Watch for Lime's IPO filing (S-1) to quantify Uber's fully diluted ownership percentage and the impact of note conversion on Lime's share count. Uber's insider position may signal strategic interest in Lime's micro-mobility business, but this filing alone is a routine ownership disclosure.
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Executive Summary
Uber Technologies, Inc. has publicly disclosed its beneficial ownership in Neutron Holdings, Inc. (Lime) via a Form 3 initial statement of ownership. Uber holds approximately 3.4 million shares of Lime common stock plus convertible preferred shares convertible into common at IPO, and is a party to two convertible note agreements totaling ~$135 million in aggregate principal that will convert into common shares upon Lime's IPO. The filing confirms Uber as a major Lime stakeholder and provides detail on the conversion mechanics of its notes, which are tied to Lime's IPO valuation.
Key Facts
- Uber directly owns 3,394,313 shares of Lime Common Stock.
- Uber also holds shares of Series C Preferred Stock convertible into Common Stock at IPO on a 1:1 basis.
- Uber holds $85 million in 2020 Convertible Notes (4.0% interest, maturing 7 years from May 2020, convertible into common at IPO at a price tied to a $340M valuation cap).
- Uber holds $50 million in 2021 Convertible Notes (initial 4.0% interest step-up to max 8.0%, maturing Oct 29, 2026, convertible into common at IPO at a formula based on IPO price and a $1.5B valuation cap).
- Upon IPO underwriting, all notes will convert into common shares at specified conversion prices.
Financial Impact
Uber holds ~$135M in convertible notes plus direct common/preferred positions; conversion at IPO could result in significant common ownership stake, but exact share count depends on IPO price and valuation
Risk Factors
- Conversion terms for 2021 Notes include an 80%-of-IPO-price floor and a $1.5B valuation cap, limiting upside to Uber's conversion price if Lime IPOs at a high valuation.
- Uber's large stake may create overhang concerns for other investors if Uber reduces its position post-IPO.
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 3 Filing (Primary) | 0001552781-26-000372 |
| Document: 0001552781-26-000372-index.html | 0001552781-26-000372 |
| Document: 0001552781-26-000372.txt | 0001552781-26-000372 |
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Oct 13, 2026 14d ago | Press Release | $28.79 | awaiting T+60 | — | $23.80 (−17.35%) |
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