Form 4: ACV Auctions Director Brian Hirsch Reports Changes in Beneficial Ownership

Director Brian Hirsch reports transactions involving Class A and Class B common stock, including conversions, distributions, and a sale of shares.

Summary

• Brian Hirsch, a director at ACV Auctions Inc., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
• The transactions include conversions of Class B common stock to Class A common stock, pro rata in-kind distributions, and a sale of Class A common stock.
• On August 21, 2024, 931,394 shares of Class B common stock were converted to Class A common stock, held indirectly by Tribeca Venture Fund II, L.P.
• Additionally, 310,465 shares of Class B common stock were converted to Class A common stock, held indirectly by Tribeca Venture Fund II New York, L.P. on the same date.
• On August 22, 2024, pro rata in-kind distributions of 931,394 and 310,465 shares were made by Tribeca Venture Fund II, L.P. and Tribeca Venture Fund II New York, L.P., respectively.
• Also on August 22, 2024, 148,773 shares were distributed to Tribeca Venture Partners II GP, LLC.
• On August 23, 2024, Hirsch sold 61,666 shares of Class A common stock at a weighted average price of $18.63, with prices ranging from $18.40 to $18.81.
• Following these transactions, Hirsch directly owns 70,905 shares of Class A Common Stock and indirectly owns 2,794,180 shares of Class A Common Stock through Tribeca Venture Fund II, L.P.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.

Stakeholder Impact

• The sale of shares by a director could be perceived negatively by shareholders if interpreted as a lack of confidence in the company, although this is a relatively small transaction.
• The pro rata distributions have no impact on stakeholders.

Key Dates