CPNG Insider Sale: Benjamin Sun Disposes 1,134,150 Class A Shares

Rhea-AI Filing Summary

Benjamin Sun, a director of Coupang, Inc. (CPNG), reported multiple sales of Class A common stock on 09/09/2025. The Form 4 shows dispositions of 785,915 shares at a weighted-average price of $31.862, 29,882 shares at a weighted-average price of $32.354, and 318,353 shares disposed (no price shown on that line). The filing shows remaining beneficial holdings reported after these transactions: 533,506, 503,624, 1,464,876, and 3,941,562 shares held indirectly through entities including Sun Brothers LLC, Sun Brothers II LLC, LaunchTime LLC, and Ben Sun Family, LLC. Footnotes state the sales occurred in multiple transactions within specified price ranges and identify Mr. Sun’s managerial relationships to the listed entities.

Positive

• None.

Negative

• Insider dispositions totaling 1,134,150 shares occurred on 09/09/2025 (785,915 + 29,882 + 318,353).
• Two reported weighted-average sale prices were $31.862 and $32.354; one disposition line shows shares disposed with no price listed on the form table.
• Substantial holdings are indirect through multiple LLCs (Sun Brothers LLC, Sun Brothers II LLC, LaunchTime LLC, Ben Sun Family, LLC), which can complicate direct ownership transparency.

Insights

Securities Analyst

TL;DR: Director executed sizable open-market sales totaling 1,134,150 shares on 09/09/2025; holdings remain largely indirect via family entities.

The filing documents three disposition lines totaling 1,134,150 Class A shares sold the same day, with disclosed weighted-average prices of $31.862 and $32.354 for two lines and one line showing shares disposed without a price on the face of the table. The report clarifies that Mr. Sun holds substantial indirect positions through multiple LLCs and is both a member/manager of those entities. For investors, the key implication is observation of insider liquidity rather than any new direct control change; no derivatives or acquisitions are reported. The disclosure is procedural and consistent with Section 16 reporting requirements.

Corporate Governance Expert

TL;DR: Report indicates compliance with Section 16 reporting; multiple entity holdings and manager relationships are disclosed.

The Form 4 identifies Mr. Sun as a director and discloses his indirect ownership via family and investment LLCs, including his role as manager or member. The filing includes explanatory footnotes about weighted-average sale prices and offers to provide detailed trade-level pricing upon request. This level of disclosure meets standard transparency expectations for insider transactions. There is no indication of irregular governance action, but the sales represent notable insider liquidity.

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
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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^*

Sun Benjamin

(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)
09/09/2025

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	09/09/2025		S		785,915	D	$31.862(1)	533,506	I	By Sun Brothers LLC(2)
Class A Common Stock	09/09/2025		S		29,882	D	$32.354(3)	503,624	I	By Sun Brothers LLC(2)
Class A Common Stock								318,353	D
Class A Common Stock								1,464,876	I	By Sun Brothers II LLC(2)
Class A Common Stock								3,941,562	I	By LaunchTime LLC(2)

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 reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $31.33 to $32.325 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1) and (3) to this Form 4.

2. Benjamin Sun is a manager and member of Sun Brothers II LLC and LaunchTime LLC and the sole manager of Ben Sun Family, LLC, a member of Sun Brothers LLC.

3. The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $32.335 to $32.375 per share, inclusive.

Remarks:

	/s/ Ruby Alexander, Attorney-in-Fact for Benjamin Sun	09/10/2025
	** 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 transactions did Benjamin Sun report on Form 4 for Coupang (CPNG)?

The Form 4 reports three dispositions on 09/09/2025: 785,915 shares at a weighted-average of $31.862, 29,882 shares at a weighted-average of $32.354, and 318,353 shares disposed (no price shown on that line).

How many total shares did the reporting person sell on 09/09/2025?

The filing shows total dispositions of 1,134,150 Class A shares on 09/09/2025.

What beneficial ownership remained after the reported transactions?

The Form 4 lists post-transaction beneficial ownership amounts of 533,506, 503,624, 1,464,876, and 3,941,562 shares held indirectly via named entities.

Are the reported holdings direct or indirect?

The filing indicates the reported holdings are indirect and attributable to entities including Sun Brothers LLC, Sun Brothers II LLC, LaunchTime LLC, and Ben Sun Family, LLC.

Do the footnotes provide additional pricing detail?

Yes. Footnotes state the disclosed weighted-average prices reflect multiple transactions within specified price ranges and offer to provide full trade-level pricing information upon request.