# EDGAR Filing Document

**Accession Number:** 0001423686
**File Stem:** 0001011438-25-000440
**Filing Date:** 2025-8
**Character Count:** 13587
**Document Hash:** 0a9af40993d9a10e6a6374fc0c11831d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001011438-25-000440.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001011438-25-000440

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Braze, Inc.
- **CENTRAL INDEX KEY:** 0001676238
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 452505271
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93095
- **FILM NUMBER:** 251215450

**BUSINESS ADDRESS:**
- **STREET 1:** 63 MADISON BUILDING
- **STREET 2:** 28 E. 28TH ST., FLOOR 12 MAILROOM
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** (609) 964-0585

**MAIL ADDRESS:**
- **STREET 1:** 63 MADISON BUILDING
- **STREET 2:** 28 E. 28TH ST., FLOOR 12 MAILROOM
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Appboy, Inc.
- **DATE OF NAME CHANGE:** 20160602
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CADIAN CAPITAL MANAGEMENT, LP
- **CENTRAL INDEX KEY:** 0001423686

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE, 36TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-792-8800

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE, 36TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CADIAN CAPITAL MANAGEMENT, LLC
- **DATE OF NAME CHANGE:** 20080111

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** Braze, Inc.

**Title of Class of Securities:** Class A Common Stock, par value $0.0001 per share

**CUSIP Number:** 10576N102

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

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

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Cadian Capital Management, LP | Names of Reporting Persons<br>Cadian Capital Management, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>2651487 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>2651487 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2651487 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2651487 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, PN | Type of Reporting Person (See Instructions)<br>IA, PN |

---

| 1. | Names of Reporting Persons<br>Cadian Capital Management GP, LLC | Names of Reporting Persons<br>Cadian Capital Management GP, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>2651487 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>2651487 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2651487 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2651487 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>OO, HC | Type of Reporting Person (See Instructions)<br>OO, HC |

---

| 1. | Names of Reporting Persons<br>ERIC BANNASCH | Names of Reporting Persons<br>ERIC BANNASCH |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>2651487 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>2651487 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2651487 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2651487 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

**Item 1(a). Name of Issuer:**
Braze, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
63 Madison Building, 28 East 28th Street, Floor 12, New York, New York, 10016

**Item 2(a). Name of Person Filing:**
(i) Cadian Capital Management, LP, (ii) Cadian Capital Management GP, LLC, and (iii) Eric Bannasch (collectively, the "Reporting Persons")

**Item 2(b). Address of Principal Business Office:**
For each of the Reporting Persons:  535 Madison Avenue, 36th Floor, New York, New York 10022

**Item 2(c). Citizenship:**
(i) Cadian Capital Management, LP is a Delaware limited partnership, (ii) Cadian Capital Management GP, LLC is a Delaware limited liability company, and (iii) Eric Bannasch is a United States citizen.

**Item 2(d). Title of Class of Securities:**
Class A Common Stock, par value $0.0001 per share

**Item 2(e). CUSIP Number:**
10576N102

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

As of June 30, 2025, each of the Reporting Persons may have been deemed to have beneficially owned 2,651,487 shares of Class A Common Stock, par value $0.0001 per share ("Class A Common Stock"), of Braze, Inc. (the "Issuer").  All securities reported in this Schedule 13G were directly held by Cadian Master Fund L.P., Cadian Opportunities Master Fund LP, and Cadian Master Software Opportunities Fund, LP (collectively, the "Advisory Clients"), advisory clients of Cadian Capital Management, LP (the "Adviser").  Pursuant to Investment Management Agreements between the Advisory Clients and the Adviser, the Adviser exercises exclusive voting and investment power over securities directly held by the Advisory Clients.  Cadian Capital Management GP, LLC is the general partner of the Adviser.  Eric Bannasch is the sole managing member of Cadian Capital Management GP, LLC.

**(b) Percent of class:**

As of June 30, 2025, each of the Reporting Persons may have been deemed to have beneficially owned approximately 2.9% of the shares of Class A Common Stock of the Issuer outstanding, based on 92,589,236 shares of Class A Common Stock outstanding as of May 29, 2025, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on June 6, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

As of June 30, 2025, each of the Reporting Persons may have been deemed to have had sole power to vote or to direct the vote of 0 shares of Class A Common Stock.

**(ii) Shared power to vote or to direct the vote:**

As of June 30, 2025, each of the Reporting Persons may have been deemed to have had shared power to vote or to direct the vote of 2,651,487 shares of Class A Common Stock.

**(iii) Sole power to dispose or to direct the disposition of:**

As of June 30, 2025, each of the Reporting Persons may have been deemed to have had sole power to dispose or to direct the disposition of 0 shares of Class A Common Stock.

**(iv) Shared power to dispose or to direct the disposition of:**

As of June 30, 2025, each of the Reporting Persons may have been deemed to have had shared power to dispose or to direct the disposition of 2,651,487 shares of Class A Common Stock.

**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 person has 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 5 Percent on Behalf of Another Person.**

All securities reported in this Schedule 13G were directly held by the Advisory Clients.

**Item 7. Identification and Classification of the Subsidiary**

The disclosure regarding the relationships among the Reporting Persons in Item 4 is incorporated by reference herein.

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

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.

**Cadian Capital Management, LP**

**Date:** 08/14/2025

**By:** /s/ Eric Bannasch

**Name & Title:** Eric Bannasch/Managing Member, Cadian Capital Management GP, LLC, its General Partner

**Cadian Capital Management GP, LLC**

**Date:** 08/14/2025

**By:** /s/ Eric Bannasch

**Name & Title:** Eric Bannasch/Managing Member

**ERIC BANNASCH**

**Date:** 08/14/2025

**By:** /s/ Eric Bannasch

**Name & Title:** Eric Bannasch/Self