Fervo Energy (FRVO) holders convert preferred shares into Class A before IPO
Rhea-AI Filing Summary
Fervo Energy Co insiders reported a series of conversions of preferred stock into Class A Common Stock on May 14, 2026. Investment entities affiliated with Technology Impact Fund and Technology Impact Growth Fund II converted multiple series of preferred stock, receiving Class A shares at a stated price of $0.00 per share.
These conversions included 14,962,430 Class A shares held by Technology Impact Growth Fund II, LP, 12,055,467 Class A shares held by Technology Impact Fund, LP, 5,448,761 Class A shares held by TIGF II Direct Strategies LLC - Series 5, and 1,760,732 Class A shares held by TIGF II Direct Strategies LLC - Series 7. Footnotes state that these preferred shares converted into Class A Common Stock immediately prior to completion of the issuer’s initial public offering pursuant to their terms, and that certain managers may be deemed to beneficially own these securities but disclaim beneficial ownership beyond their pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 34,227,390 shares
Net Buy
13 txns
Insider
TIF Partners, LLC, Technology Impact Fund, LP, TIGF II Direct Strategies LLC - Series 7, Saluja Dipender
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series B Preferred Stock | 6,368,028 | $0.00 | $0.00 |
| Conversion | Series C-1 Preferred Stock | 8,523,393 | $0.00 | $0.00 |
| Conversion | Series C-3 Preferred Stock | 4,266,992 | $0.00 | $0.00 |
| Conversion | Series D-1 Preferred Stock | 1,420,447 | $0.00 | $0.00 |
| Conversion | Series D-1 Preferred Stock | 2,840,894 | $0.00 | $0.00 |
| Conversion | Series D-3 Preferred Stock | 2,724,380 | $0.00 | $0.00 |
| Conversion | Series D-3 Preferred Stock | 5,448,761 | $0.00 | $0.00 |
| Conversion | Series E-1 Preferred Stock | 873,763 | $0.00 | $0.00 |
| Conversion | Series E-1 Preferred Stock | 1,760,732 | $0.00 | $0.00 |
| Conversion | Class A Common Stock | 12,055,467 | $0.00 | $0.00 |
| Conversion | Class A Common Stock | 14,962,430 | $0.00 | $0.00 |
| Conversion | Class A Common Stock | 5,448,761 | $0.00 | $0.00 |
| Conversion | Class A Common Stock | 1,760,732 | $0.00 | $0.00 |
Holdings After Transaction:
Series B Preferred Stock — 0 shares (Indirect, By Technology Impact Fund, LP);
Series C-1 Preferred Stock — 0 shares (Indirect, By Technology Impact Growth Fund II, LP);
Series C-3 Preferred Stock — 0 shares (Indirect, By Technology Impact Fund, LP);
Series D-1 Preferred Stock — 0 shares (Indirect, By Technology Impact Fund, LP);
Series D-1 Preferred Stock — 0 shares (Indirect, By Technology Impact Growth Fund II, LP);
Series D-3 Preferred Stock — 0 shares (Indirect, By Technology Impact Growth Fund II, LP);
Series D-3 Preferred Stock — 0 shares (Indirect, By TIGF II Direct Strategies LLC - Series 5);
Series E-1 Preferred Stock — 0 shares (Indirect, By Technology Impact Growth Fund II, LP);
Series E-1 Preferred Stock — 0 shares (Indirect, By TIGF II Direct Strategies LLC - Series 7);
Class A Common Stock — 12,055,467 shares (Indirect, By Technology Impact Fund, LP);
Class A Common Stock — 14,962,430 shares (Indirect, By Technology Impact Growth Fund II, LP);
Class A Common Stock — 5,448,761 shares (Indirect, By TIGF II Direct Strategies LLC - Series 5);
Class A Common Stock — 1,760,732 shares (Indirect, By TIGF II Direct Strategies LLC - Series 7)
Footnotes (5)
- F1. Each share of the Series B, Series C-1, Series C-3, Series D-1, Series D-3 and Series E-1 Preferred Stock converted into Class A Common Stock immediately prior to the completion of the Issuer's initial public offering pursuant to its terms and had no expiration date.
- F2. Securities are held directly by Technology Impact Fund, LP ("TIF I"). TIF Partners, LLC ("TIF Partners I") is the general partner of TIF I and Ion Yadigaroglu and Dipender Saluja are the managers of TIF Partners I. Each of TIF Partners I and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIF I. Each of TIF Partners I and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.
