Company: NET
Filing Date: 2025-06-17
Form Type: 8-K
Source: 0001104659-25-060250
Chunk: 1

Company: Cloudflare, Inc.
Filing Date: 2025-06-17
Form: 8-K
Item: Item 3.02
Chunk 1
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Item 3.02.      Unregistered Sales of Equity Securities.  

The information set forth under Item 1.01 of this Current Report on
Form 8-K is incorporated herein by reference.

The Company offered and sold the Notes to the Initial Purchasers in reliance on the exemption from the registration requirements provided by Section 4(a)(2) of the Securities
Act of 1933, as amended (the “ Securities Act”), and for resale by the Initial Purchasers to persons reasonably believed to
be qualified institutional buyers pursuant to the exemption from registration requirements provided by Rule 144A under the Securities
Act. The Company relied on these exemptions from registration based in part on representations made by the Initial Purchasers in the Purchase
Agreement (as defined below) pursuant to which the Company sold the Notes to the Initial Purchasers. The shares of the Class A Common
Stock issuable upon conversion of the Notes, if any, have not been registered under the Securities Act and may not be offered or sold
in the United States absent registration or an applicable exemption from the registration requirements.

To the extent that any shares of the Class A Common Stock are
issued upon conversion of the Notes, they will be issued in transactions anticipated to be exempt from registration under the Securities
Act by virtue of Section 3(a)(9) thereof, because no commission or other remuneration is expected to be paid in connection with
conversion of the Notes and any resulting issuance of shares of the Class A Common Stock.