Doubleverify Holdings, Inc. current report, 07 August 2023

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DoubleVerify Holdings, Inc. — Form 8-K Summary

Business Context and Reporting Period

This Form 8-K was filed on August 9, 2023, regarding an event occurring August 7, 2023. The filing reports an underwritten secondary offering of the company’s common stock by investment funds associated with Providence Equity Partners L.L.C.

Offering and Key Financial Information

  • Selling stockholders agreed to sell 12,500,000 shares of common stock to Goldman Sachs & Co. LLC and Barclays Capital Inc. as underwriters.
  • The selling stockholders granted the underwriters a 30-day option to purchase up to 1,875,000 additional shares.
  • DoubleVerify did not receive any proceeds from the offering.
  • The filing does not provide offering price, gross proceeds, net proceeds to the selling stockholders, or resulting ownership percentages.
  • The filing contains no revenue, profit, cash flow, margin, debt, liquidity, or operating guidance information.

Material Changes Versus the Prior Comparable Period

The filing does not present period-over-period financial results or identify changes versus a prior comparable period. The reported transaction is a secondary sale by existing stockholders and does not represent a primary issuance of shares by the company.

Outlook, Risks, and Unusual Items

The filing provides no management outlook or commentary. The principal unusual item is the potential sale of up to 14,375,000 shares in total if the underwriters fully exercise the option. The transaction could increase the public float, but the filing does not state the resulting ownership or market impact.

Investor Verification Items

  • Verify the final offering price, completion status, and whether the 30-day option was exercised.
  • Review the underwriting agreement filed as Exhibit 1.1 for transaction terms, indemnification provisions, and closing conditions.
  • Confirm post-offering ownership levels of the selling stockholders and any changes in public float.
  • Confirm that no proceeds were received by DoubleVerify and assess any potential effects on trading liquidity or share supply.