X0202 4/A 2004-06-30 2004-07-02 0 0001106942 BLACKBOARD INC BBBB 0001025762 EDELSON HARRY 300 TICE BLVD. WOODCLIFF LAKE NJ 07677 0 0 1 0 0001293980 College Enterprises, Inc 300 TICE BLVD. WOODCLIFF LAKE NJ 07677 0 0 1 0 0001054221 EDELSON IV LP 300 TICE BLVD. WOODCLIFF LAKE NJ 07677 0 0 1 0 Common Stock 2004-06-30 4 X 0 36057 6.93 A 200672 I See Footnote Common Stock 2004-06-30 4 J 0 12255 20.40 D 200672 I See Footnote Common Stock 2649029 I See Footnote Warrants to purchase Series D Convertible Preferred Stock 6.93 2004-06-30 4 X 0 36057 D 2000-12-15 2005-12-15 Common Stock 36057 0 I See Footnote The per share exercise price and the number of shares subject to the warrant reflect adjustments corresponding to the conversion ratio of the Series D Convertible Preferred Stock to Common Stock at the time of the consummation of the issuer's initial public offering. Held by Edelson IV, L.P. The reporting persons disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein. The exercise price reflects a cashless exercise price equal to 12,255 shares of the issuer's common stock at a per share price of $20.40. Held by College Enterprises, Inc. The reporting persons disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein. The warrants were previously exercisable for Series D Convertible Preferred Stock. Upon the consummation of the issuer's initial public offering, all outstanding Preferred Stock of the issuer was converted to Common Stock and the Warrants to Purchase Series D Convertible Preferred Stock automatically adjusted to be exercisable for the issuer's Common Stock. This amended Form 4 is filed to correct the number of shares surrendered by the reporting person for the cashless exercise of the warrant reported herein. /S/ Harry Edelson 2004-07-08 /s/ Harry Edelson, Chairman 2004-07-08 /s/ Harry Edelson, General Partner 2004-07-08