[144] PubMatic, Inc. SEC Filing

Rhea-AI Filing Summary

PubMatic, Inc. (PUBM) notice reports a proposed sale of 44,000 common shares to be executed through Goldman Sachs & Co. LLC on 09/15/2025 with an aggregate market value listed as $358,600. The shares were acquired the same day upon option exercise and payment was by option exercise. The issuer's outstanding shares are shown as 37,459,793. The filing also discloses multiple prior sales by the Goel Family Trust between 06/23/2025 and 09/02/2025, each listing specific share amounts and gross proceeds. The filer certifies no undisclosed material adverse information.

Positive

• Disclosed acquisition method: Shares were acquired via option exercise, which is clearly reported
• Broker identified: Sale to be executed through Goldman Sachs & Co. LLC, providing execution transparency
• Complete prior-sales history: Multiple recent sales by the Goel Family Trust are enumerated with dates and gross proceeds

Negative

• Insider/related-party sales: Multiple disposals by the Goel Family Trust between 06/23/2025 and 09/02/2025 increase share supply from related parties
• Relatively small market value: The planned sale's aggregate market value ($358,600) is modest and may signal routine liquidity rather than confidence-building
• Limited operational information: Filing contains no earnings, guidance, or business updates

Insights

Securities Analyst

TL;DR: Insiders exercising options and selling shares creates modest share supply but no material new information for valuation.

The filing documents an option exercise and immediate planned sale of 44,000 common shares via Goldman Sachs on 09/15/2025, valued at $358,600. That sale is small relative to the reported 37.46 million shares outstanding (~0.12% of outstanding shares). Several prior disposals by the Goel Family Trust are disclosed across June–September 2025. For investors, this is a liquidity event by an insider/related trust rather than an operational development; it does not provide earnings or guidance changes.

Corporate Governance Expert

TL;DR: Routine insider option exercise and subsequent sales shown; transparency is appropriate but repeated trust sales merit monitoring.

The document shows proper disclosure under Rule 144: acquisition via option exercise and planned sale through a broker, with a certification about lack of undisclosed material information. Multiple prior sales by a named family trust are reported with dates and gross proceeds, reflecting active disposition activity. Governance-wise, disclosures meet form requirements; the pattern of trust sales may prompt questions about ongoing insider liquidity but is not itself a governance violation.

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	358600	37459793	09/15/2025	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	09/15/2025	Acquired upon option exercise	Issuer			44000	09/15/2025	Option exercise

* 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

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 the Form 144 filed for PUBM disclose?

It discloses a proposed sale of 44,000 common shares to be executed through Goldman Sachs on 09/15/2025, acquired the same day via option exercise, with aggregate market value listed as $358,600.

Who is selling PubMatic shares according to the filing (symbol PUBM)?

The filing names the person for whose account the sale is to occur and lists multiple prior sales by the Goel Family Trust with specific dates and gross proceeds between 06/23/2025 and 09/02/2025.

How many shares outstanding does PubMatic report in the Form 144?

37,459,793 shares outstanding are reported in the filing.

How were the 44,000 shares acquired per the filing?

Acquired upon option exercise on 09/15/2025; payment/nature of payment is listed as option exercise.

Does the filing state any undisclosed material information?

The signer represents they do not know any material adverse information not publicly disclosed as required by the form.