CDP Investissements ups Zevia (ZVIA) disclosure with 11.4M-share stake

Rhea-AI Filing Summary

Zevia PBC received an updated large-shareholder filing showing that CDP Investissements Inc. (CDPI), an affiliate of Caisse de depot et placement du Quebec, is the direct beneficial owner of 11,400,428 shares of Zevia Class A Common Stock. This stake represents 15.9% of Zevia’s outstanding Class A shares, based on 71,775,241 shares outstanding as of May 1, 2026, as disclosed in Zevia’s Form 10-Q for the quarter ended March 31, 2026. The amendment updates background information on the reporting persons and restates their ownership and recent trading disclosure, while confirming shared voting and dispositive power over the same 11.4 million shares for both CDPI and Caisse de depot et placement du Quebec.

Key Figures

Beneficial ownership: 11,400,428 shares Ownership percentage: 15.9% Shares outstanding: 71,775,241 shares +3 more

6 metrics

Beneficial ownership 11,400,428 shares CDP Investissements Inc. direct beneficial ownership of Zevia Class A

Ownership percentage 15.9% Percent of Zevia Class A represented by 11,400,428 shares

Shares outstanding 71,775,241 shares Zevia Class A shares outstanding as of May 1, 2026 per Form 10-Q

Shared voting power 11,400,428 shares Shares with shared voting power reported by each reporting person

Sole voting power 0 shares Shares with sole voting power for each reporting person

Event date 05/27/2026 Date of event triggering the amended Schedule 13D filing

Key Terms

beneficial owner, shared voting power, Schedule 13D, Class A Common Stock, +1 more

5 terms

beneficial owner financial

"CDPI is the direct beneficial owner of 11,400,428 shares of Class A Common Stock"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 11,400,428.00 9 | Sole Dispositive Power 0.00 10 | Shared Dispositive Power 11,400,428.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

Schedule 13D regulatory

"This Amendment No. 4 (the "Amendment") amends the statement on originally filed by the Reporting Persons"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Class A Common Stock financial

"Title of Class of Securities: Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

percent of class financial

"Percent of class represented by amount in Row (11) 15.9 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Zevia PBC

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

98955K104

(CUSIP Number)

Soulef Hadjoudj
Caisse de depot et placement du Quebec, 1000, place Jean-Paul-Riopelle
Montreal, A8, H2Z 2B3
(514) 847-5998

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 98955K104

1

Name of reporting person

CDP Investissements Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 11,400,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,400,428.00

11

Aggregate amount beneficially owned by each reporting person

11,400,428.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.9 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 98955K104

1

Name of reporting person

Caisse de depot et placement du Quebec

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 11,400,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,400,428.00

11

Aggregate amount beneficially owned by each reporting person

11,400,428.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock
(b)	Name of Issuer: Zevia PBC
(c)	Address of Issuer's Principal Executive Offices: 15821 Ventura Blvd., Suite 145, Encino, CALIFORNIA , 91436.
Item 1 Comment: This Amendment No. 4 (the "Amendment") amends the statement on Schedule 13D originally filed by the Reporting Persons on August 5, 2021, as amended by Amendment No. 1 filed by the Reporting Persons on July 2, 2025, Amendment No. 2 filed by the Reporting Persons on September 30, 2025 and Amendment No. 3 filed by the Reporting Persons on January 29, 2026 (as amended, the "Schedule 13D"). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.
Item 2.	Identity and Background
(f)	Item 2(f) of the Schedule 13D is amended and restated as follows: The citizenship of the natural persons who are officers, directors or controlling persons of each of the Reporting Persons is set forth in Annex A.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is amended and restated as follows: CDPI is the direct beneficial owner of 11,400,428 shares of Class A Common Stock, which represents approximately 15.9% of the Issuer's outstanding Class A Common Stock, based on 71,775,241 shares of Class A Common Stock outstanding as of May 1, 2026 as disclosed in the Issuer's Quarterly Report for the quarterly period ended March 31, 2026 on Form 10-Q (File No. 001-40630) filed with the Securities and Exchange Commission on May 6, 2026.
(c)	Item 5(c) is amended and restated as follows: The transactions by the Reporting Persons in the shares of Class A Common Stock during the past sixty days are set forth in Annex B. Except as otherwise disclosed therein, the Reporting Persons have not effected any transaction in the shares of Class A Common Stock in the last 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CDP Investissements Inc.

Signature:	/s/ Soulef Hadjoudj
Name/Title:	Soulef Hadjoudj/Authorized Signatory
Date:	05/28/2026

Caisse de depot et placement du Quebec

Signature:	/s/ Soulef Hadjoudj
Name/Title:	Soulef Hadjoudj/Authorized Signatory
Date:	05/28/2026

FAQ

How many Zevia (ZVIA) shares does CDP Investissements now report owning?

CDP Investissements Inc. reports direct beneficial ownership of 11,400,428 Zevia Class A Common Stock shares. This figure comes from the amended Schedule 13D, which lists CDPI as the direct beneficial owner with shared voting and dispositive power over the same share amount.

What percentage of Zevia (ZVIA) does Caisse de depot et placement du Quebec control?

Caisse de depot et placement du Quebec reports beneficial ownership of 15.9% of Zevia’s Class A Common Stock. This percentage is calculated from 11,400,428 shares out of 71,775,241 shares outstanding as of May 1, 2026, as referenced in Zevia’s latest Form 10-Q.

What is the total number of Zevia Class A shares outstanding used in this 13D/A?

The filing uses 71,775,241 Zevia Class A Common Stock shares as the outstanding amount. This share count is taken from Zevia’s Quarterly Report on Form 10-Q for the period ended March 31, 2026, which was filed with the SEC on May 6, 2026.

Does CDP Investissements have sole or shared voting power over Zevia shares?

CDP Investissements reports 0 shares with sole voting power and 11,400,428 shares with shared voting power. It also reports the same split for dispositive power, indicating decisions over these Zevia shares are made on a shared basis, not individually.

What does Amendment No. 4 to the Zevia Schedule 13D change?

Amendment No. 4 updates parts of the original Schedule 13D, including Item 2(f) and Item 5. It refreshes information on the reporting persons’ citizenship, restates their 11,400,428-share, 15.9% stake, and summarizes that recent Zevia stock transactions are listed separately in Annex B.

Who signed the amended Zevia Schedule 13D on behalf of the reporting persons?

The amended Schedule 13D is signed by Soulef Hadjoudj as an Authorized Signatory. The signature appears twice, once for each reporting person entity, and is dated May 28, 2026, certifying the accuracy and completeness of the information provided in the statement.