# EDGAR Filing Document

**Accession Number:** 0001740594
**File Stem:** 0000950103-23-002897
**Filing Date:** 2023-2
**Character Count:** 16316
**Document Hash:** bdd1e9c8dd9612fd575688cf75944982
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-002897.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000950103-23-002897

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**GROUP MEMBERS**: ASCN INVESTMENTS LTD.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arco Platform Ltd.
- **CENTRAL INDEX KEY:** 0001740594
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90804
- **FILM NUMBER:** 23662709

**BUSINESS ADDRESS:**
- **STREET 1:** RUA AUGUSTA 2840
- **STREET 2:** 9TH FLOOR, SUITE 91
- **CITY:** SAO PAULO - SP
- **STATE:** D5
- **ZIP:** 01412-100
- **BUSINESS PHONE:** 55 (11) 3047-2655

**MAIL ADDRESS:**
- **STREET 1:** RUA AUGUSTA 2840
- **STREET 2:** 9TH FLOOR, SUITE 91
- **CITY:** SAO PAULO - SP
- **STATE:** D5
- **ZIP:** 01412-100
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** de Sa Cavalcante Neto Ari
- **CENTRAL INDEX KEY:** 0001767920

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**MAIL ADDRESS:**
- **STREET 1:** RUA AUGUSTA 2840
- **STREET 2:** 9TH FLOOR, SUITE 91
- **CITY:** SAO PAULO - SP
- **STATE:** D5
- **ZIP:** 01412-100

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**SCHEDULE 13D**

**Under the Securities Exchange Act of 1934**

**(Amendment No. 2)\***

**ARCO PLATFORM LIMITED**

(Name of Issuer)

**Class A common shares, par value $0.00005 per share**

(Title of Class of Securities)

**G04553106**

(CUSIP Number)

**Ari de Sá Cavalcante Neto**

**Rua Augusta 2840, 9th floor, suite 91**

**Consolação, São Paulo – SP, 01412-100**

**Brazil**

***With a copy to:*<br> Manuel Garciadiaz**

**Davis Polk & Wardwell LLP**

**450 Lexington Avenue**

**New York, NY 10017**

(212) 450-4000

(Name, Address and Telephone Number of Person Authorized<br> to Receive Notices and Communications)

**January 2, 2023**

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.

**Note**: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. G04553106

---

| | |
|:---|:---|
| 1 | NAME OF REPORTING PERSON<br>ASCN Investments Ltd.<br>|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)<br>(a) ☐<br>(b) ☒<br>|
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS (See instructions)<br>OO (1)<br>|
| 5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)<br>☐<br>|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Cayman Islands<br>|

---

---

| | | |
|:---|:---|:---|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 7 | SOLE VOTING POWER<br>—<br>|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 8 | SHARED VOTING POWER<br>8,297,485 <br>|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 9 | SOLE DISPOSITIVE POWER<br>—<br>|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 10 | SHARED DISPOSITIVE POWER<br>8,297,485 <br>|

---

---

| | |
|:---|:---|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>8,297,485 (2)<br>|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions)<br>☐<br>|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>17.7% (3)(4)<br>|
| 14 | TYPE OF REPORTING PERSON (See instructions)<br>CO<br>|

---

(1) This Schedule 13D is not being filed as a result of any particular
acquisition or disposition of Class A Common Shares by the Reporting Persons.

(2) Consists of 8,297,485 Class B common shares held of record by ASCN
Investments Ltd., a company controlled by Ari d e Sá Cavalcante Neto . Each Class B
common share is convertible into one Class A common share at the option of its holder at any time.

(3) Represents the quotient obtained by dividing
 (a) the number of Class B common shares beneficially owned by the Reporting Person as set
 forth in Row 11 by (b) the sum of (i) 38,525,716 Class A common shares outstanding
 (based on information provided by the Issuer as of February 2, 2023) and (ii) the aggregate
 number of Class B common shares beneficially owned by the Reporting Person. The aggregate
 number of Class B common shares beneficially owned by the Reporting Person as set forth in
 clauses "(a)" and "(b)" of this footnote are treated as converted
 into Class A common shares only for the purpose of computing the percentage ownership of
 the Reporting Person.

(4) Each Class A common share is entitled to one vote, and each Class B common share is entitled to ten votes.
The percentage reported does not reflect the ten for one voting power of the Class B common shares because the Class B common shares are
treated as converted into Class A common shares for the purpose of this Schedule 13D.

