Sec Form 13G Filing - Redpoint Omega II L.P. filing for Root Inc. (ROOT) - 2023-02-14

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

(Amendment No. 2) *

 

Root, Inc.

(Name of Issuer)

 

Class A Common Stock

(Title of Class of Securities)

 

77664L 10 8

(CUSIP Number)

 

December 31, 2022

(Date of Event Which Requires Filing of This Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

¨      Rule 13d-1(b)

 

¨      Rule 13d-1(c)

 

x     Rule 13d-1(d)

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

CUSIP No. 77664L 10 8 13G  

 

1. Names of Reporting Persons
Redpoint Omega II, L.P.
2.

Check the Appropriate Box if a Member of a Group (see instructions)

 

 
  (a)   ¨  
  (b)   x (1)  
3.

SEC USE ONLY

 

4.

Citizenship or Place of Organization

Delaware

Number of

 

Shares

 

Beneficially

 

Owned by

 

Each

 

Reporting

 

Person With:

 

5.

Sole Voting Power

0

 

6.

Shared Voting Power

571,732 (2)

 

7.

Sole Dispositive Power

0

 

8.

Shared Dispositive Power

571,732 (2)

 

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

571,732 (2)

 

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (see instructions)

 

¨
11.

Percent of Class Represented by Amount in Row 9

4.1% of Common Stock (5.9% of Class A Common Stock) (3)(4)

 

12.

Type of Reporting Person (see instructions)

PN

 

             

(1)This statement on Schedule 13G is filed by Redpoint Omega II, L.P. (“RO II”), Redpoint Omega Associates II, LLC (“ROA II”) and Redpoint Omega II, LLC (“RO II LLC,” together with RO II and ROA II, the “Reporting Persons”). The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 21,043 shares of Class A Common Stock and 550,689 shares of Class B Common Stock held by RO II, which may be converted into Class A Common Stock at a 1:1 ratio at the option of the Reporting Person. RO II LLC serves as the sole general partner of RO II and the managers of RO II LLC commonly control ROA II. As such, RO II LLC possesses power to direct the voting and disposition of the shares owned by RO II and ROA II and may be deemed to have indirect beneficial ownership of the shares held by RO II and ROA II. RO II LLC owns no securities of the Issuer directly. The information with respect to the beneficial ownership of the Reporting Persons filing this statement on Schedule 13G is provided as of December 31, 2022.
(3)The Common Stock beneficial ownership percentage is based on a total of 14.1 million shares of Common Stock (9.1 million shares of Class A Common Stock and 5 million shares of Class B Common Stock) outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022,
(4)The Class A Common Stock beneficial ownership percentage is based on 9.1 million shares of Class A Common Stock outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022, plus the number of shares of the Issuer’s Class B Common Stock beneficially owned by the Reporting Person, which are treated as converted into Class A Common Stock only for the purpose of computing the Class A Common Stock beneficial ownership percentage of the Reporting Person.

 

Page 2

 

CUSIP No. 77664L 10 8 13G  

 

1. Names of Reporting Persons
Redpoint Omega Associates II, LLC
2.

Check the Appropriate Box if a Member of a Group (see instructions)

 

 
  (a)   ¨  
  (b)   x (1)  
3.

SEC USE ONLY

 

4.

Citizenship or Place of Organization

Delaware

Number of

 

Shares

 

Beneficially

 

Owned by

 

Each

 

Reporting

 

Person With:

 

5.

Sole Voting Power

0

 

6.

Shared Voting Power

17,682 (2)

 

7.

Sole Dispositive Power

0

 

8.

Shared Dispositive Power

17,682 (2)

 

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

17,682 (2)

 

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (see instructions)

 

¨
11.

Percent of Class Represented by Amount in Row 9

0.1% of Common Stock (0.2% of Class A Common Stock) (3)(4)

 

12.

