Form 4: ACV Auctions Director Reports Stock Conversions and Sales

Director Robert P. Goodman reports conversions 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

• 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 in multiple transactions over three days.
• On August 14, 2024, they sold shares at a weighted average price of $18.34, with prices ranging from $18.05 to $18.72.
• On August 15, 2024, they sold shares at a weighted average price of $18.70, with prices ranging from $18.40 to $19.00.
• On August 16, 2024, they sold shares at a weighted average price of $18.80, with prices ranging from $18.56 to $19.16.
• Goodman also holds Class A Common Stock directly and indirectly through NB Group, LLC and Katama Point LLC.
• He disclaims beneficial ownership of shares held by BVP IX Funds, NB Group, and Katama Point LLC, except to the extent of his pecuniary interest.
• As of the report date, BVP IX, BVP IX Inst, and 15 Angels hold 2,917,692, 2,337,515, and 48,340 shares of Class B Stock, respectively.

Sentiment

Score: 5

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

Industry Context

Sales by venture capital firms are common and can reflect their investment lifecycle, where they eventually monetize their holdings.

Comparison to Industry Standards

• Venture capital firms like Bessemer Venture Partners often distribute shares after a company goes public.
• The reported sales are typical for venture capital firms managing their portfolios after an IPO.
• The weighted average prices and ranges are within market fluctuations for ACV Auctions' stock during the reported period.

Stakeholder Impact

• The stock sales by major shareholders could create short-term price volatility.
• The transactions may influence investor sentiment regarding the company's stock.

Key Dates