CUSIP No. G04553106

---

| | |
|:---|:---|
| 1 | NAME OF REPORTING PERSON<br>Ari de Sá Cavalcante Neto<br>|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)<br>(a) ☐<br>(b) ☒<br>|
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS (See instructions)<br>OO (1)<br>|
| 5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)<br>☐<br>|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Brazil<br>|

---

---

| | | |
|:---|:---|:---|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 7 | SOLE VOTING POWER<br>397,349<br>|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 8 | SHARED VOTING POWER<br>8,297,485 <br>|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 9 | SOLE DISPOSITIVE POWER<br>397,349<br>|
| NUMBER OF SHARES BENEFICIALLY OWNED BY<br> EACH<br> REPORTING PERSON<br> WITH | 10 | SHARED DISPOSITIVE POWER<br>8,297,485 <br>|

---

---

| | |
|:---|:---|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>8,694,834 (2)<br>|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions)<br>☐<br>|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>18.6% (3)(4)<br>|
| 14 | TYPE OF REPORTING PERSON (See instructions)<br>IN<br>|

---

(1) This Schedule 13D is not being filed as a result of any particular
acquisition or disposition of Class A Common Shares by the Reporting Persons.

(2) Consists of 397,349 Class
A common shares held by Ari d e Sá Cavalcante Neto and 8,297,485 Class B common shares
held of record by ASCN Investments Ltd., a company controlled by Ari d e Sá Cavalcante Neto .
Each Class B common share is convertible into one Class A common share at the option of its holder at any time.

(3) Represents the quotient obtained by dividing (a) the number of Class A common shares and Class B common
shares beneficially owned by the Reporting Person as set forth in Row 11 by (b) the sum of (i) 38,525,716 Class A common shares outstanding
(based on information provided by the Issuer as of February 2, 2023) and (ii) the

aggregate number of Class B common shares beneficially owned by the Reporting Person. The aggregate number of Class B common shares beneficially owned by the Reporting Person as set forth in clauses "(a)" and "(b)" of this footnote are treated as converted into Class A common shares only for the purpose of computing the percentage ownership of the Reporting Person.

(4) Each Class A common share is entitled to one vote, and each Class B common share is entitled to ten votes.
The percentage reported does not reflect the ten for one voting power of the Class B common shares because the Class B common shares are
treated as converted into Class A common shares for the purpose of this Schedule 13D.

**Explanatory Note**

This Amendment No. 2 to Schedule 13D (this "<u>Amendment</u>") amends and supplements the Schedule 13D of ASCN Investments Ltd. and Ari de Sá Cavalcante Neto (together, the "<u>Reporting Persons</u>", and each, a "<u>Reporting Person</u>") initially filed with the Securities and Exchange Commission on December 2, 2022, as amended by Amendment No. 1 filed on January 11, 2023 (as so amended, the "<u>Schedule 13D</u>"), with respect to the Class A common shares, par value $0.00005 per share (the "<u>Class A Common Shares</u>"), of Arco Platform Limited, a Cayman Islands exempted company incorporated with limited liability (the "<u>Issuer</u>"). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Schedule 13D.

The Schedule 13D incorrectly stated the number of Class A Common Shares reported as beneficially owned by the Reporting Persons. This Amendment is filed to correct such error and the corresponding percentages. Except as specifically provided herein, this Amendment does not modify or amend any of the information previously reported in the Schedule 13D.

Item 5. Interest in Securities of the Issuer.

Item 5 is hereby amended and supplemented as follows:

(a) Mr. de Sá Cavalcante Neto beneficially owns 397,349 Class A Common Shares and the Reporting Persons
beneficially own 8,297,485 Class B Common Shares, which, in the aggregate, represents approximately 18.6% of the total number of Class
A Common Shares outstanding (based on information provided by the Issuer as of February 2, 2023) (as calculated in accordance with Rule
13d-3(d)(1)(i)), approximately 30.3% of the total number of Class B Common Shares outstanding, and voting power of approximately 26.7%
(the percentage of total voting power represents voting power with respect to all Class A Common Shares and Class B Common Shares, as
a single class).

By virtue of submitting the Proposal, the Reporting Persons may be deemed to be members of a "group" with General Atlantic, Dragoneer Investment Group, LLC and Marc Stad (together, "<u>Dragoneer</u>"), and Oto Brasil de Sá Cavalcante that own Class A Common Shares and Class B Common Shares pursuant to Section 13(d) of the Exchange Act as a result of jointly submitting the proposal. However, each Reporting Person expressly disclaims beneficial ownership of the Class A Common Shares beneficially owned by any other reporting person(s), General Atlantic, Dragoneer or Mr. Brasil de Sá Cavalcante. Neither the filing of this Amendment nor any of its contents shall be deemed to constitute an admission that any of the Reporting Persons beneficially owns any Class A Common Shares or Class B Common Shares of the Issuer that are beneficially owned by any other reporting person(s), General Atlantic, Dragoneer or Mr. Brasil de Sá Cavalcante. The Reporting Persons are only responsible for the information contained in this Amendment and assume no responsibility for information contained in any other Amendment filed by any other reporting person(s), General Atlantic, Dragoneer or Mr. Brasil de Sá Cavalcante.