Type of Reporting Person (see instructions)

OO

 

             

(1)This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 651 shares of Class A Common Stock and 17,031 shares of Class B Common Stock held by ROA II, which may be converted into Class A Common Stock at a 1:1 ratio at the option of the Reporting Persons. RO II LLC serves as the sole general partner of RO II and the managers of RO II LLC commonly control ROA II. As such, RO II LLC possesses power to direct the voting and disposition of the shares owned by RO II and ROA II and may be deemed to have indirect beneficial ownership of the shares held by RO II and ROA II. RO II LLC owns no securities of the Issuer directly. The information with respect to the beneficial ownership of the Reporting Persons filing this statement on Schedule 13G is provided as of December 31, 2022.
(3)The Common Stock beneficial ownership percentage is based on a total of 14.1 million shares of Common Stock (9.1 million shares of Class A Common Stock and 5 million shares of Class B Common Stock) outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022,
(4)The Class A Common Stock beneficial ownership percentage is based on 9.1 million shares of Class A Common Stock outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022, plus the number of shares of the Issuer’s Class B Common Stock beneficially owned by the Reporting Person, which are treated as converted into Class A Common Stock only for the purpose of computing the Class A Common Stock beneficial ownership percentage of the Reporting Person.

 

Page 3

 

CUSIP No. 77664L 10 8 13G  

 

1. Names of Reporting Persons
Redpoint Omega II, LLC
2.

Check the Appropriate Box if a Member of a Group (see instructions)

 

 
  (a)   ¨  
  (b)   x (1)  
3.

SEC USE ONLY

 

4.

Citizenship or Place of Organization

Delaware

Number of

 

Shares

 

Beneficially

 

Owned by

 

Each

 

Reporting

 

Person With:

 

5.

Sole Voting Power

0

 

6.

Shared Voting Power

589,414 (2)

 

7.

Sole Dispositive Power

0

 

8.

Shared Dispositive Power

589,414 (2)

 

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

589,414 (2)

 

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (see instructions)

 

¨
11.

Percent of Class Represented by Amount in Row 9

4.2% of Common Stock (6.1% of Class A Common Stock) (3)(4)

 

12.

Type of Reporting Person (see instructions)

OO

 

             

(1)This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of (i) 21,043 shares of Class A Common Stock and 550,689 shares of Class B Common Stock held by RO II, which may be converted into Class A Common Stock at a 1:1 ratio at the option of the Reporting Person, and (ii) 651 shares of Class A Common Stock and 17,031 shares of Class B Common Stock held by ROA II, which may be converted into Class A Common Stock at a 1:1 ratio at the option of the Reporting Persons. RO II LLC serves as the sole general partner of RO II and the managers of RO II LLC commonly control ROA II. As such, RO II LLC possesses power to direct the voting and disposition of the shares owned by RO II and ROA II and may be deemed to have indirect beneficial ownership of the shares held by RO II and ROA II. RO II LLC owns no securities of the Issuer directly. RO II LLC owns no securities of the Issuer directly. The information with respect to the beneficial ownership of the Reporting Persons filing this statement on Schedule 13G is provided as of December 31, 2022.
(3)The Common Stock beneficial ownership percentage is based on a total of 14.1 million shares of Common Stock (9.1 million shares of Class A Common Stock and 5 million shares of Class B Common Stock) outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022,
(4)The Class A Common Stock beneficial ownership percentage is based on 9.1 million shares of Class A Common Stock outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022, plus the number of shares of the Issuer’s Class B Common Stock beneficially owned by the Reporting Person, which are treated as converted into Class A Common Stock only for the purpose of computing the Class A Common Stock beneficial ownership percentage of the Reporting Person.

 

Page 4

 

Introductory Note: This statement on Schedule 13G is being filed by the Reporting Persons in respect of common stock of Root, Inc. (the “Issuer”).

 

Item 1(a).Name of Issuer:

 

Root, Inc.

