[144] PubMatic, Inc. SEC Filing

Rhea-AI Filing Summary

PubMatic, Inc. notice reports a proposed sale under Rule 144 of 44,000 common shares through Goldman Sachs & Co. LLC on 10/06/2025 with an aggregate market value of $372,680. The filing shows those shares were acquired on the same date by the seller: 11,864 shares from an option exercise on 10/06/2025 and 32,136 shares issued as restricted stock units on 10/01/2025.

The notice also lists multiple sales by the Goel Family Trust over the past three months totaling frequent dispositions of 44,000-share lots between 06/23/2025 and 09/15/2025, with reported gross proceeds ranging from $358,600 to $4,849,280. The filer affirms they are unaware of undisclosed material adverse information and signs the Rule 144 representation on the form.

Positive

• Transparent filing of Rule 144 sale with broker and exact share counts
• Acquisitions disclosed (11,864 option exercise shares and 32,136 RSU shares) showing provenance of shares

Negative

• Repeated sales by the Goel Family Trust over three months suggest ongoing disposals
• Option exercise and sale on same date may be interpreted as immediate liquidity event rather than long-term holding

Insights

Securities Compliance Analyst

TL;DR: Routine Rule 144 sale following option exercise and RSU vesting.

The transaction shows a planned public sale of 44,000 shares on 10/06/2025 executed through a broker, following recent internal acquisitions: 11,864 shares from an option exercise and 32,136 RSU shares. These acquisition dates coincide with the proposed sale date for the exercised options, which is a common pattern when insiders exercise and sell shares to cover tax or liquidity needs.

Key dependencies and risks include the accuracy of the seller's representation that no undisclosed material adverse information exists and the brokered sale execution. Watch for post-sale Form 4 filings or amended Form 144s within days that disclose actual trade timing and proceeds.

Equity Capital Markets Specialist

TL;DR: Sales volume is small relative to total shares outstanding but shows recurring trust dispositions.

The proposed 44,000-share sale equals about 0.12% of the issuer's reported 37,459,793 outstanding shares, so the direct market impact is likely limited. However, the submission lists a series of recent sales by the Goel Family Trust in similar 44,000-share blocks, indicating sustained selling activity from a related holder.

Market impact depends on execution price and timing; monitor trading prints near 10/06/2025 and any follow-up disclosures showing aggregated sales or additional planned dispositions.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Goldman Sachs & Co. LLC 200 West Street New York NY 10282	44000	372680	37459793	10/06/2025	NASD

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	10/06/2025	Acquired upon option exercise	Issuer			11864	10/06/2025	Option exercise
Common	10/01/2025	Acquired as compensation -- Restricted Stock Units	Issuer			32136	10/01/2025	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	06/23/2025	44000	488840
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	07/07/2025	11485	143923.13
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	07/07/2025	32515	407458.47
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	07/21/2025	44000	563252.8
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	08/01/2025	44000	4849280
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	08/18/2025	44000	368280
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	09/02/2025	44000	374880
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	09/15/2025	44000	358600

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does PubMatic's (PUBM) Form 144 report?

It reports a proposed sale of 44,000 common shares through Goldman Sachs & Co. LLC planned for 10/06/2025 with aggregate market value $372,680.

How were the shares being sold acquired?

The filing shows 11,864 shares were acquired by option exercise on 10/06/2025 and 32,136 shares were issued as restricted stock units on 10/01/2025.

Has the filer sold shares recently?

Yes. The Goel Family Trust reported multiple common-share sales between 06/23/2025 and 09/15/2025, typically in 44,000-share lots, with gross proceeds listed per sale.

What broker will handle the sale?

The broker named is Goldman Sachs & Co. LLC, located at 200 West Street, New York, NY.

Does the filer claim any undisclosed material information?

No. By signing, the person represents they do not know any material adverse information that is not publicly disclosed.