UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Dropbox, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.00001 per share
(Title of Class of Securities)
26210C 104
(CUSIP Number)
December 31, 2019
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☐ Rule13d-1(b)
☐ Rule13d-1(c)
☒ Rule13d-1(d)
| * | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. |
The information required in 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).
CUSIP No. 26210C 104
| 1. | Names of Reporting Persons.
Arash Ferdowsi | |||||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☐
| |||||
| 3. | SEC Use Only
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| 4. | Citizenship or Place of Organization
United States of America | |||||
Number of Shares Beneficially Owned by Each Reporting Person With: | 5. | Sole Voting Power
36,287,385 (See Item 4(a) below) | ||||
| 6. | Shared Voting Power
0 | |||||
| 7. | Sole Dispositive Power
36,287,385 (See Item 4(a) below) | |||||
| 8. | Shared Dispositive Power
0 | |||||
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person
36,287,385 (See Item 4(a) below) | |||||
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
| |||||
| 11. | Percent of Class Represented by Amount in Row (9)
12.0% (See Item 4(b) below) | |||||
| 12. | Type of Reporting Person (See Instructions)
IN | |||||
| Item 1(a) | Name of Issuer: |
Dropbox, Inc.
| Item 1(b) | Address of Issuer’s Principal Executive Offices: |
1800 Owens Street
San Francisco, CA 94158
| Item 2 | (a) Name of Person Filing: |
Arash Ferdowsi
| Item 2 | (b) Address of Principal Business Office or, if none, Residence: |
c/o Dropbox, Inc.
1800 Owens Street
San Francisco, CA 94158
| Item 2 | (c) Citizenship: |
Arash Ferdowsi is a United States citizen
| Item 2 | (d) Title of Class of Securities: |
Class A Common Stock, par value $0.00001 per share
| Item 2 | (e) CUSIP Number: |
26210C 104
| Item 3. | If this statement is filed pursuant to§§240.13d-1(b) or240.13d-2(b) or (c), check whether the person filing is a: |
Not applicable.
| Item 4. | Ownership |
| (a) | Amount beneficially owned: |
As of December 31, 2019, (i) 4,400,000 shares of Class A Common Stock were held of record by Arash Ferdowsi, (ii) 400,000 shares of Class A Common Stock and 28,586,583 shares of Class B Common Stock were held of record by the Arash Ferdowsi Revocable Trust dated 4/20/2012, for which Mr. Ferdowsi serves as trustee, and (iii) 2,900,802 shares of Class B Common Stock were held of record by the Arash Ferdowsi Remainder Trust dated 3/21/2011, for which Mr. Ferdowsi serves as trustee.
Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date. Each share of Class B Common Stock is entitled to ten votes per share, whereas each share of Class A Common Stock is entitled to one vote per share. The rights of the holders of Class A Common Stock and Class B Common Stock are identical, except with respect to the aforementioned conversion rights and voting rights.
| (b) | Percent of class: |
12.0%
The ownership percentage above is calculated based on 270,779,612 shares of Class A Common Stock outstanding as of November 4, 2019, as reported in the Issuer’s Form10-Q filed with the Securities and Exchange Commission on November 8, 2019, but including restricted stock awards subject to vesting as such shares are entitled to vote, plus the assumed conversion of 31,487,385 shares of Class B Common Stock deemed beneficially owned by Mr. Ferdowsi, as described herein, into shares of Class A Common Stock.
| (c) | Number of shares as to which the person has: |
(i) Sole power to vote or direct the vote: 36,287,385 shares
(ii) Shared power to vote or direct the vote: 0 shares
(iii) Sole power to dispose or to direct the disposition of: 36,287,385 shares
(iv) Shared power to dispose or to direct the disposition of: 0 shares
| Item 5. | Ownership of 5 Percent or Less of a Class |
Not applicable.
| Item 6. | Ownership of More than 5 Percent on Behalf of Another Person |
Not applicable.
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person |
Not applicable.
| Item 8. | Identification and Classification of Members of the Group |
Not applicable.
| Item 9. | Notice of Dissolution of Group |
Not applicable.
| Item 10. | Certifications |
Not applicable.
SIGNATURES
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.
Date: February 14, 2020
| /s/ Arash Ferdowsi |
| Arash Ferdowsi |
