Devon Energy (DVN) subsidiary converts Fervo (FRVO) preferred stock into 35.7M Class A shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Devon Energy Corporation, through its wholly owned subsidiary Devon Technology Ventures Holdings, L.L.C., reported indirect acquisitions of Fervo Energy Co Class A Common Stock via conversions of preferred stock. On the closing of Fervo’s initial public offering, all reported Series D-1, D-2, D-3 and E-1 Preferred Stock automatically converted into Class A Common Stock at a 0.7194-for-1 ratio. After these conversions, Devon’s subsidiary held 35,728,296 shares of Fervo Class A Common Stock indirectly, while its positions in the converted preferred series were reduced to zero. These are non-cash derivative conversions, not open‑market purchases or sales.
Positive
- None.
Negative
- None.
Insider Trade Summary
49,664,021 shares exercised/converted
Mixed
8 txns
Insider
DEVON ENERGY CORP/DE
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series D-1 Preferred Stock | 35,540,812 | $0.00 | -- |
| Conversion | Series D-2 Preferred Stock | 4,766,557 | $0.00 | -- |
| Conversion | Series D-3 Preferred Stock | 3,237,900 | $0.00 | -- |
| Conversion | Series E-1 Preferred Stock | 6,118,752 | $0.00 | -- |
| Conversion | Class A Common Stock | 25,568,060 | $0.00 | -- |
| Conversion | Class A Common Stock | 3,429,061 | $0.00 | -- |
| Conversion | Class A Common Stock | 2,329,345 | $0.00 | -- |
| Conversion | Class A Common Stock | 4,401,830 | $0.00 | -- |
Holdings After Transaction:
Series D-1 Preferred Stock — 0 shares (Indirect, See footnote);
Series D-2 Preferred Stock — 0 shares (Indirect, See footnote);
Series D-3 Preferred Stock — 0 shares (Indirect, See footnote);
Series E-1 Preferred Stock — 0 shares (Indirect, See footnote);
Class A Common Stock — 25,568,060 shares (Indirect, See footnote)
Footnotes (1)
- Devon Technology Ventures Holdings, L.L.C., a wholly-owned subsidiary of Devon Energy Corporation, is the record holder of the securities listed in this Form 4. Upon the closing of the Issuer's initial public offering, each share of Series D-1 Preferred Stock, Series D-2 Preferred Stock, Series D-3 Preferred Stock and Series E-1 Preferred Stock (collectively, the "Preferred Stock") automatically converted into 0.7194 shares of the Issuer's Class A common stock, par value $0.0001 per share (the "Class A Common Stock"). The shares of Preferred Stock had no expiration date.
Key Figures
Class A shares held: 35,728,296 shares
Series E-1 Preferred converted: 6,118,752 shares
Series D-3 Preferred converted: 3,237,900 shares
+4 more
7 metrics
Class A shares held
35,728,296 shares
Fervo Class A Common Stock held indirectly after conversions
Series E-1 Preferred converted
6,118,752 shares
Series E-1 Preferred Stock converted into Class A Common Stock
Series D-3 Preferred converted
3,237,900 shares
Series D-3 Preferred Stock converted into Class A Common Stock
Series D-2 Preferred converted
4,766,557 shares
Series D-2 Preferred Stock converted into Class A Common Stock
Series D-1 Preferred converted
35,540,812 shares
Series D-1 Preferred Stock converted into Class A Common Stock
Total preferred converted
49,664,021 shares
Total preferred shares converted, per transaction summary exerciseShares
Conversion ratio
0.7194
Preferred Stock to Class A Common Stock upon IPO closing
Key Terms
Class A common stock, Preferred Stock, initial public offering, Conversion of derivative security, +1 more
5 terms
Class A common stock financial
"Class A common stock, par value $0.0001 per share"
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.
Preferred Stock financial
"Series D-1 Preferred Stock, Series D-2 Preferred Stock, Series D-3 Preferred Stock and Series E-1 Preferred Stock"
Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.
initial public offering financial
"Upon the closing of the Issuer's initial public offering, each share of Series D-1 Preferred Stock..."
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
Conversion of derivative security financial
"transaction_code_description: Conversion of derivative security"
wholly-owned subsidiary financial
"Devon Technology Ventures Holdings, L.L.C., a wholly-owned subsidiary of Devon Energy Corporation"
A wholly-owned subsidiary is a company whose entire ownership is held by another company, called the parent, so the parent controls all shares, board appointments and major decisions. For investors this matters because the subsidiary’s profits, losses, assets and liabilities are treated as part of the parent’s financial picture, affecting valuation and risk exposure — imagine a parent owning a single storefront outright and consolidating its receipts and bills into the parent’s books.
