UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item1.01 Entry into a Material Definitive Agreement.
On May 12, 2026, ACV Auctions Inc. (the “Company”), entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Citibank, N.A. (“Citibank”) to repurchase $50 million of the Company’s shares of common stock (the “Accelerated Share Repurchase”) as part of the Company’s previously announced share repurchase program.
Under the ASR agreement, on May 13, 2026, the Company will make an aggregate payment of $50 million to Citibank and expects to receive an initial delivery of approximately 70% of the shares of the Company’s common stock initially underlying the ASR Agreement. The total number of shares to be repurchased by the Company pursuant to the ASR Agreement will be based on the volume-weighted average price of the Company’s common stock on specified dates during the term of the ASR Agreement, less a discount, and subject to customary adjustments under the terms and conditions of the ASR Agreement. The transactions under the ASR Agreement are expected to be completed no later than the fourth quarter of fiscal 2026.
The ASR Agreement contains the terms of the Accelerated Share Repurchase, including, but not limited to, the share calculation mechanism, delivery timing, circumstances under which Citibank is permitted to make adjustments to valuation and calculation periods, mutual representations and warranties, and early termination conditions. This summary is qualified in its entirety by reference to the ASR Agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 - Financial Statements and Exhibits
(d): Exhibits
Exhibit No. | Description | |||||||
10.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ACV AUCTIONS INC. | |||||||||||||||||
Date | May 13, 2026 | By: | /s/ Leanne Fitzgerald | ||||||||||||||
Leanne Fitzgerald | |||||||||||||||||
Chief Legal Officer | |||||||||||||||||