[Form 4] Coupang, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Pedro Franceschi, a director of Coupang, Inc. (CPNG), reported sales of Class A common stock on 09/11/2025. The filing shows a sale of 21,428 shares at a price of $32.05 per share and a separate reported disposition of 75,602 Class A shares. Following the transactions, the report lists 0 shares beneficially owned in the line showing the $32.05 sale and indicates the sold shares are held of record by TDB Capital LLC, for which Franceschi is a managing member. The filing includes a footnote disclaiming Section 16 beneficial ownership of the TDB Capital LLC shares except to the extent of his pecuniary interest. The form is signed by an attorney-in-fact on 09/12/2025.

Positive

• None.

Negative

• Director reported substantial dispositions: sale of 21,428 shares at $32.05 and disposition of 75,602 Class A shares on 09/11/2025.

Insights

Financial Analyst

Director executed sizeable stock dispositions; monitor for pattern but this Form 4 shows routine sales.

The Form 4 records two dispositions by a director: a disclosed sale of 21,428 Class A shares at $32.05 and an additional reported disposition of 75,602 Class A shares on 09/11/2025. The disclosure that shares are held of record by TDB Capital LLC, where the reporting person is a managing member, and the accompanying disclaimer limit direct beneficial ownership attribution. For investors, the filing documents insider liquidity but offers no information on reasons, price impact, or remaining direct holdings beyond the lines reported. Transaction sizes should be evaluated against total insider holdings and company market capitalization for materiality.

Corporate Governance Expert

Form 4 shows officer/director sales with an ownership disclaimer via an entity; governance disclosure appears conventional.

The footnote clarifies that the shares are held by TDB Capital LLC and that Franceschi disclaims Section 16 beneficial ownership other than pecuniary interest, which is a common disclosure when holdings are through an entity. The form is properly executed by an attorney-in-fact and filed promptly after the 09/11/2025 transactions. There are no indications in the filing of derivative transactions, pledges, or related-party transfers beyond the entity-held shares. From a governance perspective, the filing meets standard disclosure practices but contains no additional context about trading plans or Rule 10b5-1 arrangements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Franceschi Pedro

(Last) (First) (Middle)

C/O COUPANG, INC.

720 OLIVE WAY, SUITE 600

(Street)

SEATTLE WA 98101

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Coupang, Inc. [ CPNG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/11/2025		S		21,428	D	$32.05	0	I	See footnote(1)
Class A Common Stock								75,602	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares are held of record by TDB Capital LLC, for which the Reporting Person is a managing member and shares voting and investment control with respect to such shares. The Reporting Person disclaims Section 16 beneficial ownership of the shares held by TDB Capital LLC, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that he is the beneficial owner of such shares for Section 16 or any other purpose.

Remarks:

	/s/ Ruby Alexander, Attorney-in-Fact for Pedro Franceschi	09/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did Pedro Franceschi report for CPNG on the Form 4?

The Form 4 reports dispositions on 09/11/2025 of 21,428 Class A shares sold at $32.05 and an additional disposition of 75,602 Class A shares.

Does Pedro Franceschi claim direct beneficial ownership of the shares reported?

No. The filing states the shares are held of record by TDB Capital LLC, for which Franceschi is a managing member, and he disclaims Section 16 beneficial ownership except for his pecuniary interest.

When was the Form 4 signed and filed?

The form is signed by an attorney-in-fact on 09/12/2025, reflecting the reported transactions dated 09/11/2025.

Are there any derivative transactions reported in this Form 4?

No. The filing contains only non-derivative security dispositions of Class A common stock and shows no derivative securities entries.

Did the filing disclose a 10b5-1 trading plan or contract-based transaction?

No. The form does not indicate that the transactions were made pursuant to a Rule 10b5-1 trading plan or similar contract.