SCHEDULE: EverQuote Repurchases Shares from Link Ventures

EverQuote, Inc. repurchased 900,000 shares of Class A Common Stock from Link Ventures LLLP for $20.997 million, with key holders entering a 180-day lock-up agreement.

Summary

• EverQuote, Inc. entered into a Common Stock Repurchase Agreement with Link Ventures LLLP on August 10, 2025, to repurchase 900,000 shares of its Class A Common Stock.
• The repurchase price was $23.33 per share, totaling an aggregate purchase price of $20,997,000.
• The repurchase transaction closed on August 12, 2025.
• In connection with the repurchase, Link Ventures, Link Management, and David Blundin entered into a Lock-Up Agreement with EverQuote, Inc. on August 10, 2025.
• The Lock-Up Agreement restricts these parties from offering, pledging, or selling Class A or Class B Common Stock for 180 days following the August 12, 2025 closing date, with certain exceptions.
• As of August 12, 2025, David B. Blundin beneficially owned 6,713,963 shares, representing 18.4% of the Class A Common Stock (on an as-converted basis).
• Link Ventures LLLP beneficially owned 6,154,616 shares, representing 16.9% of the Class A Common Stock (on an as-converted basis).
• The ownership percentages are based on 32,908,579 shares of Class A Common Stock and 3,604,278 shares of Class B Common Stock outstanding as of June 30, 2025.

Sentiment

Score: 6

Explanation: The share repurchase is a positive signal of management's confidence and can enhance shareholder value by reducing share count. However, a significant sale by a major long-term investor, even with a lock-up, introduces a degree of uncertainty regarding their long-term conviction.

Positives

• The share repurchase reduces the total number of outstanding shares, which can potentially increase earnings per share (EPS) for remaining shareholders.
• The repurchase indicates management's confidence in the company's valuation and its ability to deploy capital effectively.
• The lock-up agreement provides a period of stability by restricting further sales from significant beneficial owners for 180 days.

Negatives

• A major investor group (Link Ventures/David Blundin) has reduced its stake in the company, which could be interpreted as a decrease in their long-term conviction, despite the repurchase being privately negotiated.

Risks

• The Reporting Persons retain the right to change their investment intent and may acquire additional shares or dispose of their holdings in the future, subject to applicable law and the lock-up agreement.

Future Outlook

The Reporting Persons retain the right to change their investment intent and may acquire additional shares of Class A Common Stock, Class B Common Stock, or other securities of the Issuer, or sell or otherwise dispose of all or part of their beneficially owned shares. They may also engage in discussions with or make formal proposals to management or the board of directors of the Issuer or other third parties regarding such matters.

Industry Context

N/A

Related Party Transactions

• The share repurchase was conducted with Link Ventures LLLP, Link Management LLC, and David B. Blundin, who are significant beneficial owners and reporting persons, indicating a related-party transaction.

Stakeholder Impact

• Shareholders: The repurchase reduces the number of outstanding shares, potentially increasing earnings per share and the value of remaining shares.
• Link Ventures LLLP, Link Management LLC, and David B. Blundin: These reporting persons have reduced their direct stake in the company but remain significant holders, subject to a lock-up period.

Next Steps

• The lock-up period for Link Ventures, Link Management, and David Blundin will end 180 days after August 12, 2025, after which they will be free to transact in the Issuer's shares, subject to applicable regulations.

Key Dates

Recommendation

The share repurchase by EverQuote is a positive move, signaling management's belief in the company's value and potentially boosting per-share metrics. However, the sale of a significant block of shares by a major, long-term investor group (Link Ventures/Blundin) introduces a mixed signal. While the lock-up agreement mitigates immediate selling pressure, the reduction in their stake warrants a cautious 'hold' stance, as it suggests a potential shift in conviction from a key insider group.

Keywords

EverQuote, EQ, Share Repurchase, Stock Buyback, Schedule 13D, Link Ventures, David B. Blundin, Class A Common Stock, Corporate Governance, Investor Relations