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Trade Desk (NASDAQ: TTD) wins approval to extend Class B conversion to 2035

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The Trade Desk, Inc. held a special stockholder meeting on September 16, 2025, where stockholders approved amendments to its articles of incorporation and bylaws. The amended articles change the date when all Class B common shares will automatically convert into Class A common shares to December 22, 2035 and add a waiver of jury trials for internal actions in line with recent Nevada law updates.

At the same meeting, stockholders also approved the possibility of adjourning the meeting to solicit additional proxies, although no adjournment was needed. Separately, the board adopted amended and restated bylaws, effective the same day, clarifying that the lead independent director may call special meetings of the independent directors at any time to discuss any topic an independent director deems appropriate.

Positive

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Insights

Trade Desk extends Class B conversion date and refines governance structure.

The Trade Desk obtained stockholder approval to amend its articles so that all Class B common shares automatically convert into Class A common shares on December 22, 2035, and to add a jury trial waiver for internal actions consistent with Nevada law updates.

This effectively extends the dual-class capital structure’s sunset and may preserve existing voting dynamics for a longer period. The filing also notes amended bylaws that expressly allow the lead independent director to call special meetings of independent directors to discuss any topic an independent director deems appropriate.

The voting results show substantial participation and support, with Proposal 1 receiving 516,037,827 votes for and 228,364,796 against. Future company filings may provide additional detail on how these governance changes interact with the board’s oversight practices over time.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 16, 2025
THE TRADE DESK, INC.
(Exact name of registrant as specified in its charter)
Nevada
001-37879
27-1887399
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
42 N. Chestnut Street
VenturaCalifornia 93001
(Address of principal executive offices) (Zip Code)
(805585-3434
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, par value $0.000001 per share
TTD
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 3.03    Material Modification to Rights of Security Holders.
As described in Item 5.07 below, at a special meeting of stockholders (the “Special Meeting”) of The Trade Desk, Inc. (the “Company”) held on September 16, 2025, the stockholders of the Company approved the amendment and restatement of the Company’s articles of incorporation (as amended, the “Amended Articles”). The information set forth in Item 5.07 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.
The description of the Amended Articles included in this Current Report on Form 8-K is a summary and is qualified in its entirety by reference to Proposal 1 in the definitive proxy statement on Schedule 14A filed by the Company with the Securities and Exchange Commission on July 24, 2025 (the “Proxy Statement”) and the full text of the marked version of the Amended Articles filed as Appendix A-2 to the Proxy Statement.
The Amended Articles became effective on September 16, 2025 upon filing with the Nevada Secretary of State.
Item 5.03    Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On July 10, 2025, the Company’s board of directors (the “Board”) approved and adopted, contingent on stockholder approval of the Amended Articles, an amendment and restatement of the Company’s bylaws (as amended, the “Amended Bylaws”), which became effective on September 16, 2025. The Amended Bylaws clarify that the lead independent director of the Board may call special meetings of the Company’s independent directors at any time to discuss any topic that any independent director deems appropriate.
The Amended Bylaws are filed herewith as Exhibit 3.1. The foregoing description of the changes contained in the Amended Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Bylaws, which is incorporated herein by reference.
Item 5.07    Submission of Matters to a Vote of Security Holders. 
On September 16, 2025, the Company held the Special Meeting. As of the record date for the Special Meeting, which was established by the Board to be the close of business on July 21, 2025, there were 445,649,241 shares of the Company’s Class A common stock, par value $0.000001 per share (the “Class A Common Stock”), outstanding (each entitled to one vote per share) and 43,275,936 shares of the Company’s Class B common stock, par value $0.000001 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), outstanding (each entitled to 10 votes per share). The Common Stock voted as a single class on all matters. Of the 488,925,177 shares of Common Stock outstanding as of the record date, 356,794,733 shares were represented at the Special Meeting, together representing a total of 746,006,717 votes, or a majority of the voting power of all issued and outstanding shares of Common Stock as of the record date, and constituting a quorum under the Company’s bylaws as then in effect. The stockholders considered two proposals at the Special Meeting, each of which are described in more detail in the Proxy Statement. The final number of votes cast for and against and the final number of abstentions and broker non-votes with respect to each proposal voted upon are set forth below.


Proposal 1. The stockholders approved an amendment and restatement of the Company’s Amended Articles to change the date all shares of Class B Common Stock will automatically convert into Class A Common Stock to December 22, 2035 and to waive jury trials for internal actions in conformity with recent Nevada law updates by the following vote:

ForAgainstAbstainBroker Non-Votes
516,037,827 228,364,796 1,604,094 0

Proposal 2. The stockholders approved one or more adjournments of the Special Meeting, if necessary, to solicit additional proxies if there were insufficient votes at the time of the Special Meeting to approve Proposal 1 by the following vote:

ForAgainstAbstainBroker Non-Votes
523,101,450 221,211,765 1,693,502 0


Although Proposal 2 was approved, adjournment of the Special Meeting was not necessary because the stockholders approved Proposal 1.




No other items were presented for stockholder approval at the Special Meeting.

Item 9.01    Financial Statements and Exhibits.
(d)    The following exhibits are being filed herewith:
Exhibit No.
Description
3.1
Amended and Restated Bylaws of The Trade Desk, Inc.
104
Cover Page Interactive Data File (formatted as Inline XBRL).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE TRADE DESK, INC.

Date: September 17, 2025
By:
/s/ Jay Grant
Jay Grant
Chief Legal Officer

FAQ

What governance changes did The Trade Desk (TTD) stockholders approve at the special meeting?

Stockholders approved amended articles of incorporation that move the automatic conversion date for all Class B common shares to December 22, 2035 and add a jury trial waiver for internal actions, aligning with recent Nevada law updates. These changes adjust long-term voting and dispute-resolution frameworks.

How did The Trade Desk (TTD) stockholders vote on changing the Class B conversion date?

For Proposal 1, which amended the articles to change the Class B conversion date and add a jury trial waiver, stockholders cast 516,037,827 votes for, 228,364,796 against, and 1,604,094 abstentions, with zero broker non-votes. This indicates strong, though not unanimous, support for the governance change.

What change did The Trade Desk (TTD) make to its bylaws regarding independent directors?

The amended bylaws clarify that the lead independent director of the board may call special meetings of the company’s independent directors at any time to discuss any topic that any independent director deems appropriate. This expressly supports independent director coordination and discussion outside regular board meetings.

What was the quorum and voting power at The Trade Desk (TTD) special meeting?

As of the July 21, 2025 record date, 445,649,241 Class A and 43,275,936 Class B shares were outstanding, voting together as a single class. At the meeting, 356,794,733 shares were represented, accounting for 746,006,717 votes, a majority of the total voting power and sufficient quorum under the bylaws.

Did The Trade Desk (TTD) stockholders approve the potential adjournment proposal?

Yes. Proposal 2, allowing one or more adjournments of the special meeting to solicit additional proxies if needed for Proposal 1, received 523,101,450 votes for, 221,211,765 against, and 1,693,502 abstentions. However, adjournment was unnecessary because Proposal 1 had already been approved.

When did The Trade Desk’s (TTD) amended articles and bylaws become effective?

The amended and restated articles of incorporation became effective on September 16, 2025, upon filing with the Nevada Secretary of State. The amended and restated bylaws, which the board had approved contingent on stockholder approval of the amended articles, also became effective on September 16, 2025.
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