JANA discloses 6.3% stake in Alkami Technology

JANA Partners Management, LP has disclosed a significant activist stake in Alkami Technology, Inc. common stock.

Rhea-AI Filing Summary

JANA Partners Management, LP has disclosed a significant activist stake in Alkami Technology, Inc. common stock. JANA reports beneficial ownership of 6,747,707 shares, representing 6.3% of Alkami’s outstanding common stock, acquired for an aggregate purchase price of approximately $138 million.

JANA states it believes Alkami’s shares are undervalued and an attractive investment opportunity. It has held, and plans to continue, discussions with Alkami’s board and management about exploring a potential sale of the company, corporate governance matters, and board leadership, while also holding additional economic exposure through cash-settled swaps.

Insights

Activist investing analyst

JANA’s 6.3% activist stake signals potential strategic pressure on Alkami.

JANA Partners reports owning 6,747,707 Alkami shares, or 6.3% of the company, at an aggregate cost of about $138 million. This size and framing as an undervalued, attractive opportunity are typical of an activist position rather than a passive holding.

JANA explicitly references discussions with Alkami’s board about exploring a sale of the company, corporate governance, and board leadership. This language points to possible strategic alternatives, including an acquisition, depending on how the board responds and what potential buyers are willing to pay.

JANA-related accounts also hold cash-settled swaps referencing 4,195,027 shares, described as economic exposure equal to 3.9% of Alkami stock, with expirations between October 16, 2028 and April 15, 2030. Future company and JANA communications will clarify whether these discussions lead to concrete transaction proposals or governance changes.

Key Figures

Beneficial ownership: 6,747,707 shares Ownership percentage: 6.3% of class Aggregate purchase price: $138 million +4 more

7 metrics

Beneficial ownership 6,747,707 shares Shares of Alkami common stock beneficially owned by JANA

Ownership percentage 6.3% of class Portion of Alkami common stock outstanding as of March 31, 2026

Aggregate purchase price $138 million Total cost for 6,747,707 Alkami shares reported by JANA

Shares outstanding 107,019,174 shares Alkami common shares outstanding as of March 31, 2026

Swap notional exposure 4,195,027 shares Cash-settled swaps referencing Alkami shares, equal to 3.9% economic exposure

Swap expiration range Oct 16, 2028–Apr 15, 2030 Expiration dates of JANA-managed cash-settled swaps on Alkami

Event date June 22, 2026 Date of event triggering the Schedule 13D filing

Key Terms

beneficially owned, sole voting power, sole dispositive power, Schedule 13D, +2 more

6 terms

beneficially owned financial

"The 6,747,707 Shares reported herein as beneficially owned by JANA were acquired at an aggregate purchase price..."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 | Sole Voting Power 6,747,707.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 9 | Sole Dispositive Power 6,747,707.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13D regulatory

"This statement on is filed by JANA Partners Management, LP... with respect to the shares of common stock..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

cash settled swaps financial

"have entered into notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 4,195,027 Shares"

notional principal amount financial

"Certain accounts under JANA's management and control have entered into notional principal amount derivative agreements in the form of cash settled swaps"

FAQ

What stake does JANA Partners report in Alkami Technology (ALKT)?

JANA Partners reports beneficial ownership of 6,747,707 Alkami shares, representing 6.3% of the company’s common stock. This percentage is based on 107,019,174 shares outstanding as of March 31, 2026, according to Alkami’s Form 10-Q referenced in the filing.

How much did JANA Partners pay for its Alkami Technology (ALKT) shares?

JANA states it acquired the 6,747,707 Alkami shares at an aggregate purchase price of approximately $138 million. This figure reflects the total consideration paid across various accounts it manages that hold Alkami common stock under its control.

Why did JANA Partners invest in Alkami Technology (ALKT)?

JANA says it acquired Alkami shares because it believes they are undervalued and represent an attractive investment opportunity. The firm positions itself as an active investor, indicating it sees potential for value realization beyond the current public market valuation.

