ACV Auctions director tenders 66,607 shares
Shares tendered received $10.50 each in cash; vested options priced below that amount were canceled for a cash payment, subject to withholding taxes.
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Form Type
4
Rhea-AI Filing Summary
ACV Auctions Inc. director Kirsten Castillo disposed of 66,607 common shares in the October 16, 2026 tender offer; the shares were exchanged for $10.50 per share in cash. Her 13,417 vested options, each with a $5.42 exercise price, were canceled for a cash payment based on the difference between $10.50 and the exercise price, subject to withholding taxes. Her reported post-transaction holdings were 0 common shares and 0 options. After the tender offer, Merger Sub merged into ACV, which survived as Copart's wholly owned subsidiary.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Castillo Kirsten
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option (Right to Buy) F2 | 13,417 | -- | -- |
| Tender Offer | Common Stock F1, F2 | 66,607 | -- | -- |
Holdings After Transaction:
Stock Option (Right to Buy) — 0 contracts (Direct);
Common Stock — 0 shares (Direct)
Footnotes (2)
- F1. Pursuant to the Agreement and Plan of Merger, dated September 10, 2026 (the "Merger Agreement"), by and among ACV Auctions Inc. ("ACV"), Copart, Inc. ("Copart"), and Apple Merger Sub, Inc., a wholly owned subsidiary of Copart ("Merger Sub"), the shares of common stock of ACV that were tendered to Merger Sub prior to the expiration time of the offer were exchanged for $10.50 per share ("Merger Consideration"), net to the seller in cash, without interest, subject to any required withholding tax. After completion of the tender offer, pursuant to the terms of the Merger Agreement, Merger Sub merged with and into ACV (the "Merger"), with ACV surviving the Merger as a wholly owned subsidiary of Copart.
- F2. Pursuant to the terms of the Merger Agreement, (i) each outstanding restricted stock unit award corresponding to shares of ACV common stock (each, an "ACV RSU") held by the Reporting Person was canceled in consideration for the right to receive the Merger Consideration in respect of each share of ACV common stock then subject to the ACV RSU and (ii) each outstanding and vested option to purchase shares of ACV common stock ("ACV Options") which has a per share exercise price less than the Merger Consideration was canceled in exchange for the right to receive a cash payment equal to (x) the number of shares of ACV common stock subject to such ACV Option multiplied by (y) the excess of (A) $10.50 over (B) the applicable per share exercise price of the ACV Option, subject to any required withholding taxes.
Key Figures
Common shares tendered: 66,607 shares
Merger consideration: $10.50 per share
Vested options canceled: 13,417 options
+3 more
6 metrics
Common shares tendered
66,607 shares
October 16, 2026
Merger consideration
$10.50 per share
Cash exchanged for tendered common shares
Vested options canceled
13,417 options
October 16, 2026
Option exercise price
$5.42 per share
Options canceled in the merger
Common shares after transaction
0 shares
Reported post-transaction position
Options after transaction
0 options
Reported post-transaction position
Key Terms
tender offer, Merger Consideration, ACV Options, restricted stock unit award
4 terms
tender offer financial
"shares of common stock of ACV that were tendered"
A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.
Merger Consideration financial
"$10.50 per share ("Merger Consideration")"
Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.
ACV Options financial
"vested option to purchase shares of ACV common stock ("ACV Options")"
restricted stock unit award financial
"each outstanding restricted stock unit award"
A restricted stock unit award is a promise by a company to give an employee a specified number of company shares at a future date if certain conditions are met, such as staying with the company or hitting performance goals. For investors, these awards matter because they can increase the total number of shares outstanding when converted, diluting existing holders, and they align employees’ incentives with shareholders’ interests much like giving a rising bonus that becomes real only after conditions are satisfied.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What happened to Kirsten Castillo's ACVA stock options?
13,417 outstanding and vested options with a $5.42 per-share exercise price were canceled in exchange for a cash payment equal to the number of options multiplied by the excess of $10.50 over the exercise price, subject to required withholding taxes. Her reported post-transaction option holding was 0.
AI-generated analysis. How Rhea-AI works. Not financial advice.
