Dell Technologies Inc. has reported the issuance of 321,561 shares of its Class C common stock on January 12, 2024, and an additional 4,253,469 shares on January 16, 2024. These shares were issued upon the conversion of an equivalent number of Class B common stock held by the Silver Lake Funds, a group of investment entities. The conversions were part of distributions to participants and, in some cases, sales by the Silver Lake Funds and their affiliates, as reported in SEC filings. Prior to these conversions, Dell had 262,220,998 shares of Class C common stock outstanding. The company's certificate of incorporation allows Class B shareholders to convert their stock to Class C on a one-to-one basis, which can be done at any time or...Show More

Dell Technologies Inc. has reported the issuance of 321,561 shares of its Class C common stock on January 12, 2024, and an additional 4,253,469 shares on January 16, 2024. These shares were issued upon the conversion of an equivalent number of Class B common stock held by the Silver Lake Funds, a group of investment entities. The conversions were part of distributions to participants and, in some cases, sales by the Silver Lake Funds and their affiliates, as reported in SEC filings. Prior to these conversions, Dell had 262,220,998 shares of Class C common stock outstanding. The company's certificate of incorporation allows Class B shareholders to convert their stock to Class C on a one-to-one basis, which can be done at any time or automatically upon certain transfers. Both classes of stock share identical dividend and liquidation rights. The issuance of these shares was executed in reliance on an exemption from registration under the Securities Act of 1933, specifically Section 3(a)(9), and no commission was paid for the exchange. Future conversions are expected to follow the same exemption from registration.