CDP Investissements trims Zevia PBC (ZVIA) stake with 2.15M-share sale

Rhea-AI Filing Summary

Zevia PBC insider CDP Investissements Inc. reported a significant open-market sale of Class A Common Stock. On May 27, 2026, CDP Investissements Inc. sold 2,150,000 shares at $1.90 per share. After the transaction, it held 11,400,428 shares of Zevia PBC common stock.

The Form 4 is filed jointly by Caisse de dépôt et placement du Québec (CDPQ) and CDP Investissements Inc. The shares are directly owned by CDP, which is a wholly owned subsidiary of CDPQ, so CDPQ may be deemed to beneficially own these securities through its subsidiary.

Insights

Insider transactions analyst

Large shareholder executes notable open-market sale but retains sizable position.

The filing shows CDP Investissements Inc., a ten percent owner of Zevia PBC, executed an open-market sale of 2,150,000 shares of Class A Common Stock at $1.90 per share. This is a straightforward sale transaction with no derivatives involved.

Following the sale, CDP Investissements Inc. still holds 11,400,428 shares, indicating it remains a major shareholder. The transaction is attributed to CDP, with CDPQ potentially deemed a beneficial owner through its wholly owned subsidiary, based on the joint filing footnote.

The filing does not reference any Rule 10b5-1 trading plan, so the timing appears discretionary based on the information provided. Subsequent company and insider filings will provide additional context on whether this sale is part of a broader pattern of ownership changes.

Insider Trade Summary

Net Seller: 2,150,000 shares ($4,085,000)

Net Sell 1 txn

Insider CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, CDP Investissements Inc.

Role null | null

Sold 2,150,000 shs ($4.08M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	2,150,000	$1.90	$4.08M

Holdings After Transaction: Class A Common Stock — 11,400,428 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares sold: 2,150,000 shares Sale price: $1.90 per share Shares held after transaction: 11,400,428 shares +1 more

4 metrics

Shares sold 2,150,000 shares Open-market sale of Class A Common Stock on May 27, 2026

Sale price $1.90 per share Price for Zevia PBC Class A shares in reported transaction

Shares held after transaction 11,400,428 shares CDP Investissements Inc. post-transaction holdings

Net share change -2,150,000 shares Net-sell direction from Form 4 transaction summary

Key Terms

open-market sale, ten percent owner, beneficially own, Form 4

4 terms

open-market sale financial

"transaction_action: "open-market sale" for the Class A Common Stock"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

ten percent owner regulatory

"CDP Investissements Inc. is indicated as a ten percent owner"

beneficially own regulatory

"CDPQ may be deemed to beneficially own the securities owned directly by CDP"

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.

Form 4 regulatory

"This Form 4 is filed jointly by Caisse depot et placement du Quebec and CDP"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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 H2Z 2B3

(City) (State) (Zip)

QUEBEC, CANADA

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

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

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

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

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	05/27/2026		S		2,150,000	D	$1.9	11,400,428	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 H2Z 2B3

(City) (State) (Zip)

QUEBEC, CANADA

(Country)

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 H2Z 2B3

(City) (State) (Zip)

QUEBEC, CANADA

(Country)

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	05/28/2026
	CDP Investissments Inc. By: /s/ Soulef Hadjoudj	05/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

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

Zevia PBC reported that CDP Investissements Inc. completed an open-market sale of Class A Common Stock. It sold 2,150,000 shares at $1.90 per share, reducing its holdings but remaining a major shareholder with 11,400,428 shares after the transaction.

Who executed the Zevia PBC (ZVIA) share sale disclosed in this Form 4?

The shares were sold by CDP Investissements Inc., a ten percent owner of Zevia PBC. A footnote explains the securities are directly owned by CDP, which is a wholly owned subsidiary of Caisse de dépôt et placement du Québec, linking CDPQ as a potential beneficial owner.

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

CDP Investissements Inc. sold 2,150,000 shares of Zevia PBC Class A Common Stock. The shares were sold in an open-market transaction at a price of $1.90 per share, as disclosed in the Form 4 insider transaction details for May 27, 2026.

What is CDP Investissements Inc.’s Zevia PBC (ZVIA) stake after the Form 4 sale?

After the transaction, CDP Investissements Inc. holds 11,400,428 shares of Zevia PBC Class A Common Stock. This post-transaction figure in the Form 4 shows that, despite the sale, CDP remains a large shareholder with a significant equity position in the company.

How is Caisse de d\\u00e9p\\u00f4t et placement du Qu\\u00e9bec related to this Zevia PBC (ZVIA) Form 4?

The Form 4 is filed jointly by Caisse de d\\u00e9p\\u00f4t et placement du Qu\\u00e9bec (CDPQ) and CDP Investissements Inc. A footnote explains CDP is a wholly owned subsidiary of CDPQ, so CDPQ may be deemed to beneficially own the securities directly held by CDP.