Fivespan reports 7.9% Appian (APPN) stake totaling 3.38M shares

Rhea-AI Filing Summary

Fivespan Partners and Dylan Haggart report a 7.9% stake in Appian Corporation’s Class A common stock. They beneficially own 3,380,907 shares, with shared voting and dispositive power over all of them and no sole authority.

The filing notes that approximately $100.5 million of Fivespan Fund working capital was used to acquire these shares. Percentages are based on 42,735,083 Appian Class A shares outstanding as of November 3, 2025, as reported in Appian’s Form 10-Q for the quarter ended September 30, 2025.

Insights

Equity ownership & governance analyst

Fivespan and Dylan Haggart disclose a sizable, but sub‑10%, Appian stake.

The amendment shows Fivespan Partners and Dylan Haggart beneficially owning 3,380,907 Appian Class A shares, or 7.9% of the class, with shared voting and dispositive power. This is a meaningful institutional position, though below typical 10% control thresholds.

The filing also states that about $100.5 million of Fivespan Fund working capital financed the position, indicating a concentrated capital commitment. Future company filings may provide additional context if their ownership or intentions change from those implied in this disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

APPIAN CORP

(Name of Issuer)

Class A Common Stock, $0.0001 par value per share

(Title of Class of Securities)

03782L101

(CUSIP Number)

Carly Pollock
Fivespan Partners, LP, 1170 Gorgas Avenue
San Francisco, CA, 94129
(415) 318-7900

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

02/03/2026

(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).

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Fivespan Partners, 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 0.00
8	Shared Voting Power 3,380,907.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,380,907.00

11

Aggregate amount beneficially owned by each reporting person

3,380,907.00

12

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

13

Percent of class represented by amount in Row (11)

7.9 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Dylan Haggart

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,380,907.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,380,907.00

11

Aggregate amount beneficially owned by each reporting person

3,380,907.00

12

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

13

Percent of class represented by amount in Row (11)

7.9 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.0001 par value per share
(b)	Name of Issuer: APPIAN CORP
(c)	Address of Issuer's Principal Executive Offices: 7950 JONES BRANCH DRIVE, MCLEAN, VIRGINIA , 22102.
Item 1 Comment: This Amendment No. 1 ("Amendment No. 1") amends and supplements the statement on Schedule 13D (the "Schedule 13D") relating to the shares of Class A Common Stock, par value $0.0001 per share (the "Common Stock"), of Appian Corporation, a Delaware corporation (the "Issuer"). This Amendment No. 1 amends and restates the first sentence of Item 3 and Item 5 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	The Reporting Persons used a total of approximately $100.5 million (excluding brokerage commissions) to acquire the shares of Common Stock reported herein. The source of the funds used to acquire the shares of Common Stock reported herein was the working capital of the Fivespan Fund.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentages of the shares of Common Stock beneficially owned by each of the Reporting Persons. All percentages set forth herein are based upon a total of 42,735,083 shares of Common Stock outstanding as of November 3, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the SEC on November 6, 2025.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each 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)	Information concerning transactions in the Common Stock of the Issuer since the filing of the Schedule 13D is set forth in Schedule A attached hereto and is incorporated herein by reference.
(d)	No person other than the Reporting Persons and the Fivespan Fund is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock reported herein.
(e)	Not applicable.

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.

Fivespan Partners, LP

Signature:	/s/ Carly Pollock
Name/Title:	Carly Pollock, Chief Operating Officer, Chief Financial Officer and Chief Compliance Officer
Date:	02/05/2026

Dylan Haggart

Signature:	/s/ Dylan Haggart
Name/Title:	Dylan Haggart, Individually
Date:	02/05/2026

FAQ

How many Appian (APPN) shares does Fivespan Partners beneficially own?

Fivespan Partners reports beneficial ownership of 3,380,907 Appian Class A common shares, with shared voting and dispositive power over all of them. This stake represents 7.9% of the class, based on 42,735,083 shares outstanding as of November 3, 2025.

What percentage of Appian’s Class A stock do Fivespan Partners and Dylan Haggart hold?

The reporting persons disclose beneficial ownership of 7.9% of Appian’s Class A common stock. This percentage is calculated using 42,735,083 shares outstanding as of November 3, 2025, according to Appian’s Form 10-Q for the quarter ended September 30, 2025.

How much capital did Fivespan use to acquire its Appian (APPN) stake?

The reporting persons state they used approximately $100.5 million, excluding brokerage commissions, to acquire the Appian Class A shares. The funds came from the working capital of the Fivespan Fund, indicating a significant dedicated investment in Appian stock.

Who are the reporting persons in this Appian Schedule 13D/A amendment?

The amendment identifies Fivespan Partners, LP and Dylan Haggart as reporting persons. Fivespan is organized in Delaware, and Haggart’s citizenship is listed as Canada (federal level). Both report shared voting and dispositive power over the same Appian share block.

Does any other party have rights to dividends or sale proceeds from these Appian shares?

The reporting persons state that no person other than themselves and the Fivespan Fund is known to have rights to receive dividends or proceeds from the sale of the reported Appian shares. This clarifies economic interest in the disclosed 3,380,907-share position.

What Appian share count did Fivespan use to calculate its 7.9% ownership?

The reported 7.9% ownership is based on 42,735,083 Appian Class A shares outstanding as of November 3, 2025. That figure comes from Appian’s Form 10-Q for the quarter ended September 30, 2025, which was filed on November 6, 2025.