.

[Form 4] Asbury Automotive Group, Inc. Insider Trading Activity

Insights

FAQ

How many Zevia (ZVIA) shares does CDPQ currently own?

What percentage of Zevia’s outstanding stock does this represent?

Does CDPQ have sole or shared voting power over its Zevia shares?

Why was a Schedule 13D/A filed instead of a Schedule 13G?

Were any recent transactions in ZVIA shares disclosed?

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[Form 4] Asbury Automotive Group, Inc. Insider Trading Activity

Insights

Equity Market Specialist neutral

Corporate Governance Analyst neutral

FAQ

How many Zevia (ZVIA) shares does CDPQ currently own?

What percentage of Zevia’s outstanding stock does this represent?

Does CDPQ have sole or shared voting power over its Zevia shares?

Why was a Schedule 13D/A filed instead of a Schedule 13G?

Were any recent transactions in ZVIA shares disclosed?

NYSE:ABG

ABG Rankings

ABG Latest News

ABG Latest SEC Filings

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