[SCHEDULE 13D/A] Zevia PBC SEC Filing

Rhea-AI Filing Summary

CDP Investissements Inc. and Caisse de depot et placement du Que9bec amended their Schedule 13D for Zevia PBC Class A Common Stock to report ownership and related disclosures. CDPI directly beneficially owns 17,050,428 shares, representing approximately 25.3% of the outstanding Class A Common Stock based on 67,318,542 shares outstanding as of August 6, 2025.

The amendment clarifies that CDPQ, through its ownership of CDPI, may be deemed to share voting and dispositive power over those shares. The filing states transactions in the past 60 days are set forth in Annex B and otherwise reports no transactions in the last 60 days.

Insights

Securities Analyst

TL;DR: Reporting persons hold a large minority stake (25.3%) with shared voting and dispositive power; recent transactions noted in Annex B.

The filing amends the Schedule 13D to restate ownership metrics and control relationships. CDPI is the direct beneficial owner of 17,050,428 Class A shares, which equals 25.3% of the class based on the issuer's reported outstanding shares. The statement clarifies CDPQ's potential shared control via CDPI. The disclosure references Annex B for transactions in the last 60 days but the amendment otherwise reports no additional transactions. This filing is material because a >25% stake can influence corporate governance and shareholder dynamics.

Corporate Governance Expert

TL;DR: A substantial passive or coordinated stake is disclosed; control is described as shared rather than sole, with transaction details delegated to annex.

The amendment focuses on identity, background and Item 5 interest metrics. It confirms the reporting structure: CDPI as direct owner and CDPQ as an entity that may share voting and dispositive power. The absence of sole voting or dispositive power is explicitly stated. The filing points readers to Annex A for officer citizenship details and Annex B for recent transactions, indicating standard supplemental disclosures accompany this amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

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)

09/30/2025

(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).

SCHEDULE 13D

CUSIP No. 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 17,050,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,050,428.00

11

Aggregate amount beneficially owned by each reporting person

17,050,428.00

12

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

13

Percent of class represented by amount in Row (11)

25.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 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 17,050,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,050,428.00

11

Aggregate amount beneficially owned by each reporting person

17,050,428.00

12

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

13

Percent of class represented by amount in Row (11)

25.3 %

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. 2 (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 (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 17,050,428 shares of Class A Common Stock, which represents approximately 25.3% of the Issuer's outstanding Class A Common Stock, based on 67,318,542 shares of Class A Common Stock outstanding as of August 6, 2025 as disclosed in the Issuer's quarterly report on Form 10-Q (File No. 001-40630) filed with the Securities and Exchange Commission on August 6, 2025.
(b)	Item 5(b) is amended and restated as follows: CDPQ, though its ownership of CDPI, may be deemed to share voting and dispositive power over the shares of Class A Common Stock beneficially owned or deemed to be beneficially owned by CDPI.
(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:	10/01/2025

CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

Signature:	/s/ Soulef Hadjoudj
Name/Title:	Soulef Hadjoudj/Authorized Signatory
Date:	10/01/2025