Twilio completes automatic conversion of all Class B stock to Class A, eliminating dual-class structure

TWILIO INC

All outstanding Class B shares (10 votes each) converted 1:1 into Class A shares (1 vote each) on June 28, 2023.
Approximately 181 million Class A shares outstanding post-conversion; no Class B shares remain.
Certificate of Retirement filed to reduce authorized capital by retired Class B shares.
Outstanding stock options originally exercisable for Class B now represent right to receive Class A stock.
Class A stock continues trading on NYSE under TWLO with same CUSIP.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

TWILIO INC: Filed a Certificate of Retirement to retire shares of Class B Common Stock and reduce authorized capital stock (effective 2023-06-28).

Change: charter amendment
Effective: 2023-06-28

Exact text from the filing

As described under Item 3.03, on June 28, 2023, the Company filed the Certificate of Retirement with the Secretary of State of the State of Delaware to effect the retirement of the shares of Class B common stock that were issued but not outstanding following the Conversion and to accordingly reduce the Company’s total number of authorized shares of capital stock by the number of retired shares of Class B Common Stock.

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TWILIO INC filing history →

Source: SEC EDGAR

accession 0001447669-23-000139

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