Form 4: ACV Auctions Inc. Director Brian Hirsch Reports Changes in Beneficial Ownership

Director Brian Hirsch reports transactions involving Class A and Class B common stock, including conversions, distributions, and a sale of shares.

Summary

• On May 28, 2024, Brian Hirsch, a director of ACV Auctions Inc., reported several transactions involving the company's Class A and Class B common stock.
• These transactions include conversions of Class B common stock to Class A common stock, pro rata in-kind distributions, and a sale of Class A common stock.
• Specifically, 931,394 shares of Class B common stock were converted to Class A common stock, as were 310,465 shares.
• Hirsch also reported a sale of 8,221 shares of Class A common stock on May 29, 2024, at a weighted average price of $18.29 per share.
• The reported transactions also involve shares held by Tribeca Venture Fund II, L.P. (TVFII), Tribeca Venture Fund II New York, L.P. (TVFII NY), and Tribeca Venture Partners II GP, LLC (TVP II GP), where Hirsch is a managing partner.
• Hirsch disclaims beneficial ownership of shares held by TVFII, TVFII NY, and TVP II GP, 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.

Industry Context

This filing is a routine disclosure of stock transactions by a company insider, which is common in the public markets. It provides transparency to investors regarding the actions of company leadership.

Stakeholder Impact

• The sale of shares by a director could be perceived negatively by shareholders if it signals a lack of confidence in the company, but it could also be a routine portfolio diversification strategy.
• The pro rata distributions to partners of Tribeca Venture Fund II and Tribeca Venture Fund II New York are unlikely to have a significant impact on other stakeholders.

Key Dates