 

Item 1(b).Address of Issuer’s Principal Executive Officers:

 

80 E Rich Street, Suite 500
Columbus, Ohio 43215

 

Item 2(a).Name of Person(s) Filing:

 

Redpoint Omega II, L.P. (“RO II”)

Redpoint Omega Associates II, LLC (“ROA II”)

Redpoint Omega II, LLC (“RO II LLC”)

 

Item 2(b).Address of Principal Business Office:

 

Redpoint Ventures

2969 Woodside Road

Woodside, California 94062

 

Item 2(c).Citizenship:

 

RO II is a Delaware limited partnership

ROA II is a Delaware limited liability company

RO II LLC is a Delaware limited liability company

 

Item 2(d).Title of Class of Securities:

 

Class A Common Stock

 

Item 2(e).CUSIP Number:

 

77664L 10 8

 

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(a).Amount Beneficially Owned:

 

Item 4(b).Percent of Class:

 

Item 4(c).Number of shares as to which such persons have:

 

Page 5

 

The following information with respect to the ownership of Class A Common Stock by the Reporting Persons filing this statement on Schedule 13G is provided as of December 31, 2022:

 

Reporting Persons  Class A
Common
Stock Held
Directly (1)
   Class B
Common
Stock Held
Directly (1)
  

Shared

Voting

Power (1)

   Shared
Dispositive
Power (1)
   Beneficial Ownership
(1)
  Percentage of
Class (1)(3)(4)
RO II  21,043   

550,689

   571,732   571,732   571,732  4.1% of Common Stock (5.9% of Class A Common Stock)
ROA II  651  

17,031

  

17,682

  

17,682

  

17,682

  0.1% of Common Stock (0.2% of Class A Common Stock)
RO II LLC (2)  0   0  

589,414

  

589,414

  

589,414

  4.2% of Common Stock (6.1% of Class A Common Stock)

 

(1)Represents the number of shares beneficially owned by the Reporting Persons as of December 31, 2022.

 

(2)RO II LLC serves as the sole general partner of RO II and the managers of RO II LLC commonly control ROA II. As such, RO II LLC possesses power to direct the voting and disposition of the shares owned by RO II and ROA II and may be deemed to have indirect beneficial ownership of the shares held by RO II and ROA II. RO II LLC owns no securities of the Issuer directly.

 

(3)The Common Stock beneficial ownership percentage is based on a total of 14.1 million shares of Common Stock (9.1 million shares of Class A Common Stock and 5 million shares of Class B Common Stock) outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022.

 

(4)The Class A Common Stock beneficial ownership percentage is based on 9.1 million shares of Class A Common Stock outstanding as of November 2, 2022, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 9, 2022, plus the number of shares of the Issuer’s Class B Common Stock beneficially owned by the Reporting Person, which are treated as converted into Class A Common Stock only for the purpose of computing the Class A Common Stock beneficial ownership percentage of the Reporting Person.

 

Item 5.Ownership of Five Percent or Less of a Class:

 

If this statement is being filed to report the fact that as of the date hereof, the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following: ¨

 

Item 6.Ownership of More Than Five Percent on Behalf of Another Person:

 

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.

 

Page 6

 

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.

 

Dated: February 14, 2023

 

  REDPOINT OMEGA II, L.P.
  By its General Partner, Redpoint Omega II, LLC

 

  By:            /s/ Elliot Geidt
  Elliot Geidt
  Manager

 

  REDPOINT OMEGA ASSOCIATES II, LLC

 

  By:            /s/ Elliot Geidt
  Elliot Geidt
  Manager

 

  REDPOINT OMEGA II, LLC

 

  By:            /s/ Elliot Geidt
  Elliot Geidt
  Manager

 

Exhibit(s): 99.1: Joint Filing Statement

 

Page 7

 

 

CUSIP No. 77664L 10 8 13G Exhibit 99.1

 

AGREEMENT

 

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that only one statement containing the information required by Schedule 13G need be filed with respect to the ownership by each of the undersigned of common stock of Root, Inc.

 

Dated: February 14, 2023

 

  REDPOINT OMEGA II, L.P.
  By its General Partner, Redpoint Omega II, LLC

 

  By:            /s/ Elliot Geidt
  Elliot Geidt
  Manager

 

  REDPOINT OMEGA ASSOCIATES II, LLC

 

  By:            /s/ Elliot Geidt
  Elliot Geidt
  Manager

 

  REDPOINT OMEGA II, LLC

 

  By:            /s/ Elliot Geidt
  Elliot Geidt
  Manager

 

Page 8