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

Robert P. Goodman, a director of 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., Bessemer Venture Partners IX Institutional L.P., and 15 Angels III LLC.

Summary

• On May 17, 2024, 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 Class B Common Stock to Class A Common Stock on May 15 and 16, 2024.
• These entities then sold shares of Class A Common Stock in multiple transactions at weighted average prices of $18.60 and $19.02 on May 15, and $18.44 on May 16.
• The sales occurred at prices ranging from $18.00 to $19.105.
• Following these transactions, Goodman directly owns 375,219 shares of Class A Common Stock.
• Goodman also indirectly owns 7,392 shares through NB Group, LLC and 13,063 shares through Katama Point LLC.
• As of the report date, BVP IX, BVP IX Inst, and 15 Angels hold 1,421,130, 1,137,934, and 23,544 shares of Class B Stock, respectively.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing stock transactions, with no inherent positive or negative sentiment. It simply reports facts.

Industry Context

This filing is a routine disclosure of stock transactions by a company insider and major shareholders. It provides transparency to the market regarding the trading activities of those with privileged information.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the change in share ownership.
• The sales by major shareholders could exert downward pressure on the stock price in the short term.

Key Dates