8-KSecurities & Listing

Dell Technologies Inc. 8-K Report, Unregistered Securities Sale (Sep 26, 2025)

Filed September 26, 2025For Securities:DELL

Summary

Dell Technologies Inc. has filed an 8-K report detailing the conversion of Class B common stock into Class C common stock. Specifically, between September 15 and September 22, 2025, the company issued approximately 3.9 million shares of Class C common stock upon conversion of an equivalent number of Class B shares. These conversions were primarily exercised by entities associated with Silver Lake Partners, a significant investor. The report clarifies that these issuances were conducted without registration under the Securities Act of 1933, utilizing the exemption provided by Section 3(a)(9), and no commissions were paid. Following these conversions, Dell's outstanding share count as of September 23, 2025, stands at approximately 338.6 million shares of Class C common stock and 54.8 million shares of Class B common stock. The company's charter allows for voluntary conversions of Class B to Class C stock on a one-to-one basis, as well as automatic conversions under certain transfer conditions. Importantly, both Class B and Class C shares carry equivalent dividend and liquidation rights. Investors should note that this is primarily a housekeeping item related to existing stock structures and does not represent a new equity raise or a change in the company's overall capital structure in terms of value, but rather a shift in share classes.

Key Highlights

  • 1Dell Technologies Inc. reported the conversion of 3,915,292 shares of Class B common stock into Class C common stock between September 15-22, 2025.
  • 2The conversions were primarily executed by entities related to Silver Lake Partners.
  • 3The issuance of new Class C shares was made without registration, relying on the Section 3(a)(9) exemption under the Securities Act of 1933.
  • 4No commissions or remuneration were paid for these conversions.
  • 5As of September 23, 2025, Dell has approximately 338.6 million Class C shares and 54.8 million Class B shares outstanding.
  • 6Class B common stock can be voluntarily converted to Class C common stock on a one-to-one basis, or automatically upon certain transfers.
  • 7Both Class B and Class C common stock carry identical dividend and liquidation rights.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the unregistered conversion of a significant number of Class B common stock shares into Class C common stock shares. This is a disclosure requirement for such transactions.

No, this filing does not indicate a new capital raise. The conversions are between existing classes of common stock held by specific shareholders (primarily Silver Lake entities) and do not involve the issuance of new equity to the public or the injection of new funds into the company.

Based on this filing, the key difference is the share class designation. Both Class B and Class C common stock carry the same dividend and liquidation rights. Class B shares can be voluntarily or automatically converted into Class C shares under specific conditions outlined in the company's charter.

Generally, this type of conversion is not a cause for concern. It represents a change in the classification of shares held by existing significant shareholders, likely reflecting a strategic decision by those shareholders or a routine procedural conversion. The fundamental economic rights of these shares remain the same.