Form 4: Capital V LLC Sells 37,500 Shares of Viant Technology

Major shareholder Capital V LLC executed a series of planned sales totaling 37,500 Class A shares of Viant Technology Inc. following a unit conversion.

Summary

• Capital V LLC, a 10% owner of Viant Technology Inc. (DSP), converted 37,500 Class B units into Class A common stock on May 19, 2026.
• Following the conversion, the entity sold all 37,500 Class A shares over a three-day period from May 19 to May 21, 2026.
• The sales were executed at weighted average prices ranging from $10.5956 to $10.8872 per share.
• Total proceeds from the sales were approximately $403,000.
• The transactions were conducted under a pre-arranged Rule 10b5-1 trading plan adopted in March 2025 and amended in September 2025.
• After these transactions, Capital V LLC continues to hold 27,284,326 Class B units/shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. While any insider selling can be perceived negatively, the use of a 10b5-1 plan and the small size of the sale relative to the total stake mitigate concerns.

Positives

• The sales were made under a Rule 10b5-1 trading plan, which provides an affirmative defense against accusations of insider trading.
• The reporting person retains a massive stake of over 27.2 million shares, indicating continued long-term alignment with the company.
• The sale represents less than 0.14% of the reporting person's total beneficial ownership, suggesting this is a minor liquidity event rather than a lack of confidence.

Negatives

• A 10% owner is reducing their equity position in the company.
• The sales occurred during a period where the stock price saw intraday lows of $10.31.

Risks

• Continued sales under the 10b5-1 plan could create persistent downward pressure on the stock price if market liquidity is low.
• The stock showed price volatility during the transaction window, with sale prices ranging from $10.31 to $11.20.

Future Outlook

The use of a Rule 10b5-1 plan suggests that the reporting person may continue to sell shares at pre-determined intervals or price points in the future. However, the vast majority of their holding remains intact.

Management Comments

• The Reporting Person undertakes to provide full information regarding the number of shares sold at each separate price within the ranges set forth upon request.

Industry Context

StockSavvy.ai notes that in the AdTech sector, major shareholders and founders frequently use 10b5-1 plans to manage personal liquidity without signaling a change in company fundamentals, especially in companies with dual-class share structures like Viant.

Comparison to Industry Standards

• Viant's dual-class structure (Class A and Class B) is a standard governance model for founder-led technology companies, similar to structures at Alphabet and Meta.
• The sale volume is negligible compared to the total shares outstanding, which is typical for routine insider diversification in the mid-cap tech space.

Related Party Transactions

• The exchange of Class B Units for Class A Common Stock involves a transaction between the Issuer and a 10% owner.

Stakeholder Impact

• Shareholders may see slight downward pressure on the stock price during sale windows, but the overall impact is minimal given the low volume.

Next Steps

• Monitor future Form 4 filings to see if the 10b5-1 plan triggers additional sales in the coming months.

Key Dates

Recommendation

The filing reveals routine, planned selling by a major stakeholder that does not alter the fundamental investment thesis for Viant Technology. The insider remains heavily invested in the company's success.

Keywords

Viant Technology, DSP, Capital V LLC, Insider Selling, Form 4, Rule 10b5-1, Class A Common Stock, AdTech, Equity Conversion