Sec Form 4 Filing - Chaserg Technology Sponsor LLC @ GRID DYNAMICS HOLDINGS, INC. - 2020-06-18

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Chaserg Technology Sponsor LLC 2. Issuer Name and Ticker or Trading Symbol GRID DYNAMICS HOLDINGS, INC. [ GDYN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 533 AIRPORT BLVD, SUITE 400 3. Date of Earliest Transaction (MM/DD/YY) 06/18/2020 (Street) BURLINGAME, CA94010 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 06/18/2020 J( 1 ) 4,940,000 D $ 0 1,090,000 I See footnote ( 2 ) Common Stock 3,683,703 ( 3 ) I See footnote ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Warrants (right to buy) $ 11.5 06/18/2020 J( 1 ) 265,000 03/05/2020 03/05/2025 Common Stock 265,000 $ 0 0 I See footnote ( 2 ) Warrants (right to buy) $ 11.5 03/05/2020 03/05/2025 Common Stock 291,500 291,500 ( 3 ) I See footnote ( 4 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Chaserg Technology Sponsor LLC 533 AIRPORT BLVD, SUITE 400 BURLINGAME, CA94010 X Explorer Parent LLC 533 AIRPORT BLVD, SUITE 400 BURLINGAME, CA94010 X Founder Holdings LLC 533 AIRPORT BLVD, SUITE 400 BURLINGAME, CA94010 X Signatures ChaSerg Technology Sponsor LLC By: /s/ Steven Fletcher, a Managing Member 06/22/2020 Signature of Reporting Person Date Explorer Parent LLC By: Founder Holdings LLC, its managing member, By: /s/ Steven Fletcher, a Managing Member, By: /s/ Alex Vieux, a Managing Member 06/22/2020 Signature of Reporting Person Date Founder Holdings LLC By: /s/ Steven Fletcher, a Managing Member, By: /s/ Alex Vieux, a Managing Member 06/22/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents a pro rata distribution in-kind by ChaSerg Technology Sponsor LLC ("Sponsor") to its limited partners for no consideration (the "Distribution"). ( 2 )By Sponsor. By virtue of the relationships between Explorer Parent LLC ("Explorer"), Founder Holdings LLC ("Founder") and Sponsor, each of Explorer and Founder may be deemed to share beneficial ownership of the securities held of record by Sponsor. ( 3 )Includes securities received in the Distribution. ( 4 )By Explorer. Founder, as the managing member of Explorer, may be deemed to share beneficial ownership of these securities.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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