Accel-KKR funds report Class B to Class A moves in Paymentus (PAY)
Rhea-AI Filing Summary
Paymentus Holdings, Inc. (PAY) director and 10% owner affiliated with Accel-KKR reported an in-kind pro rata distribution of Class B Common Stock on a Form 4. Class B shares are convertible at any time into an equal number of Class A Common Stock and have no expiration date.
One Accel-KKR fund reported 3,602,968 Class B shares, each convertible into one Class A share, with 21,395,285 Class A shares beneficially owned indirectly after the distribution. Other affiliated funds reported additional Class B holdings, including 180,352 and 151,676 shares, reflecting shifts in how Accel-KKR-related entities hold their Paymentus equity without cash consideration.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class B Common Stock | 3,602,968 | $0.00 | -- |
| Other | Class B Common Stock | 180,352 | $0.00 | -- |
| Other | Class B Common Stock | 151,676 | $0.00 | -- |
| Other | Class B Common Stock | 5,084 | $0.00 | -- |
| Other | Class B Common Stock | 59,920 | $0.00 | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
Footnotes (1)
- Class B Common Stock is convertible at any time, at the holder's election and automatically in connection with certain transfers and upon certain other events, into an equal number of shares of Class A Common Stock and has no expiration date. In-kind pro rata distribution from the Reporting Person to its partners, without consideration. Accel-KKR Holdings GP, LLC , or Topco GP (for which decision making is controlled by Mr. Palumbo and Mr. Barnds), has voting and investment power over the shares of Common Stock of the Issuer owned by (i) Accel-KKR Capital Partners CV III, LP, or CV III; (ii) Accel-KKR Growth Capital Partners III, LP, or GC III; (iii) Accel-KKR Growth Capital Partners II Strategic Fund, LP, or GC II Strategic; (iv) Accel-KKR Growth Capital Partners II, LP, or GC II; (v) Accel-KKR Members Fund, LLC, or Members Fund; (vi) AKKR Strategic Capital LP, or SC; and (vii) AKKR SC GPI HoldCo LP, or SC GPI. AKKR Fund III Management Company CV, LP, or CV III GP, is the sole general partner of CV III. AKKR Growth Capital Management Company III, LP, or GC III GP, is the sole general partner of GC II (Continued from footnote 3) AKKR Growth Capital Management Company II, LP, or GC II GP, is the sole general partner of GC II Strategic and GC II. AKKR Strategic Capital GP, or SC GP, is the sole general partner of SC. AKKR Management Company, LLC, or UGP, is the sole managing member of Members Fund and the sole general partner of CV III GP, GC III GP, GC II GP, SC GP and SC GPI. Topco GP, is the sole managing member of UGP. AKKR Fund II Management Company, LP, or the Management Company, is the sole management company of each of the Accel-KKR Funds, and UGP is the general partner of the Management Company. Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of such Reporting Person's pecuniary interest therein. Each of the foregoing entities and Mr. Barnds have separately filed Form 4s reporting their interests. Includes 303,450 shares received from certain of the other reporting persons in the distribution described in footnote 2. Such shares were previously reported as indirectly owned through the entities effecting such distributions. Includes 59,077 shares received from certain of the other reporting persons described in footnote 2. Such shares were previously reported as indirectly owned through the entities effecting such distributions. Includes 458,431 shares received in distributions described in footnote 2. Such shares were previously reported as indirectly owned through the entities effecting such distributions.
FAQ
What insider activity did Paymentus (PAY) report in this Form 4?
The Form 4 reports that an Accel-KKR–affiliated director and 10% owner made an in-kind pro rata distribution of Paymentus Class B Common Stock to its partners, without cash consideration.
What is the difference between Paymentus Class A and Class B Common Stock in this context?
The filing states that Class B Common Stock is convertible at any time, at the holder's election and automatically upon certain events, into an equal number of shares of Class A Common Stock, and has no expiration date.
Were the Paymentus (PAY) insider transactions for cash or non-cash consideration?
The reported transactions were in-kind pro rata distributions from the reporting person to its partners, described as occurring without consideration, meaning no cash changed hands in these distributions.
Do the Accel-KKR reporting persons claim full beneficial ownership of all reported Paymentus shares?
The filing states that each reporting person disclaims beneficial ownership of the reported securities except to the extent of such reporting person's pecuniary interest in them.