Cerebras director converts 13.5M Class B to Class A
Cerebras Systems Inc. director Susan Lior reported an internal share reclassification rather than a market trade.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
Cerebras Systems Inc. director Susan Lior reported an internal share reclassification rather than a market trade. On June 11, 2026, entities she manages, the Eclipse funds, voluntarily converted 13,466,197 shares of Class B common stock into the same number of Class A common shares.
After the conversion, these Eclipse entities collectively hold 13,466,197 Class A shares indirectly attributed to Lior. The filing shows a derivative conversion with no stated purchase or sale price and no remaining Class B shares from this block, reflecting a shift in share class rather than a change in overall economic exposure.
Insider Trade Summary
13,466,197 shares exercised/converted
Exercise
2 txns
Insider
Susan Lior
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class B Common Stock | 13,466,197 | $0.00 | $0.00 |
| Conversion | Class A Common Stock | 13,466,197 | $0.00 | $0.00 |
Holdings After Transaction:
Class B Common Stock — 0 contracts (Indirect, See footnotes);
Class A Common Stock — 13,466,197 shares (Indirect, See footnotes)
Footnotes (3)
- F1. Represents shares of Class A common stock that were acquired by the Reporting Person upon voluntary conversion of shares of Class B common stock.
- F2. Consists of (i) 800,358 shares of Class A common stock held by Eclipse Continuity Fund I, L.P. ("Eclipse Continuity Fund"); (ii) 6,548,466 shares of Class A common stock held by Eclipse SPV II, L.P. ("Eclipse SPV II"); (iii) 599,880 shares of Class A common stock held by Eclipse SPV XIII, L.P. ("Eclipse SPV XIII"); and (iv) 5,517,493 shares of Class A common stock held by Eclipse Ventures Fund I, L.P. ("Eclipse Fund," and together with Eclipse Continuity Fund, Eclipse SPV II, and Eclipse SPV XIII, "Eclipse Entities"). The Reporting Person is the sole managing member of the general partner of each of the Eclipse Entities and may be deemed to have voting, investment, and dispositive power with respect to the shares held by such entities.
- F3. Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. On June 11, 2026, the following shares held by the Eclipse Entities were voluntarily converted to Class A common stock: (i) 800,358 shares of Class B common stock held by Eclipse Continuity Fund, (ii) 6,548,466 shares of Class B common stock held by Eclipse SPV II, (iii) 599,880 shares of Class B common stock held by Eclipse SPV XIII, and (iv) 5,517,493 shares of Class B common stock held by Eclipse Fund.
Key Figures
Class B to Class A conversion: 13,466,197 shares
Post-conversion Class A holdings: 13,466,197 shares
Eclipse Continuity Fund I allocation: 800,358 shares
+3 more
6 metrics
Class B to Class A conversion
13,466,197 shares
Voluntary conversion on June 11, 2026
Post-conversion Class A holdings
13,466,197 shares
Indirectly held through Eclipse entities after conversion
Eclipse Continuity Fund I allocation
800,358 shares
Class A shares held via Eclipse Continuity Fund I
Eclipse SPV II allocation
6,548,466 shares
Class A shares held via Eclipse SPV II
Eclipse SPV XIII allocation
599,880 shares
Class A shares held via Eclipse SPV XIII
Eclipse Ventures Fund I allocation
5,517,493 shares
Class A shares held via Eclipse Ventures Fund I
Key Terms
Class A common stock, Class B common stock, Conversion of derivative security, indirect ownership, +1 more
5 terms
Class A common stock financial
"Represents shares of Class A common stock that were acquired by the Reporting Person upon voluntary conversion"
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
Class B common stock financial
"Each share of Class B common stock is convertible at any time at the option of the holder"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Conversion of derivative security financial
"transaction_code_description: Conversion of derivative security"
indirect ownership financial
"The Reporting Person is the sole managing member of the general partner of each of the Eclipse Entities"
voting, investment, and dispositive power financial
"may be deemed to have voting, investment, and dispositive power with respect to the shares held by such entities"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Cerebras Systems (CBRS) report for Susan Lior?
Cerebras director Susan Lior reported a conversion of 13,466,197 shares of Class B common stock into 13,466,197 shares of Class A common stock. The change reflects an internal share class reclassification, not an open-market purchase or sale.
Did the Cerebras (CBRS) Form 4 show any open-market buying or selling?
No, the Form 4 describes a derivative conversion of Class B into Class A common stock with a reported price of $0.00 per share. It does not report any open-market purchases or sales by Susan Lior or the Eclipse entities.
What does conversion of Cerebras (CBRS) Class B into Class A stock mean for this insider?
The conversion changes the share class from Class B to Class A on a one-for-one basis, totaling 13,466,197 shares. It is reported as a derivative conversion, so it alters share class and rights structure without changing the aggregate number of shares tied to the insider.
AI-generated analysis. How Rhea-AI works. Not financial advice.
