Form 4: Viant Director Sells Shares After Class B Conversion

Capital V LLC, a 10% owner and director of Viant Technology Inc., converted Class B Units to Class A Common Stock and subsequently sold a portion of the Class A shares.

Summary

• Capital V LLC, a 10% owner and director of Viant Technology Inc. (DSP), reported transactions involving the company's securities.
• On December 16, 2025, Capital V LLC converted 37,500 Class B Units into an equal number of Class A Common Stock. Concurrently, 37,500 shares of Class B Common Stock were cancelled for no consideration.
• Following the conversion, Capital V LLC sold 15,000 shares of Class A Common Stock on December 17, 2025, at a weighted average price of $11.7366 per share.
• An additional 15,000 shares of Class A Common Stock were sold on December 18, 2025, at a weighted average price of $11.928 per share.
• These sales were executed pursuant to a Rule 10b5-1 trading plan, which was adopted on March 18, 2025, and amended on September 17, 2025.
• After these transactions, Capital V LLC beneficially owns 7,500 shares of Class A Common Stock and 27,471,826 Class B Units (which are exchangeable into Class A Common Stock).

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to insider selling by a significant shareholder and director. While the sales were pre-planned under a 10b5-1 plan, the disposition of shares by an insider can still be viewed with caution by the market, suggesting a potentially neutral to slightly negative sentiment.

Positives

• The conversion of Class B Units to Class A Common Stock increases the liquidity of the converted shares for the reporting person.
• The sales were conducted under a pre-arranged 10b5-1 trading plan, indicating a structured approach to share disposition rather than an immediate reaction to new information.

Negatives

• A 10% owner and director, Capital V LLC, disposed of 30,000 shares of Class A Common Stock, which could be perceived negatively by investors as insider selling.
• The sales occurred at prices ranging from $11.485 to $12.235 on December 17, 2025, and $11.62 to $12.175 on December 18, 2025, potentially indicating a belief that the current price is a good selling point.

Risks

• The market may interpret the insider selling as a lack of confidence in the company's near-term prospects, potentially leading to downward pressure on the stock price.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance.

Industry Context

This insider transaction report (Form 4) primarily details changes in beneficial ownership by a director and 10% owner and does not provide broader industry context or trends.

Related Party Transactions

• Capital V LLC, a 10% owner and director of Viant Technology Inc., engaged in transactions involving the company's securities, including the conversion of Class B Units and subsequent sales of Class A Common Stock.

Stakeholder Impact

• Shareholders may view the insider selling as a potential signal of reduced confidence, which could lead to downward pressure on the stock price. However, the pre-planned nature (10b5-1) might mitigate some of this concern.

Key Dates

Recommendation

The filing indicates insider selling by a significant shareholder and director, which typically warrants caution. However, the sales were executed under a pre-arranged 10b5-1 plan, suggesting a planned liquidity event rather than an immediate reaction to adverse company news. Given the pre-planned nature, a 'hold' recommendation is appropriate, advising investors to monitor future developments and broader market conditions rather than making an immediate 'sell' decision based solely on this Form 4.

Keywords

Viant Technology, DSP, Form 4, insider trading, stock sale, Capital V LLC, 10b5-1 plan, Class A Common Stock, Class B Units