PubMatic (PUBM) insider files Rule 144 to sell 3,676 RSU shares

Rhea-AI Filing Summary

Form 144 notice for PubMatic, Inc. (PUBM): An individual affiliated with the company is proposing to sell 3,676 shares of common stock under Rule 144, with an approximate aggregate market value of $30,621.08, and an approximate sale date of 08/27/2025 on NASDAQ through Morgan Stanley Smith Barney LLC.

The shares reported to be sold were acquired as Restricted Stock Units on 07/01/2025 from the issuer. The filing also discloses three recent sales by the same person or related 10b5-1 plans: 15,690 shares on 07/03/2025 (gross proceeds $201,220.34), 15,598 shares on 07/02/2025 (gross proceeds $195,545.89), and 4,000 shares on 06/03/2025 (gross proceeds $48,262.80).

Positive

• Compliance: Sale is filed under Rule 144 and references Rule 10b5-1 plans, indicating adherence to insider-sale regulations
• Transparency: Filing discloses acquisition date (07/01/2025), sale mechanics (broker and exchange), and recent prior sales with gross proceeds

Negative

• Insider selling: The person has recently sold 35,288 shares in the past three months, which may be viewed negatively by some investors
• Concentration of recent sales: Multiple large disposals in a short period (June–July 2025) could raise questions about insider liquidity needs

Insights

Financial Analyst

TL;DR: Routine Rule 144 sale and recent 10b5-1 transactions; likely liquidity-driven rather than corporate-change driven.

The filing documents a small proposed sale of 3,676 RSU-derived shares valued at about $30.6k and confirms recent substantial dispositions totaling 35,288 shares generating roughly $445k in gross proceeds across three transactions. From a market-impact perspective, the single proposed sale is modest relative to public float (outstanding shares listed as 37,459,793) and is filed under appropriate compliance frameworks (Rule 144 and 10b5-1 references). This pattern is informational for models of insider liquidity and does not by itself indicate operational change.

Corporate Governance Expert

TL;DR: Disclosure appears procedurally complete; multiple sales indicate active insider selling under documented plans.

The notice identifies the seller (Steve Pantelick) and shows the proposed sale will be executed via a named broker on NASDAQ. The acquisition source is stated as issuer-issued RSUs dated 07/01/2025. The filing includes the standard attestation about lack of material nonpublic information and references to Rule 10b5-1 plans where applicable, which supports compliance with insider-trading policies. No governance breaches or undisclosed conditions are evident from the submitted text.

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	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	3676	30621.08	37459793	08/27/2025	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			3676	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
10b5-1 Sales Plan for STEVE PANTELICK 601 MARSHALL STREET Redwood City CA 94063	Common	07/03/2025	15690	201220.34
STEVE PANTELICK 601 MARSHALL STREET Redwood City CA 94063	Common	07/02/2025	15598	195545.89
10b5-1 Sales Plan for STEVE PANTELICK 601 MARSHALL STREET Redwood City CA 94063	Common	06/03/2025	4000	48262.80

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 show?

The Form 144 reports a proposed sale of 3,676 common shares (approx. market value $30,621.08) to be sold on 08/27/2025 on NASDAQ through Morgan Stanley Smith Barney LLC.

Who is the seller named in the Form 144 for PUBM?

The filing lists Steve Pantelick (and associated 10b5-1 plans) as the person whose account includes the securities to be sold.

When were the shares being sold acquired?

The shares proposed for sale were acquired as Restricted Stock Units on 07/01/2025 from the issuer, with payment/vesting dated the same day.

Has the seller made recent sales of PUBM shares?

Yes. The filing discloses three sales in the past three months totaling 35,288 shares and gross proceeds of about $445,028.99.

On which exchange will the proposed sale be executed?

The proposed sale lists NASDAQ as the securities exchange and names the broker as Morgan Stanley Smith Barney LLC.