4/A: ACV Auctions Director Reports Conversion and Sale of Class A Common Stock

Robert P. Goodman, a director of ACV Auctions, reported the conversion of Class B Common Stock to Class A Common Stock and subsequent sales by Bessemer Venture Partners IX Funds and 15 Angels III LLC.

Summary

• Robert P. Goodman, a director of ACV Auctions Inc., filed an amendment to a Form 4 detailing transactions involving Class A and Class B Common Stock.
• The transactions involve conversions of Class B Common Stock into Class A Common Stock by Bessemer Venture Partners IX L.P. (BVP IX), Bessemer Venture Partners IX Institutional L.P. (BVP IX Inst), and 15 Angels III LLC.
• Following the conversions, BVP IX Funds and 15 Angels sold shares of Class A Common Stock in multiple transactions at prices ranging from $18.00 to $19.095.
• On May 15, 2024, sales occurred at a weighted average price of $18.60, and on May 16, 2024, at a weighted average price of $18.44.
• Goodman disclaims beneficial ownership of the securities held by BVP IX Funds, except to the extent of his pecuniary interest.
• Goodman also disclaims beneficial ownership of shares held by NB Group, LLC and Katama Point LLC, entities he controls, except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The sentiment is neutral as it primarily reports transactions without indicating positive or negative impacts on the company.

Industry Context

This filing reflects ongoing transactions by significant shareholders of ACV Auctions, which is common after an IPO or during periods of lock-up expirations. The conversions and sales are part of the investors' portfolio management strategies.

Comparison to Industry Standards

• Similar transactions are common among venture capital firms like Bessemer Venture Partners after a company they invested in goes public.
• The reported sales are typical for venture funds to realize returns on their investments.
• The weighted average prices of $18.60 and $18.44 are within a normal range for stock sales following conversions.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the increased availability of Class A Common Stock.
• The sales by major shareholders could create short-term price volatility.

Key Dates