BNP Paribas Discloses 8.95% Stake in Krispy Kreme, Sole Voting Power

Rhea-AI Filing Summary

BNP Paribas SA, a France-based non-U.S. bank, reports beneficial ownership of 15,292,506.20 shares of Krispy Kreme Inc. common stock, representing 8.95% of the class. The filing states BNP Paribas has sole voting and sole dispositive power over these shares and reports no shared voting or dispositive power.

The statement indicates the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The filer is identified as a financial institution (a non-U.S. bank organized in France).

Positive

• Material disclosure of 15,292,506.20 shares (8.95%) provides transparency to the market
• Sole voting and dispositive power is clearly stated, clarifying control over the reported shares
• Filer certification that the holdings are in the ordinary course of business and not to influence control

Negative

• None.

Insights

Securities Analyst

TL;DR: BNP Paribas holds a material minority stake (8.95%) in Krispy Kreme with sole voting and dispositive power.

This 8.95% position, totaling 15,292,506.20 shares, crosses the 5% reporting threshold and is therefore material to shareholders and the market. The filing explicitly states sole voting and dispositive control and that the position is held in the ordinary course of business and not to influence control. For investors, the key implication is greater transparency about a sizable, single-institution stake; however, the filing includes no indication of an intent to seek board representation or other governance actions.

Corporate Governance Expert

TL;DR: A large financial institution owns nearly 9% of the company but disclaims any intent to influence control.

From a governance perspective, a single holder with sole voting power at this scale warrants attention because it increases the potential for concentrated influence if motives change. The filing's certification that shares are not held to influence control and the classification of the filer as a non-U.S. bank provide useful context, but the document contains no commitments about future engagement or plans. The disclosure is material and should be monitored for any subsequent Schedule 13D or proxy developments.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

KRISPY KREME INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

US50101L1061

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. US50101L1061

1

Names of Reporting Persons

BNP Paribas SA

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 15,292,506.20
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,292,506.20
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,292,506.20

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.95 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KRISPY KREME INC
(b)	Address of issuer's principal executive offices: 2116 HAWKINS STREET, Charlotte, NC 28203
Item 2.
(a)	Name of person filing: BNP Paribas SA
(b)	Address or principal business office or, if none, residence: 16 boulevard des Italiens, 75009 Paris
(c)	Citizenship: France
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: US50101L1061
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	A non US Bank registered in FRANCE
Item 4.	Ownership
(a)	Amount beneficially owned: 15292506.2
(b)	Percent of class: 8.95 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 15292506.2
	(ii) Shared power to vote or to direct the vote: 0.0
	(iii) Sole power to dispose or to direct the disposition of: 15292506.2
	(iv) Shared power to dispose or to direct the disposition of: 0.0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired andare held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect ofchanging or influencing the control of the issuer of the securities and were not acquired and are not held in connection withor as a participant in any transaction having that purpose or effect, other than activities solely in connection with anomination under § 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to A non US Bank registered in France is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

BNP Paribas SA

Signature:	Mohamed Adil El Batji
Name/Title:	MD, Head of Global EQD Americas
Date:	08/13/2025

FAQ

How many Krispy Kreme (DNUT) shares does BNP Paribas SA report owning?

BNP Paribas SA reports beneficial ownership of 15,292,506.20 shares of Krispy Kreme common stock.

What percentage of DNUT does BNP Paribas SA's stake represent?

The reported holdings represent 8.95% of the class of Krispy Kreme common stock.

Does BNP Paribas SA have voting or dispositive power over the DNUT shares?

Yes. The filing states BNP Paribas SA has sole voting power and sole dispositive power over the 15,292,506.20 shares and no shared voting or dispositive power.

Is the stake held on behalf of another person or reported as part of a group?

The filing indicates Not Applicable for ownership on behalf of another person and lists no group affiliation.

How does the filer classify itself in the Schedule 13G?

BNP Paribas SA is identified as a financial institution (a non-U.S. bank organized in France).