Bubble Holdings, LLC filed an initial statement of beneficial ownership (Form 3) with the SEC on November 9, 2026, disclosing holdings of Series A Senior Convertible Preferred Stock in Zevia PBC (NASDAQ:ZVIA) following an October 22, 2026 acquisition.

Key Highlights

  • Triggering event: Bubble Holdings, LLC acquired 15,000 shares of Series A Senior Convertible Preferred Stock on October 22, 2026, for an aggregate purchase price of $15,000,000.
  • Additional option: Bubble Holdings may acquire an additional 5,000 shares of Preferred Stock upon satisfaction or waiver of certain closing conditions with at least three business days' irrevocable notice.
  • Conversion terms: Each share of Preferred Stock has an original issuance price of $1,000 and is convertible into Class A Common Stock at an initial conversion price of $1.448 per share, subject to customary anti-dilution adjustments.
  • Underlying shares: The 15,000 shares of Preferred Stock are reported as convertible into 13,812,154 shares of Class A Common Stock at the initial conversion price, excluding fractional shares and future increases in Accreted Value.
  • Conversion cap: Conversion is subject to an aggregate 14,428,844-share conversion cap set forth in the Certificate of Designations.
  • Reporting chain: GP Cash Management, Ltd. has voting control over Bubble Holdings, and GP Investments, Ltd. is the sole shareholder of GP Cash Management, Ltd.; both are identified as 10% owners and may be deemed indirect beneficial owners of the same securities.

Bubble Holdings Discloses $15 Million Preferred Stock Position in Zevia PBC

According to the filing, Bubble Holdings, LLC, based in Wilmington, Delaware, acquired 15,000 shares of Series A Senior Convertible Preferred Stock of Zevia PBC on October 22, 2026, for an aggregate purchase price of $15,000,000. The filing identifies Bubble Holdings as both a director and a 10% owner of the issuer. The Form 3 was signed by Rodrigo Boscolo and filed on November 9, 2026.

The filing discloses that the Preferred Stock is convertible at the holder's option at any time and has no fixed expiration date, with conversion subject to the terms of the Certificate of Designations. At the initial conversion price of $1.448 per share, the 15,000 shares would convert into 13,812,154 shares of Class A Common Stock, par value $0.001 per share. The filing notes that this figure excludes fractional shares and does not include future increases in Accreted Value, and that conversion is subject to an aggregate cap of 14,428,844 shares. In addition to the shares already acquired, Bubble Holdings may acquire an additional 5,000 shares of Preferred Stock upon the satisfaction or waiver of certain closing conditions, with at least three business days' irrevocable notice required.

The filing further discloses that GP Cash Management, Ltd., located in Nassau, Bahamas, holds voting control over Bubble Holdings, while GP Investments, Ltd., located in Hamilton, Bermuda, is the sole shareholder of GP Cash Management, Ltd. Both entities are listed as 10% owners and may be deemed indirect beneficial owners of the securities held directly by Bubble Holdings. According to the filing, "The reported securities represent the same holdings and are not separate holdings of each reporting person," and each of GP Cash Management and GP Investments "disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, if any."

What Was Disclosed

Bubble Holdings, LLC filed an initial beneficial ownership statement reporting the October 22, 2026 acquisition of 15,000 shares of Zevia PBC Series A Senior Convertible Preferred Stock for $15,000,000, with potential rights to 5,000 additional shares, and identifying GP Cash Management, Ltd. and GP Investments, Ltd. as indirect beneficial owners of the same position.