| Item 1. | |
| (a) | Name of issuer:
UPWORK, INC |
| (b) | Address of issuer's principal executive offices:
530 Lytton Avenue, Suite 301, Palo Alto, United States, 94301 |
| Item 2. | |
| (a) | Name of person filing:
(i) Ancient Art, L.P. ("Ancient Art"), (ii) Trango II, L.L.C. ("Trango") and (iii) Quincy J. Lee (collectively, the "Reporting Persons"). |
| (b) | Address or principal business office or, if none, residence:
500 West 5th Street, Suite 1110, Austin, Texas 78701 |
| (c) | Citizenship:
Ancient Art is a Texas limited partnership. Trango is a Texas limited liability company. Mr. Lee is a United States citizen. |
| (d) | Title of class of securities:
Common Stock, $0.0001 par value per share |
| (e) | CUSIP No.:
91688F104 |
| 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);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) |  An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (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);
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| (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:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
Ancient Art and Trango may be deemed the beneficial owners of 4,921,007 shares of common stock, $0.0001 par value per share (the "Common Stock"), held by Teton Capital Partners, L.P. (the "Fund"). Mr. Lee may be deemed the beneficial owner of 5,436,954 shares of Common Stock held by the Fund and Mr. Lee directly. |
| (b) | Percent of class:
Ancient Art and Trango may be deemed the beneficial owners of 3.7% and Mr. Lee may be deemed the beneficial owner of 4.1% of the Issuer's outstanding shares of Common Stock. This percentage was calculated by dividing the number of shares of Common Stock beneficially owned by each of the Reporting Persons, by 133,667,123, the number of shares of Common Stock issued and outstanding as of November 4, 2024, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 6, 2024. |
| (c) | Number of shares as to which the person has:
|
| | (i) Sole power to vote or to direct the vote:
Mr. Lee has the sole power to vote or to direct the vote of the 515,947 shares of Common Stock he holds directly.
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| | (ii) Shared power to vote or to direct the vote:
The Reporting Persons have the shared power to vote or to direct the vote of the 4,921,007 shares of Common Stock held by the Fund.
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| | (iii) Sole power to dispose or to direct the disposition of:
Mr. Lee has the sole power to dispose or to direct the disposition of the 515,947 shares of Common Stock he holds directly.
|
| | (iv) Shared power to dispose or to direct the disposition of:
The Reporting Persons have the shared power to dispose or to direct the disposition of the 4,921,007 shares of Common Stock held by the Fund.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Ownership of 5 percent or less of a class
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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Not Applicable
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| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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