Based on Amendment No. 1 to Schedule 13D filed by Oto Brasil de Sá Cavalcante and the other reporting person therein with the Securities and Exchange Commission on January 11, 2023, Mr. de Sá Cavalcante and the other reporting person beneficially own 19,103,363 Class B Common Shares, which represents approximately 33.1% of the Class A Common Shares outstanding (based on (i) 38,525,716 Class A Common Shares outstanding (based on information provided by the Issuer as of February 2, 2023), and (ii) 19,103,363 Class A Common Shares issuable upon conversion of the Class B Common Shares) (as calculated in accordance with Rule 13d-3(d)(1)(i)), approximately 69.7% of the total number of Class B Common Shares outstanding, and voting power of approximately 61.1% (the percentage of total voting power represents voting power with respect to all Class A Common Shares and Class B Common Shares, as a single class).

Based on Amendment No. 3 to Schedule 13D filed by General Atlantic and the other reporting persons therein with the Securities and Exchange Commission on January 11, 2023, General Atlantic and the other reporting persons beneficially own 5,827,504 Class A Common Shares, which includes (a) 4,103,366 Class A Common Shares, and (b) 1,724,138 Class A Common Shares issuable upon conversion of all the Company's Senior Convertible Notes due 2028 (the "<u>2028 Convertible Notes</u>") held by General Atlantic and the other reporting persons. Based on (i) 38,525,716 Class A Common Shares outstanding (based on information provided by the Issuer as of February 2, 2023), and (ii) 1,724,138 Class A Common Shares issuable upon conversion of all the 2028 Convertible Notes held by General Atlantic and the other reporting persons, General Atlantic and the other

reporting persons beneficially own approximately 14.5% of the outstanding Class A Common Shares (as calculated in accordance with Rule 13d-3(d)(1)(i)).

Based on Amendment No. 2 to Schedule 13D filed by Dragoneer Adviser and Marc Stad with the Securities and Exchange Commission on January 11, 2023, Dragoneer beneficially owns 5,013,675 Class A Common Shares, which includes (a) 1,565,395 Class A Common Shares, and (b) 3,448,280 Class A Common Shares issuable upon conversion of all the 2028 Convertible Notes held by Dragoneer. Based on (i) 38,525,716 Class A Common Shares outstanding (based on information provided by the Issuer as of February 2, 2023), and (ii) 3,448,280 Class A Common Shares issuable upon conversion of all the 2028 Convertible Notes held by Dragoneer, Dragoneer beneficially owns approximately 11.9% of the outstanding Class A Common Shares (as calculated in accordance with Rule 13d-3(d)(1)(i)).

Accordingly, in the aggregate, the Reporting Persons, General Atlantic, Dragoneer and Oto Brasil de Sá Cavalcante may be deemed to beneficially own 38,639,376 Class A Common Shares, comprised of an aggregate of 6,066,110 Class A Common Shares, 5,172,418 Class A Common Shares issuable upon conversion of the 2028 Convertible Notes and 27,400,848 issuable upon conversion of Class B Common Shares, which, as calculated in accordance with Rule 13d-3(d)(1)(i), represents approximately 54.3% of the total number of Class A Common Shares based on (i) 38,525,716 Class A Common Shares outstanding (based on information provided by the Issuer as of February 2, 2023), and (ii) an aggregate of 32,573,266 Class A Common Shares issuable upon conversion of all the 2028 Convertible Notes and all the Class B Common Shares beneficially owned by the Reporting Persons, General Atlantic, Dragoneer and Oto Brasil de Sá Cavalcante.

(b) The Reporting Persons have shared voting and dispositive power with respect to all of the shares of the Issuer owned by the Reporting
Persons.

The information disclosed under Item 5(a) above is hereby incorporated by reference into this Item 5(b).

**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.

Dated: February 24, 2023

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| | |
|:---|:---|
| ASCN INVESTMENTS LTD. | ASCN INVESTMENTS LTD. |
| By: | /s/ Ari de Sá Cavalcante Neto |
| Name: | Ari de Sá Cavalcante Neto |
| Title: | Director |

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| |
|:---|
| /s/ Ari de Sá Cavalcante Neto |
| Ari de Sá Cavalcante Neto |

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