What changes is JANA Partners discussing with Alkami Technology (ALKT)?

JANA has had, and plans to continue, discussions with Alkami’s board and management about exploring a sale of the company, corporate governance topics, and board leadership. It also mentions engaging with multiple parties potentially interested in acquiring Alkami, subject to valuation considerations.

What additional economic exposure to Alkami Technology (ALKT) does JANA hold?

Certain JANA-managed accounts have cash-settled swap agreements referencing an aggregate of 4,195,027 Alkami shares, equal to 3.9% economic exposure. These swaps have expiration dates ranging from October 16, 2028 to April 15, 2030, supplementing JANA’s direct share ownership.

Where is JANA Partners organized and what is its business focus?

JANA Partners Management, LP is a Delaware limited partnership headquartered in New York. The firm’s principal business is investing for accounts under its management, and it reports holding Alkami shares across various such accounts it manages and controls.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/29/2026 - 04:20 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

ALKAMI TECHNOLOGY, INC.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

01644J108

(CUSIP Number)

Eleazer Klein and Brandon Gold
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
212-756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/22/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 01644J108

1

Name of reporting person

JANA Partners Management, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,747,707.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 6,747,707.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

6,747,707.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.3 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: ALKAMI TECHNOLOGY, INC.
(c)	Address of Issuer's Principal Executive Offices: 5601 GRANITE PARKWAY, SUITE 120, PLANO, TEXAS , 75024.
Item 2.	Identity and Background
(a)	This statement on Schedule 13D is filed by JANA Partners Management, LP, a Delaware limited partnership ("JANA" or the "Reporting Person") with respect to the shares of common stock, par value $0.001 per share ("Shares"), of Alkami Technology, Inc., a Delaware corporation (the "Issuer"). JANA is a private money management firm which holds the Shares reported as beneficially owned by it in various accounts under its management and control. JANA Partners Management GP, LLC (the "JANA GP") is the general partner of JANA.
(b)	The principal business address of JANA and the JANA GP is 888 Seventh Avenue, 24th Floor, New York, New York 10106.
(c)	The principal business of JANA is investing for accounts under its management. The principal business of the JANA GP is acting as the general partner of JANA.
(d)	Neither JANA nor the JANA GP has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Neither JANA nor the JANA GP has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	JANA is a limited partnership organized in Delaware. The JANA GP is a limited liability company organized in Delaware.
Item 3.	Source and Amount of Funds or Other Consideration
	The 6,747,707 Shares reported herein as beneficially owned by JANA were acquired at an aggregate purchase price of approximately $138 million.
Item 4.	Purpose of Transaction
	The Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity. The Reporting Person has had, and intends to have, discussions with the Issuer's board of directors and management regarding: (1) exploring a sale, including by engaging with multiple parties interested in a potential acquisition of the Issuer, and doing so with grounded views of the Issuer's ability to realize value in the public market and realistic views of its intrinsic value; (2) corporate governance; and (3) board leadership.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Shares and percentage of Shares beneficially owned by the Reporting Person. The percentage of Shares reported to be beneficially owned by the Reporting Person is based upon 107,019,174 Shares outstanding as of March 31, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission (the "SEC") on April 30, 2026.
(b)	See rows (7) through (10) of the cover page to this Schedule 13D for the number of Shares as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	All transactions in the Shares effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth in Schedule A and are incorporated herein by reference.
(d)	No person (other than the Reporting Person) is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Certain accounts under JANA's management and control have entered into notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 4,195,027 Shares (collectively representing economic exposure comparable to 3.9% of the Shares) with expiration dates ranging from October 16, 2028 to April 15, 2030. Except as set forth herein, the Reporting Person has no contracts, arrangements, understandings or relationships (legal or otherwise) with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	None

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JANA Partners Management, LP

Signature:	/s/ Jennifer Fanjiang
Name/Title:	Jennifer Fanjiang, Partner, Chief Legal Officer and Chief Compliance Officer
Date:	06/29/2026