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FORM 4
AI

Insider Trading - September 18, 2025

Filed September 18, 2025
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Period ending September 16, 2025
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0001104659-25-091375

Director Ocko's funds sold 1.87M shares ($90M), liquidated position.

Brief

Director Matthew Ocko, through managed VC funds DCVC IV and DCVC Opportunity Fund II, sold 1.87M shares in multiple open-market tranches on 9/16/2025 at weighted prices from $47.49 to $52.23, totaling ~$90M. Funds then distributed all remaining shares pro rata to partners. Bearish signal due to large discretionary liquidation without 10b5-1 plan.

Detailed Brief

On September 16, 2025, Matthew Ocko, a director of Rocket Lab USA Inc., reported sales of Common Stock held indirectly by Data Collective IV, L.P. (541,527 shares sold) and DCVC Opportunity Fund II, L.P. (1,331,570 shares sold), totaling 1,873,097 shares across six price-weighted tranches ranging from $47.4874 to $52.2274, for approximately $90.3 million. Following sales, the funds distributed their entire remaining RKLB holdings (541,526 and 1,331,569 shares, respectively) pro rata to limited partners and general partner members for no consideration, resulting in zero shares held by those entities post-transaction. Small portions were redistributed to other Ocko-affiliated entities (Three Kingdoms Capital Partners, LP: 9,894 shares; SST Capital Management, LLC: 164,026 shares). No Rule 10b5-1 plan was indicated, marking this as a discretionary liquidation of the funds' full positions. No prior trading pattern context provided; represents complete exit at elevated prices.

Key Telemetry

  • Massive sale of 1.87M shares (~$90M) by director's VC funds, 100% of their RKLB holdings
  • No 10b5-1 plan; appears discretionary open-market sales
  • Sales at $47.49-$52.23, likely near highs given price ranges
  • Followed by full pro rata distribution to LPs, signaling full exit

Risk Signals

Insider Selling
Director's VC funds executed large discretionary open-market sales totaling 1.87M shares (~$90M), fully liquidating RKLB holdings without 10b5-1 plan.
$90M value, 100% of holdings

Impact Vector

This complete liquidation of ~$90M in shares by Director Ocko's VC funds without a 10b5-1 plan is a strong bearish signal, indicating low insider confidence and desire to cash out at current elevated prices rather than hold for future growth.

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