[144] PubMatic, Inc. SEC Filing

Rhea-AI Filing Summary

PubMatic, Inc. (PUBM) – Form 144 insider selling notice

The Goel Family Trust DTD 09/25/2012 has filed a Form 144 indicating its intent to sell 44,000 common shares of PubMatic through Goldman Sachs & Co. LLC on or about 23 June 2025. At the last reported aggregate market value of $488,840, the planned sale represents approximately 0.11 % of the company’s 40.27 million shares outstanding. The shares were acquired the same day via option exercise, suggesting routine liquidity management, potentially under a Rule 10b5-1 trading plan (date not disclosed).

The filing also discloses that the trust has already sold 119,000 PubMatic shares over the past three months in five separate transactions, generating $1.31 million in gross proceeds. Including the proposed sale, the trust’s four-month sales would total 163,000 shares, or roughly 0.40 % of shares outstanding.

While insider sales can raise governance questions, the volume involved is modest relative to PubMatic’s public float and appears spaced out over several months, limiting immediate dilution or market-supply concerns. The filing contains no information on company operations, guidance, or financial performance; its relevance is therefore confined to supply-demand dynamics and insider sentiment.

Positive

• None.

Negative

• Continued insider selling: The Goel Family Trust has sold or plans to sell 163,000 shares within four months, which may be viewed as waning insider confidence.
• Lack of operational context: The filing provides no business update, leaving investors without information to counterbalance the negative optics of insider sales.

Insights

Sell-Side Securities Analyst

TL;DR – Small insider sale (0.11 % float); unlikely to move PUBM materially.

The Goel Family Trust’s planned 44 k-share disposal is incremental to 119 k shares already sold this quarter. Even cumulatively, 0.4 % of outstanding stock is not large enough to pressure liquidity for a company averaging several hundred-thousand shares in daily volume. No operational data or guidance change accompanies the filing, so the event mainly signals ongoing portfolio rebalancing by a founding shareholder. Unless the pace accelerates or overlaps with negative fundamentals, I view the impact as neutral.

Corporate Governance Specialist

TL;DR – Continued founder-linked sales may be a mild negative governance signal.

Successive Form 144 sales by the Goel Family Trust could indicate reduced insider conviction, especially as the transactions follow option exercises rather than tax-related withholdings. Although only 0.4 % of shares, concentrated disposals within four months merit monitoring. Investors should watch for future filings to gauge if the trend escalates, which could weigh on sentiment even absent fundamental 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

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	488840	40265869	06/23/2025	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	06/23/2025	Acquired upon option exercise	Issuer			44000	06/23/2025	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	04/01/2025	25000	232250
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	05/05/2025	25000	243500
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	06/02/2025	25000	297000
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	06/09/2025	35703	432995
Goel Family Trust DTD 09/25/2012 601 Marshall Street Redwood City CA 94063	Common	06/09/2025	8297	100623

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

How many PubMatic (PUBM) shares are proposed for sale in the latest Form 144?

44,000 common shares are scheduled to be sold.

Who is the selling shareholder in PubMatic’s Form 144 filed on 23 June 2025?

The Goel Family Trust DTD 09/25/2012 is the selling entity.

What percentage of PubMatic’s outstanding shares does the 44,000-share sale represent?

Approximately 0.11 % of the 40.27 million shares outstanding.

How many PubMatic shares has the Goel Family Trust sold in the past three months?

The trust sold 119,000 shares between 1 April 2025 and 9 June 2025.

Which broker is handling the proposed sale of PubMatic shares?

The broker is Goldman Sachs & Co. LLC.