Form 4: PubMatic Director Amar K. Goel Reports Stock Sales Under 10b5-1 Plans
SEC Form 4 Filing
Amar K. Goel, Chairman and Chief Innovation Officer at PubMatic, reported the sale of Class A Common Stock through various trusts under pre-arranged Rule 10b5-1 trading plans.
Summary
- Amar K. Goel, a director and officer of PubMatic, Inc., filed a Form 4 detailing changes in beneficial ownership.
- The reported transactions involve the sale of Class A Common Stock held indirectly through several trusts: Birchwood Trust, Tuscan Irrevocable Trust, Marais Irrevocable Trust, RAJN Trust-A, and RAJN Trust-N.
- These sales were executed on May 7, 2024, and May 8, 2024, at a price of approximately $24.50 to $24.69 per share.
- The sales were conducted under pre-arranged Rule 10b5-1 trading plans adopted on December 5, 2023.
- A total of 2,640 Class A Common Stock were sold.
- Goel also reported the conversion of Class B Common Stock into Class A Common Stock, with the converted shares also being sold.
- After the reported transactions, Goel continues to hold a significant number of Class B Common Stock indirectly through the mentioned trusts and as custodian for his children.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document simply reports stock sales under a pre-existing 10b5-1 plan, which is a common and legal practice. There is no indication of positive or negative sentiment regarding the company's performance or future prospects.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders, providing transparency into their trading activities. The use of 10b5-1 plans is a common practice to avoid accusations of insider trading, as these plans are established in advance.
Stakeholder Impact
- The stock sales by a director could be perceived negatively by some shareholders, although the existence of a 10b5-1 plan mitigates concerns about insider trading based on current information.
- The impact on other stakeholders (employees, customers, suppliers, creditors) is likely minimal.
Key Dates
| Date | Description |
|---|---|
| 2023-12-05 | Date of adoption of Rule 10b5-1 trading plans by Birchwood Trust, Tuscan Irrevocable Trust, Marais Irrevocable Trust, RAJN Trust A and RAJN Trust N |
| 2024-05-07 | Date of first reported transaction (sale of Class A Common Stock) |
| 2024-05-08 | Date of second reported transaction (sale of Class A Common Stock) |
| 2024-05-09 | Date of signature of the Form 4 filing |
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