- F3. Securities are held directly by Technology Impact Growth Fund II, LP ("TIGF II"). TIGF Partners II, LLC ("TIGF Partners II") is the general partner of TIGF II and Ion Yadigaroglu and Dipender Saluja are the managers of TIGF Partners II. Each of TIGF Partners II and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIGF II. Each of TIGF Partners II and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.
- F4. Securities are held directly by TIGF II Direct Strategies LLC - Series 5 ("TIGF II DS 5"). TIGF Partners II is the manager of TIGF II DS 5 and Ion Yadigaroglu and Dipender Saluja are the managers of TIGF Partners II. Each of TIGF Partners II and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIGF II DS 5. Each of TIGF Partners II and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.
- F5. Securities are held directly by TIGF II Direct Strategies LLC - Series 7 ("TIGF II DS 7"). TIGF Partners II is the manager of TIGF II DS 7 and Ion Yadigaroglu and Dipender Saluja are the managers of TIGF Partners II. Each of TIGF Partners II and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities held by TIGF II DS 7. Each of TIGF Partners II and Mr. Saluja disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein. Mr. Yadigaroglu is a director of the Issuer and files separate Section 16 reports.
Key Figures
Class A from TIGF II: 14,962,430 shares
Class A from TIF I: 12,055,467 shares
Class A from TIGF II DS 5: 5,448,761 shares
+4 more
7 metrics
Class A from TIGF II
14,962,430 shares
Class A Common Stock held by Technology Impact Growth Fund II, LP after conversion
Class A from TIF I
12,055,467 shares
Class A Common Stock held by Technology Impact Fund, LP after conversion
Class A from TIGF II DS 5
5,448,761 shares
Class A Common Stock held by TIGF II Direct Strategies LLC - Series 5 after conversion
Class A from TIGF II DS 7
1,760,732 shares
Class A Common Stock held by TIGF II Direct Strategies LLC - Series 7 after conversion
Preferred converted
34,227,390 shares
Total underlying shares from derivative conversions in transaction summary
Conversion price
$0.00 per share
Stated transaction and conversion price for preferred-to-Class A conversions
Conversion transactions
13 transactions
All coded "C" as conversion of derivative securities on May 14, 2026
Key Terms
Conversion of derivative security, Series E-1 Preferred Stock, initial public offering, beneficially own, +1 more
5 terms
Conversion of derivative security financial
"transaction_code_description: "Conversion of derivative security""
Series E-1 Preferred Stock financial
"Each share of the Series B, Series C-1, Series C-3, Series D-1, Series D-3 and Series E-1 Preferred Stock converted"
initial public offering financial
"converted into Class A Common Stock immediately prior to the completion of the Issuer's initial public offering"
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.
beneficially own financial
"Each of TIF Partners I and Messrs. Yadigaroglu and Saluja may be deemed to to beneficially own the securities"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
pecuniary interest financial
"disclaims beneficial ownership of such securities except to the extent of its or his respective pecuniary interest therein"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider activity did Fervo Energy (FRVO) report in this Form 4?
Fervo Energy reported conversions of several preferred stock series into Class A Common Stock. Investment entities affiliated with Technology Impact Fund and Technology Impact Growth Fund II received large Class A positions through derivative conversions at a stated price of $0.00 per share.
Which entities are involved in the Fervo Energy (FRVO) preferred stock conversions?
The securities are held by Technology Impact Fund, LP, Technology Impact Growth Fund II, LP, TIGF II Direct Strategies LLC - Series 5, and TIGF II Direct Strategies LLC - Series 7. Related general partners and managers are referenced in the footnotes with standard beneficial ownership disclaimers.
Does this Fervo Energy Form 4 reflect open-market buying or selling?
No, the transactions are coded "C" for conversion of derivative securities. They represent preferred stock converting into Class A Common Stock at a stated $0.00 price, rather than open-market purchases or sales, and therefore do not show cash trading activity.
How do the Fervo Energy Form 4 footnotes describe beneficial ownership?
The footnotes state that fund general partners and managers, including TIGF Partners II, TIF Partners I, Ion Yadigaroglu, and Dipender Saluja, may be deemed to beneficially own the securities but each disclaims beneficial ownership except to the extent of their respective pecuniary interests.