Bessemer Venture Partners IX L.P. - Feb 23, 2023 Form 4 Insider Report for ACV Auctions Inc. (ACVA)

Role: 10%+ Owner
Signature: /s/ Scott Ring, General Counsel, Deer IX & Co. Ltd., the General Partner of Deer IX & Co. L.P., the General Partner of Bessemer Venture Partners IX L.P.
Stock symbol: ACVA
Transactions as of: Feb 23, 2023
Transactions value $: -$24,440,000
Form type: 4
Date filed: 2/27/2023, 06:29 PM
Previous filing: Dec 16, 2022
Next filing: Feb 28, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ACVA	Class A Common Stock	Conversion of derivative security	$0	+2M		$0.00	2M	Feb 23, 2023	See footnotes	F1, F2, F5
transaction	ACVA	Class A Common Stock	Sale	-$24.4M	-2M	-100%	$12.22	0	Feb 23, 2023	See footnote	F3, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ACVA	Class B Common Stock	Conversion of derivative security	$0	-2M	-10.61%	$0.00	16.8M	Feb 23, 2023	Class A Common Stock	2M		See footnotes	F1, F2, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of Class B Common Stock is convertible without payment or consideration into one share of Class A Common Stock at the option of the holder and has no expiration date.
F2	Represents 1,100,280 shares converted from Class B Common Stock to Class A Common Stock by Bessemer Venture Partners IX L.P. ("BVP IX"), 881,492 shares converted from Class B Common Stock to Class A Common Stock by Bessemer Venture Partners IX Institutional L.P. ("BVP IX Inst"), and 18,228 shares converted from Class B Common Stock to Class A Common Stock by 15 Angels III LLC. ("15 Angels" and together with BVP IX and BVP IX Inst, the "BVP IX Funds").
F3	On February 23, 2023 BVP IX, BVP IX Inst, and 15 Angels sold 1,100,280 shares, 881,492 shares and 18,228 shares, respectively, of Class A Common Stock of ACV Auctions, Inc in a single execution at a stock price of $12.22 per share.
F4	After the reported transaction, BVP IX, BVP IX Inst, and 15 Angels own 9,267,191 shares, 7,424,432 shares and 153,529 shares, respectively, of Class B Common Stock
F5	Deer IX & Co. Ltd. ("Deer Ltd.") is the general partner of Deer IX & Co. L.P. ("Deer L.P."), which is the general partner of the BVP IX Funds. Deer Ltd. and Deer L.P. disclaim beneficial ownership of the securities held by the BVP IX Funds, and this report shall not be deemed an admission that Deer Ltd. and Deer L.P. are the beneficial owners of such securities, except to the extent of their pecuniary interest therein, if any, by virtue of their direct and indirect general partner interests in the BVP IX Funds.