Cerebras Director Restructures Holdings in Major Share Conversion and Distribution

On August 25, 2026, Steven Vassallo, a Director at Cerebras Systems Inc. (CBRS), filed a Form 4 detailing a complex restructuring of his holdings that occurred on August 21, 2026. The filing outlines a series of non-market transactions, beginning with the conversion (Transaction Code 'C') of over 1.2 million shares of Class B Common Stock into an equal number of Class A Common Stock shares. These conversions were executed by venture capital funds where the reporting person is a manager.

Following the conversion, the newly acquired Class A shares were distributed (Transaction Code 'J') on a pro-rata, in-kind basis from these funds to their partners and members without any cash consideration. As a result of these distributions, Steven Vassallo indirectly acquired a total of 101,716 shares into a revocable family trust and an irrevocable GST trust, for which he serves as a co-trustee. After these transactions, the trusts collectively hold 361,595 shares. This event represents a significant reorganization of the director's indirect ownership in the company, moving holdings from venture funds to personal trusts.