[144] PubMatic, Inc. SEC Filing

Rhea-AI Filing Summary

PubMatic, Inc. (PUBM) Form 144 notifies the SEC of a proposed sale of 8,020 common shares through Morgan Stanley Smith Barney LLC on the NASDAQ, with an aggregate market value of $69,533.40. The shares were acquired as restricted stock units on 07/01/2025 and are listed for an approximate sale date of 09/02/2025. The filing also discloses that Amar Goel sold 4,417 shares on 07/02/2025 for $55,492.10. The filing shows 37,459,793 shares outstanding for the issuer. The filer affirms there is no undisclosed material adverse information and relies on Rule 144 procedures for restricted securities previously issued to an insider.

Positive

• Transaction transparency: Filing provides broker name, acquisition date, and exact share counts, showing regulatory compliance
• Modest size relative to outstanding shares: 8,020 proposed sale versus 37,459,793 shares outstanding reduces potential market impact

Negative

• Insider sale disclosed: Proposed disposition of shares by an insider may be interpreted negatively by some investors
• Recent prior sale: Seller previously sold 4,417 shares on 07/02/2025, indicating ongoing insider monetization

Insights

Securities Analyst

TL;DR: Insider RSUs of 8,020 shares are being registered for sale under Rule 144; prior small sale by the same insider occurred a month earlier.

This Form 144 is a routine disclosure showing an insider converting restricted stock units into shares and planning a sale on the open market through a broker. The amounts are modest relative to the company’s reported outstanding shares (8,020 proposed vs. 37.46 million outstanding). The prior sale of 4,417 shares and the planned sale suggest staged liquidity rather than a large one-time disposition. For investors, the filing documents compliance with Rule 144 transfer/sale requirements and provides transparent details on timing, broker, and proceeds.

Corporate Governance Expert

TL;DR: Filing indicates an insider monetizing recent RSUs with standard regulatory attestation; nothing indicating governance concerns.

The notice includes the standard representation that the seller is not aware of undisclosed material adverse information, and it cites a broker for execution. The transaction stems from RSU vesting on 07/01/2025 and is being executed under Rule 144, which is customary for insiders selling restricted shares. The disclosed figures are small relative to total outstanding shares, reducing the likelihood of market impact. The filing lacks any indication of extraordinary governance or compliance issues.

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

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	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	8020	69533.40	37459793	09/02/2025	NASDAQ

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	07/01/2025	Restricted Stock Units	Issuer			8020	07/01/2025	N/A

* 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
AMAR GOEL 601 MARSHALL STREET Redwood City CA 94063	Common	07/02/2025	4417	55492.10

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 filed here report?

It reports a proposed sale of 8,020 common shares acquired as RSUs on 07/01/2025, with aggregate market value $69,533.40, to be sold via Morgan Stanley Smith Barney LLC on NASDAQ about 09/02/2025.

Who sold shares recently according to this filing?

Amar Goel sold 4,417 common shares on 07/02/2025 for $55,492.10.

How many PubMatic shares are outstanding per the filing?

The filing lists 37,459,793 shares outstanding for the issuer.

Were the shares to be sold originally restricted or unrestricted?

The shares were acquired as Restricted Stock Units (RSUs) on 07/01/2025 and are being offered for sale under Rule 144.

Which broker is handling the proposed sale?

The proposed sale is to be handled by Morgan Stanley Smith Barney LLC.