<SEC-DOCUMENT>0000905718-21-000519.txt : 20210401
<SEC-HEADER>0000905718-21-000519.hdr.sgml : 20210401
<ACCEPTANCE-DATETIME>20210401211124
ACCESSION NUMBER:		0000905718-21-000519
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210330
FILED AS OF DATE:		20210401
DATE AS OF CHANGE:		20210401

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Park West Asset Management LLC
		CENTRAL INDEX KEY:			0001386928
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40249
		FILM NUMBER:		21800333

	BUSINESS ADDRESS:	
		STREET 1:		900 LARKSPUR LANDING CIRCLE, SUITE 165
		CITY:			LARKSPUR
		STATE:			CA
		ZIP:			94939
		BUSINESS PHONE:		(415) 524-2902

	MAIL ADDRESS:	
		STREET 1:		900 LARKSPUR LANDING CIRCLE, SUITE 165
		CITY:			LARKSPUR
		STATE:			CA
		ZIP:			94939

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ThredUp Inc.
		CENTRAL INDEX KEY:			0001484778
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				264009181
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		969 BROADWAY
		STREET 2:		SUITE 200
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94607
		BUSINESS PHONE:		415-402-5202

	MAIL ADDRESS:	
		STREET 1:		969 BROADWAY
		STREET 2:		SUITE 200
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	thredUP
		DATE OF NAME CHANGE:	20100222
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>thredup_fm4mar302021.xml
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-03-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001484778</issuerCik>
        <issuerName>ThredUp Inc.</issuerName>
        <issuerTradingSymbol>TDUP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001386928</rptOwnerCik>
            <rptOwnerName>Park West Asset Management LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>900 LARKSPUR LANDING CIRCLE, SUITE 165</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LARKSPUR</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94939</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A common stock, par value $0.0001</value>
            </securityTitle>
            <transactionDate>
                <value>2021-03-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>500000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>500000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class B Common Stock, par value $0.0001</value>
            </securityTitle>
            <transactionDate>
                <value>2021-03-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
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            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>8715989</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>8715989</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.0001</value>
            </securityTitle>
            <transactionDate>
                <value>2021-03-30</value>
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            <deemedExecutionDate></deemedExecutionDate>
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                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <footnoteId id="F3"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>8715989</value>
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                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series F Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2021-03-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>7844390</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7844390</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company (&quot;PWIMF&quot;), and Park West Partners International, Limited, a Cayman Islands exempted company (&quot;PWPI&quot;). Peter S. Park (&quot;Mr. Park&quot;), through one or more affiliated entities, is the controlling manager of the Reporting Person. Immediately following the closing of the Issuer's initial public offering, (i) PWIMF held 455,301 shares of the Issuer's Class A Common Stock, par value $0.0001 per share (&quot;Class A Common Stock&quot;), and 7,917,253 shares of the Issuer's Class B Common Stock, par value $0.0001 per share (&quot;Class B Common Stock&quot;), and (ii) PWPI held 44,699 shares of the Issuer's Class A Common Stock and 798,736 shares of the Issuer's Class B Common Stock. Class B Common Stock is convertible into Class A Common Stock at any time at the option of the holder.</footnote>
        <footnote id="F2">Immediately prior to the completion of the Issuer's initial public offering and following the conversion of each series of the Issuer's convertible preferred stock into Common Stock, par value $0.0001 per share (&quot;Common Stock&quot;), each share of Common Stock was reclassified into one share of Class B Common Stock pursuant to a reclassification exempt under Rule 16b-7.</footnote>
        <footnote id="F3">Immediately prior to the closing of the Issuer's initial public offering, each share of Series F Preferred Stock automatically converted into one share of the Issuer's Common Stock on a one-for-one basis, and was then reclassified into one share of Class B Common Stock. The shares of Series F Preferred Stock have no expiration date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Grace Jimenez, Chief Financial Officer of Park West Asset Management LLC</signatureName>
        <signatureDate>2021-04-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
