Ava entities (BZAI) shift 5.1M Blaize shares in no‑cost restructure

Rhea-AI Filing Summary

Blaize Holdings, Inc. received a Form 4 describing an internal restructuring of its large shareholder entities. Ava-related entities reported an "other" transaction involving 5,145,638 shares of Common Stock, distributed for no consideration. Following the restructuring, Ava Private Markets S.a r.l. and its affiliates hold 11,737,254 shares indirectly. Ava Investors S.A., Raphaelle Mahieu and Benjamin Hazan may be deemed to exercise investment power over these securities but each disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ava Investors SA, Ava Private Markets S.a r.l., Mahieu Raphaelle

Role 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Other	Common Stock	5,145,638	$0.00	--

Holdings After Transaction: Common Stock — 11,737,254 shares (Indirect, See footnotes)

Footnotes (1)

1. The securities were distributed for no consideration. Consists of 11,737,254 shares of Common Stock of the Issuer held by Ava Private Markets S.a r.l. ("Ava Private Markets") and affiliates. Ava Investors S.A. is the investment manager of Ava Private Markets and exercises investment power with respect to the securities held by Ava Private Markets. Raphaelle Mahieu and Benjamin Hazan may be deemed to exercise investment power with respect to the securities. Each of the persons above disclaims any beneficial ownership of the securities, except to the extent of any pecuniary interest therein. Excludes securities beneficially owned by Barthelemy Debray. Mr. Debray no longer serves as a director or manager of Ava Investors S.A. or Ava Private Markets S.a r.l., respectively, and has ceased to be a Reporting Person for purposes of this Form 4.

Key Figures

Restructured shares: 5,145,638 shares Indirect holdings after transaction: 11,737,254 shares Transaction price: $0.00 per share

3 metrics

Restructured shares 5,145,638 shares Common Stock moved in internal restructuring coded "J"

Indirect holdings after transaction 11,737,254 shares Common Stock held by Ava Private Markets S.a r.l. and affiliates

Transaction price $0.00 per share Shares were distributed for no consideration

Key Terms

investment manager, beneficial ownership, pecuniary interest, indirect ownership

4 terms

investment manager financial

"Ava Investors S.A. is the investment manager of Ava Private Markets"

beneficial ownership financial

"Each of the persons above disclaims any beneficial ownership of the securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of any pecuniary interest therein"

indirect ownership financial

"total_shares_following_transaction ... ownership_type: "indirect""

Form 4 Insider Transactions: What Each Field Means →

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

X

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^*

Ava Investors SA

(Last) (First) (Middle)

RUE DU RHONE 78

(Street)

GENEVA SWITZERLAND 1204

(City) (State) (Zip)

SWITZERLAND

(Country)

2. Issuer Name and Ticker or Trading Symbol
Blaize Holdings, Inc. [ BZAI ]

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

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/31/2026		J(1)		5,145,638	D	(1)	11,737,254(2)	I	See footnotes(2)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Ava Investors SA

(Last) (First) (Middle)

RUE DU RHONE 78

(Street)

GENEVA SWITZERLAND 1204

(City) (State) (Zip)

SWITZERLAND

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Ava Private Markets S.a r.l.

(Last) (First) (Middle)

6, RUE DICKS L-1417

(Street)

LUXEMBOURG LUXEMBOURG

(City) (State) (Zip)

LUXEMBOURG

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Mahieu Raphaelle

(Last) (First) (Middle)

RUE DU RHONE 78

(Street)

GENEVA SWITZERLAND 1204

(City) (State) (Zip)

SWITZERLAND

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The securities were distributed for no consideration.

2. Consists of 11,737,254 shares of Common Stock of the Issuer held by Ava Private Markets S.a r.l. ("Ava Private Markets") and affiliates. Ava Investors S.A. is the investment manager of Ava Private Markets and exercises investment power with respect to the securities held by Ava Private Markets. Raphaelle Mahieu and Benjamin Hazan may be deemed to exercise investment power with respect to the securities. Each of the persons above disclaims any beneficial ownership of the securities, except to the extent of any pecuniary interest therein. Excludes securities beneficially owned by Barthelemy Debray. Mr. Debray no longer serves as a director or manager of Ava Investors S.A. or Ava Private Markets S.a r.l., respectively, and has ceased to be a Reporting Person for purposes of this Form 4.

Remarks:

See Exhibit 99.1 for Signatures of the Reporting Persons Filing this Form 4.

	/s/ See Signatures Included in Exhibit 99.1	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did the Ava entities report in this Blaize Holdings (BZAI) Form 4?

The filing reports an "other" transaction involving 5,145,638 shares of Blaize Holdings Common Stock. These shares were redistributed in an internal restructuring and were distributed for no consideration among Ava-related entities that already held a large indirect position.

How many Blaize Holdings (BZAI) shares do Ava-related entities hold after the transaction?

After the restructuring, Ava Private Markets S.a r.l. and affiliates hold 11,737,254 shares of Blaize Holdings Common Stock. This position is reported as indirect ownership, with investment power exercised by Ava Investors S.A. and certain individuals, subject to their pecuniary interests.

Was cash paid in the Ava restructuring involving Blaize Holdings (BZAI) shares?

No cash changed hands in this restructuring. The footnotes state the 5,145,638 shares of Blaize Holdings Common Stock "were distributed for no consideration," indicating an internal reallocation rather than a market purchase or sale transaction.

Do the Ava reporting persons claim full beneficial ownership of Blaize Holdings (BZAI) shares?

The reporting persons expressly disclaim full beneficial ownership. The footnote explains they may be deemed to exercise investment power, but each disclaims beneficial ownership of Blaize Holdings shares except to the extent of any pecuniary interest they may have in the securities.

Is this Blaize Holdings (BZAI) Form 4 a buy or sell by Ava entities?

The transaction is not classified as a buy or sell. It is coded as "J," described as "Other acquisition or disposition," reflecting an internal restructuring where 5,145,638 shares were distributed for no consideration among Ava-related entities rather than traded in the market.