(f) SC GGF III, USV 2010 –SEED, Sequoia Capital U.S. Growth Fund IX, Sequoia Capital U.S. Growth Partners Fund IX, Sequoia Capital U.S. Growth IX Principals Fund, SC GGF III Management, SC U.S. Growth VIII Management, USV 2010 Management, SC U.S. Growth IX Management and SC US (TTGP) are each organized under the laws of the Cayman Islands. Sequoia Capital U.S. Growth Fund VIII is organized under the laws of Delaware. DL and RB are citizens of the USA.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The information set forth in or incorporated by reference in Items 2, 4 and 5 of this statement is incorporated by reference in its entirety into this Item 3.
Immediately prior to the effectiveness of the Company’s initial public offering, the Reporting Persons owned 5,835,599 shares of Series D Redeemable Convertible Preferred Stock, 387,442 shares of Series E Redeemable Convertible Preferred Stock and 3,123,057 shares of Series F Redeemable Convertible Preferred Stock (together, the “Preferred Convertible Stock”) and 212,639 shares of Common Stock for which it had paid a total of $160,665,223. Upon effectiveness of the Company’s initial public offering, the Company’s Preferred Convertible Stock and Common Stock held by the Reporting Persons were converted into 7,885,132 shares of Class B Common Stock. The Reporting Persons also received 235,201 shares of Class A Common Stock from a third party investment fund as part of an in kind distribution by such fund and acquired an additional 2,563,750 shares of Class A Common Stock through open market purchases following the Company’s initial public offering. The funds for the Reporting Persons’ purchase of the Preferred Convertible Stock were capital contributions by the partners of such Reporting Persons and the available funds of such entities.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons consummated the transactions described herein in order to acquire an interest in the Company for investment purposes. The Reporting Persons expect to evaluate on an ongoing basis the Company’s financial condition and prospects and their respective interests in, and intentions with respect to, the Company and their respective investments in the securities of the Company, which review may be based on various factors, including the Company’s business and financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Company’s securities in particular, as well as other developments and other investment opportunities. Accordingly, each Reporting Person reserves the right to change its intentions, as it deems appropriate. In particular, each Reporting Person may at any time and from time to time, in the open market, in privately negotiated transactions or otherwise, increase its holdings in the Company or dispose of all or a portion of the securities of the Company that the Reporting Persons now own or may hereafter acquire. In addition, the Reporting Persons may engage in discussions with management and members of the Board regarding the Company, including, but not limited to, the Company’s business and financial condition, results of operations and prospects. The Reporting Persons may take positions with respect to and seek to influence the Company regarding the matters discussed above. Such suggestions or positions may include one or more plans or proposals that relate to or would result in any of the actions required to be reported herein.
Except as set forth in this Item 4, the Reporting Persons have no present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons do, however, reserve the right in the future to adopt such plans or proposals subject to compliance with applicable regulatory requirements.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The information set forth and/or incorporated by reference in Items 2, 3 and 4 is hereby incorporated by reference into this Item 5.
(a) The aggregate number of Class A Common Stock and Class B Common Stock and the percentage of total outstanding Class A Common Stock beneficially owned by the Reporting Persons is set forth below. References to percentage ownerships of Class A Common Stock in this Statement are based upon the 53,879,646 shares of Class A Common Stock stated to be outstanding as of November 3, 2021, as reported in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2021. The Reporting Persons may be deemed to beneficially own an aggregate of 2,798,951 shares of Class A Common Stock and 7,885,132 shares of Class B Common Stock, which constitutes approximately 17.3% of the Company’s Class A Common Stock, calculated in accordance with Rule 13d-3 under the Act. The filing of this Statement shall not be construed as an admission that a Reporting Person beneficially owns those shares held by any other Reporting Person.