Form 4: 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 L.P., Bessemer Venture Partners IX Institutional L.P., and 15 Angels III LLC.

Summary

• On March 1, 2024, 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 March 1, March 4, and March 5, 2024.
• The sales occurred at weighted average prices of $18.00, $18.51, and $18.59, respectively.
• Robert P. Goodman, as a director of Deer IX & Co. Ltd., 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 document is a standard SEC filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider trading activity.

Industry Context

This filing reflects the activity of significant shareholders, Bessemer Venture Partners, reducing their stake in ACV Auctions. Such transactions are common and provide liquidity to early investors.

Stakeholder Impact

• The sale of shares by major shareholders could potentially create downward pressure on the stock price in the short term.
• The conversion of Class B shares to Class A shares increases the number of publicly traded shares.

Key Dates