Zevia PBC (ZVIA) 10% owners report sale of 3.5M shares at $2

Rhea-AI Filing Summary

CDP Investissements Inc., a wholly owned subsidiary of Caisse de dépôt et placement du Québec and a 10% owner of Zevia PBC, reported selling 3,500,000 shares of Zevia Class A common stock on January 27, 2026 at $2 per share.

After this transaction, CDP Investissements Inc. reported beneficial ownership of 13,550,428 Class A shares, held directly. CDPQ may be deemed to beneficially own these shares through its 100% ownership of CDP Investissements Inc.

Insights

Equity ownership & insider-transactions analyst

Large block sale by a 10% holder, but entity retains a sizable stake.

The filing shows CDP Investissements Inc., a 10% owner of Zevia PBC, sold 3,500,000 Class A shares at $2 per share on January 27, 2026. CDP is wholly owned by CDPQ, which may be deemed to beneficially own these shares.

Following the sale, CDP still reports 13,550,428 Class A shares held directly. The filing does not state the reasons for the sale, so the implications depend on broader context outside this disclosure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

(Last) (First) (Middle)

1000, PLACE JEAN-PAUL-RIOPELLE

(Street)

MONTREAL A8 H2Z 2B3

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Zevia PBC [ ZVIA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	01/27/2026		S		3,500,000	D	$2	13,550,428	D(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

(Last) (First) (Middle)

1000, PLACE JEAN-PAUL-RIOPELLE

(Street)

MONTREAL A8 H2Z 2B3

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

CDP Investissements Inc.

(Last) (First) (Middle)

A12-1000 PLACE JEAN-PAUL RIOPELLE

(Street)

MONTREAL A8 H2Z 2B3

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 4 is filed jointly by Caisse depot et placement du Quebec ("CDPQ") and CDP Investissments Inc. ("CDP"). The securities are directly owned by CDP. CDP is a wholly owned subsidiary of CDPQ, and accordingly, CDPQ may be deemed to beneficially own the securities owned directly by CDP.

	Caisse de depot et Placement du Quebec By: /s/ Soulef Hadjoudj, Authorized Signatory	01/28/2026
	CDP Investissments Inc. By: /s/ Soulef Hadjoudj, Authorized Signatory	01/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Zevia PBC (ZVIA) disclose in this Form 4?

Zevia PBC disclosed that CDP Investissements Inc., a 10% owner, sold 3,500,000 shares of Class A common stock at $2 per share. The transaction occurred on January 27, 2026, and was reported jointly with its parent, Caisse de dépôt et placement du Québec.

Who actually sold the Zevia PBC (ZVIA) shares reported in this Form 4?

The shares were sold by CDP Investissements Inc., which directly owns the Zevia stock. CDP is a wholly owned subsidiary of Caisse de dépôt et placement du Québec, which may be deemed to beneficially own the securities held by CDP through its ownership interest.

How many Zevia PBC (ZVIA) shares were sold and at what price?

The filing reports that CDP Investissements Inc. sold 3,500,000 shares of Zevia PBC Class A common stock at a price of $2 per share. This was a single non-derivative transaction coded as an open market or similar sale on January 27, 2026.

How many Zevia PBC (ZVIA) shares does the reporting entity own after the sale?

After the reported sale, CDP Investissements Inc. beneficially owns 13,550,428 shares of Zevia PBC Class A common stock. These shares are held directly by CDP, and Caisse de dépôt et placement du Québec may be deemed to beneficially own them through its 100% ownership of CDP.

Are Caisse de dépôt et placement du Québec and CDP Investissements Inc. both 10% owners of Zevia PBC (ZVIA)?

Yes. The insider data identifies both Caisse de dépôt et placement du Québec and CDP Investissements Inc. as 10% owners of Zevia PBC. CDP directly holds the shares, while CDPQ’s 100% ownership of CDP means it may be deemed to beneficially own those same securities.

Was this Zevia PBC (ZVIA) Form 4 filed by more than one reporting person?

Yes. The Form 4 was filed jointly by Caisse de dépôt et placement du Québec and CDP Investissements Inc. A footnote explains that CDP directly owns the shares, and that CDPQ, as CDP’s parent, may be deemed to beneficially own those securities as well.