Form 4: ACV Auctions Director Reports Class B Common Stock Conversion and Sales

Robert P. Goodman, a director at ACV Auctions Inc., reported the conversion of Class B Common Stock to Class A Common Stock and subsequent sales by Bessemer Venture Partners IX L.P. and related entities.

Summary

• Robert P. Goodman, a director of ACV Auctions Inc., filed a Form 4 detailing transactions involving Class A and Class B Common Stock.
• Bessemer Venture Partners IX L.P. (BVP IX), Bessemer Venture Partners IX Institutional L.P. (BVP IX Inst), and 15 Angels III LLC converted shares of Class B Common Stock to Class A Common Stock.
• These entities then sold shares of Class A Common Stock on May 17, 2024, May 20, 2024, and May 21, 2024, at weighted average prices of $18.66, $18.68, and $18.99, respectively.
• The sales occurred in multiple transactions within price ranges of $18.23 to $18.85, $18.50 to $18.77, and $18.63 to $19.22 on the respective dates.
• Goodman disclaims beneficial ownership of the securities held by BVP IX Funds, except to the extent of his pecuniary interest.
• As of the report date, BVP IX, BVP IX Inst, and 15 Angels hold 3,717,721, 2,978,446 and 61,593 shares of Class B Stock, respectively.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting stock transactions, with neutral sentiment.

Industry Context

Sales of shares by venture capital firms are a common occurrence after the lock-up period following an IPO expires, allowing early investors to realize gains.

Stakeholder Impact

• The sale of shares by significant shareholders like Bessemer Venture Partners could create short-term selling pressure on the stock.

Key Dates