Starboard Value Ups Stake in Green Dot Corp

TL;DR

Starboard Value now owns 13.1% of Green Dot Corp after filing an amendment.

AI Summary

Starboard Value LP, through its affiliate Starboard Value and Opportunity Master Fund Ltd., has amended its Schedule 13D filing regarding Green Dot Corporation. As of May 31, 2024, Starboard Value LP beneficially owns 16,400,000 shares of Green Dot Corporation's Class A Common Stock, representing approximately 13.1% of the outstanding shares. This filing is an amendment to their previous filings concerning their investment in the company.

Why It Matters

This filing indicates continued significant interest and potential influence by Starboard Value LP in Green Dot Corporation, which could lead to strategic changes or activism.

Risk Assessment

Risk Level: medium — The filing indicates a significant stake by an activist investor, which could lead to changes in company strategy or management.

Key Numbers

• 16,400,000 — Shares Owned (Beneficially owned by Starboard Value LP as of May 31, 2024)
• 13.1% — Ownership Percentage (Represents Starboard Value LP's stake in Green Dot Corporation)

Key Players & Entities

• Starboard Value LP (company) — Filing entity
• Green Dot Corporation (company) — Subject company
• Starboard Value and Opportunity Master Fund Ltd. (company) — Affiliate of filing entity
• Jeffrey C. Smith (person) — Contact person for Starboard Value LP
• Andrew Freedman (person) — Attorney for Starboard Value LP
• Meagan Reda (person) — Attorney for Starboard Value LP
• Olshan Frome Wolosky LLP (company) — Legal counsel for Starboard Value LP

FAQ

Key Financial Figures

• $0.001 — (Name of Issuer) Class A Common Stock, $0.001 par value (Title of Class of Securiti
• $75,875,048 — by Starboard V&O Fund is approximately $75,875,048, excluding brokerage commissions. The a
• $14,421,653 — ned by Starboard S LLC is approximately $14,421,653, excluding brokerage commissions. The a
• $8,394,336 — wned by Starboard C LP is approximately $8,394,336, excluding brokerage commissions. The a
• $7,698,239 — by Starboard L Master is approximately $7,698,239, excluding brokerage commissions. The a
• $24,150,950 — by Starboard X Master is approximately $24,150,950, excluding brokerage commissions. The a
• $26,517,251 — board Value LP Account is approximately $26,517,251, excluding brokerage commissions. The

Filing Documents

• sc13da506297285_05312024.htm (SC 13D/A) — 436KB
• 0001193805-24-000736.txt ( ) — 437KB

Identity and Background

Item 2. Identity and Background .

is hereby amended to add

Item 2 is hereby amended to add the following: The officers and directors of each of Starboard V&O Fund and Starboard X Master and their principal occupations, business addresses and citizenships are set forth on Schedule A and are incorporated by reference in this Item 2.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby amended and restated

Item 3 is hereby amended and restated to read as follows: The Shares purchased by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard X Master, and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule B, which is incorporated by reference herein. The aggregate purchase price of the 2,650,713 Shares beneficially owned by Starboard V&O Fund is approximately $75,875,048, excluding brokerage commissions. The aggregate purchase price of the 494,792 Shares beneficially owned by Starboard S LLC is approximately $14,421,653, excluding brokerage commissions. The aggregate purchase price of the 288,103 Shares beneficially owned by Starboard C LP is approximately $8,394,336, excluding brokerage commissions. The aggregate purchase price of the 270,207 Shares beneficially owned by Starboard L Master is approximately $7,698,239, excluding brokerage commissions. The aggregate purchase price of the 473,274 Shares beneficially owned by Starboard X Master is approximately $24,150,950, excluding brokerage commissions. The aggregate purchase price of the 841,292 Shares held in the Starboard Value LP Account is approximately $26,517,251, excluding brokerage commissions. The 4,220 Shares owned directly by Mr. Feld were granted to him in his former capacity as a director of the Issuer.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a) – (c) are hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 53,210,033 Shares outstanding, as of April 30, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2024. A. Starboard V&O Fund (a) As of the close of business on May 31, 2024, Starboard V&O Fund beneficially owned 2,650,713 Shares. Percentage: Approximately 5.0% (b) 1. Sole power to vote or direct vote: 2,650,713 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,650,713 4. Shared power to dispose or direct the disposition: 0 16 CUSIP No. 39304D102 (c) The transactions in the Shares by Starboard V&O Fund during the past sixty days are set forth in Schedule B and are incorporated herein by reference. B. Starboard S LLC (a) As of the close of business on May 31, 2024, Starboard S LLC beneficially owned 494,792 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 494,792 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 494,792 4. Shared power to dispose or direct the disposition: 0 (c) The transactions in the Shares by Starboard S LLC during the past sixty days are set forth in Schedule B and are incorporated herein by reference. C. Starboard C LP (a) As of the close of business on May 31, 2024, Starboard C LP beneficially owned 288,103 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 288,103 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 288,103 4. Shared power to dispose or direct the disposition: 0 (c) The transactions in the Shares by Starboard C LP during the past sixty days are set forth in Schedule B and a

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