4/A: ACV Auctions Director Reports Share Conversions 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 of Class A Common Stock by Bessemer Venture Partners IX L.P. and related entities.

Summary

• Robert P. Goodman, a director of ACV Auctions Inc., filed an amendment to a Form 4 detailing transactions in ACV Auctions stock.
• The transactions involve the conversion of Class B Common Stock to 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 (15 Angels).
• Following the conversions, these entities sold shares of Class A Common Stock on March 1, 4, and 5, 2024.
• On March 1, 2024, they sold shares at a weighted average price of $18.00, with prices ranging from $18.00 to $18.01.
• On March 4, 2024, the shares were sold at a weighted average price of $18.51, with prices ranging from $18.00 to $18.74.
• On March 5, 2024, the shares were sold at a weighted average price of $18.59, with prices ranging from $18.35 to $18.92.
• 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 document is a standard regulatory filing detailing share transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider activity.

Industry Context

This filing reflects ongoing transactions by significant shareholders of ACV Auctions, which is common after an IPO or during periods of market volatility. The sales by Bessemer Venture Partners IX L.P. and related entities could be part of a planned distribution strategy or portfolio rebalancing.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders.
• The reported transactions are typical for venture capital firms like Bessemer Venture Partners, who often distribute shares after a company goes public.
• Comparable companies in the tech or auction space would have similar insider transaction reporting patterns.

Stakeholder Impact

• The sales by BVP IX Funds could create downward pressure on the stock price in the short term.
• The conversions from Class B to Class A shares increase the float of Class A shares available for trading.

Key Dates