Granite Ventures II Amends Marqeta Stake, Signals Ownership Change
Ticker: MQ · Form: SC 13G/A · Filed: Jan 11, 2024 · CIK: 1522540
Complexity: simple
Sentiment: bearish
Topics: institutional-ownership, amendment, stake-change
TL;DR
**Granite Ventures II just updated their Marqeta filing, likely meaning they've cut their stake.**
AI Summary
Granite Ventures II, L.P. (GV II) filed an Amendment No. 3 to its SC 13G/A for Marqeta, Inc. (MQ) on January 11, 2024, indicating a change in their beneficial ownership as of December 31, 2023. This filing, made under Rule 13d-1(d), suggests that GV II's stake in Marqeta has likely fallen below the 5% threshold, or they are no longer required to report under the previous rules. This matters to investors because it signals a potential reduction in a significant institutional holder's position, which could be interpreted as a lack of confidence or a strategic portfolio adjustment.
Why It Matters
A reduction in a major investor's stake can influence market sentiment and potentially impact Marqeta's stock price, as it might suggest a shift in the investor's outlook on the company's future.
Risk Assessment
Risk Level: medium — A decrease in institutional ownership can sometimes precede negative stock performance or indicate a lack of conviction from a sophisticated investor.
Analyst Insight
Investors should monitor Marqeta's upcoming earnings reports and other institutional ownership filings to understand if this is an isolated event or part of a broader trend of institutional divestment. Consider re-evaluating your position if other major holders also reduce their stakes.
Key Numbers
- 0001522540 — Marqeta's CIK (identifies Marqeta, Inc. in SEC filings)
- 57142B104 — Marqeta's CUSIP Number (identifies the Class A Common Stock of Marqeta, Inc.)
- December 31, 2023 — Date of Event (the date as of which the ownership change occurred, requiring this filing)
- January 11, 2024 — Filing Date (the date this amendment was filed with the SEC)
Key Players & Entities
- Granite Ventures II, L.P. (company) — the reporting person filing the SC 13G/A
- Marqeta, Inc. (company) — the subject company whose securities are being reported
- Christopher McKay (person) — a group member associated with the filing
- Granite Management II, LLC (company) — a group member associated with the filing
- Jacqueline Berterretche (person) — a group member associated with the filing
- Standish O Grady (person) — a group member associated with the filing
Forward-Looking Statements
- Marqeta's stock price may experience short-term volatility due to the perceived reduction in institutional confidence. (Marqeta, Inc.) — medium confidence, target: Q1 2024
FAQ
What is the purpose of this specific SC 13G/A filing by Granite Ventures II, L.P.?
This is an Amendment No. 3 to a Schedule 13G filing, indicating a change in the beneficial ownership of Marqeta, Inc. Class A Common Stock by Granite Ventures II, L.P. as of December 31, 2023. The filing is made under Rule 13d-1(d), which typically signifies that the reporting person's beneficial ownership has fallen below 5% or they are no longer subject to the initial reporting requirements.
Who are the 'group members' associated with this filing, besides Granite Ventures II, L.P.?
The group members listed in the filing are Christopher McKay, Granite Management II, LLC (GM II), Jacqueline Berterretche, and Standish O Grady. These entities and individuals are likely associated with Granite Ventures II, L.P. and may have shared voting or dispositive power over the reported securities.
What is the CUSIP number for the securities reported in this filing?
The CUSIP number for the Class A Common Stock of Marqeta, Inc. is 57142B104, as stated on the cover page of the filing.
When was the 'Date of Event Which Requires Filing of this Statement'?
The 'Date of Event Which Requires Filing of this Statement' was December 31, 2023, as specified on the cover page of the SC 13G/A.
Under which specific rule was this Schedule 13G filed?
This Schedule 13G/A was filed under Rule 13d-1(d), as indicated by the checked box on the cover page of the filing.
Filing Stats: 2,282 words · 9 min read · ~8 pages · Grade level 10.3 · Accepted 2024-01-11 16:17:28
Key Financial Figures
- $0.0001 — suer) Class A Common Stock, par value $0.0001 (Title of Class of Securities) 5714
Filing Documents
- d478343dsc13ga.htm (SC 13G/A) — 95KB
- 0001193125-24-006612.txt ( ) — 97KB
(A)
ITEM 1(A). NAME OF ISSUER Marqeta, Inc. (the Issuer)
(B)
ITEM 1(B). ADDRESS OF ISSUERS PRINCIPAL EXECUTIVE OFFICES 180 Grand Avenue, 6th Floor Oakland, CA 94612
(A)
ITEM 2(A). NAME OF PERSONS FILING This Amendment No. 3 (Amendment No. 3) amends and supplements the Schedule 13G initially filed with the Commission on February 11, 2022 (the Original Schedule 13G), as amended by Amendment No. 1 filed with the Commission on January 25, 2023 and Amendment No. 2 filed with the Commission on April 14, 2023 and is being jointly filed by Granite Management II, LLC (GM II), Granite Ventures II, L.P. (GV II), Standish OGrady, Jacqueline Berterretche and Christopher McKay (together with GM II and GV II, the Reporting Entities). The Reporting Entities collectively are referred to as the Reporting Persons. The agreement among the Reporting Persons to file jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act was filed as Exhibit 1 to the Original Schedule 13G . Only those items that are hereby reported are amended; all other items reported in the Original Schedule 13G remain unchanged. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Capitalized terms not defined in this Amendment have the meanings ascribed to them in the Original Schedule 13G.
(B)
ITEM 2(B). ADDRESS OF PRINCIPAL OFFICE The address for each of the Reporting Persons is: 300 Montgomery Street, Suite 421 San Francisco, CA 94104
(C)
ITEM 2(C). CITIZENSHIP See Row 4 of cover page for each Reporting Person.
(D)
ITEM 2(D). TITLE OF CLASS OF SECURITIES Class A Common Stock, par value $0.0001
(E)
ITEM 2(E) CUSIP NUMBER 57142B104 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: Not applicable. ITEM 4. Amount beneficially owned : See Row 9 of cover page for each Reporting Person. CUSIP # 57142B104 Page 8 of 9 (a) Percent of Class : See Row 11 of cover page for each Reporting Person. (b) Number of shares as to which such person has : (i) Sole power to vote or to direct the vote : See Row 5 of cover page for each Reporting Person. (ii) Shared power to vote or to direct the vote : See Row 6 of cover page for each Reporting Person. (iii) Sole power to dispose or to direct the disposition of : See Row 7 of cover page for each Reporting Person. (iv) Shared power to dispose or to direct the disposition of : See Row 8 of cover page for each Reporting Person. ITEM 5. Not applicable. ITEM 6. Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY 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. CERTIFICATION . Not Applicable. CUSIP # 57142B104 Page 9 of 9
SIGNATURES
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: January 11, 2024 GRANITE MANAGEMENT II, LLC By Granite Ventures, LLC Its Managing Member By /s/ Jacqueline Berterretche Printed Name: Jacqueline Berterretche Title: Member GRANITE VENTURES II, L.P. By Granite Management II, LLC Its General Partner By /s/ Jacqueline Berterretche Printed Name: Jacqueline Berterretche Title: Member By /s/ Jacqueline Berterretche Jacqueline Berterretche By /s/ Christopher McKay Christopher McKay By /s/ Standish OGrady Standish OGrady