As filed with the U.S. Securities and Exchange Commission on December 9, 2020
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
PubMatic, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 20-5863224 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
PubMatic, Inc.
3 Lagoon Drive, Suite 180
Redwood City, California 94065
(Address of Principal Executive Offices) (Zip Code)
2006 Stock Option Plan
2017 Equity Incentive Plan
2020 Equity Incentive Plan
2020 Employee Stock Purchase Plan
(Full title of the plans)
Rajeev K. Goel
Chief Executive Officer
PubMatic, Inc.
3 Lagoon Drive, Suite 180
Redwood City, California 94065
(650) 331-3485
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Please send copies of all communications to:
Mark Stevens James D. Evans Nicholas H.R. Dumont Fenwick & West LLP 801 California Street Mountain View, California 94041 (650) 988-8500 | Thomas C. Chow General Counsel and Secretary PubMatic, Inc. 3 Lagoon Drive, Suite 180 Redwood City, California 94065 (650) 331-3485 | |||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||||||||||||||
| Emerging growth company | ☒ | ||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
Title of Securities To Be Registered | Amount To Be Registered(1) | Proposed Maximum Offering Price Per Share | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee | |||||||||||||
| Class A common stock, $0.0001 par value per share | |||||||||||||||||
| - To be issued under the 2020 Equity Incentive Plan | 5,090,896(2) | $20.00(3) | $101,817,920(3) | $11,108 | |||||||||||||
| - To be issued under the 2020 Employee Stock Purchase Plan | 500,000(4) | $17.00(5) | $8,500,000(5) | $927 | |||||||||||||
| - Outstanding under the 2006 Stock Option Plan | 3,252,396(6) | $— (7) | $— (7) | $— | |||||||||||||
| - Outstanding under the 2017 Equity Incentive Plan | 5,952,116(8) | $— (7) | $— (7) | $— | |||||||||||||
| - Outstanding under the 2020 Equity Incentive Plan (RSUs) | 8,750(9) | $20.00(3) | $175,000(3) | $19 | |||||||||||||
| Class B common stock, $0.0001 par value per share | |||||||||||||||||
| - Outstanding under the 2006 Stock Option Plan | 3,252,396(10) | $1.31(11) | $4,260,639(11) | $465 | |||||||||||||
| - Outstanding under the 2017 Equity Incentive Plan | 5,952,116(12) | $3.15(13) | $18,749,165(13) | $2,046 | |||||||||||||
| TOTAL | 24,008,670 | $133,502,724 | $14,565 | ||||||||||||||
(1)Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also cover any additional shares of the Registrant’s Class A common stock or Class B common stock that become issuable in respect of the securities identified in the above table by reason of any stock dividend, stock split, recapitalization, or other similar transaction effected without the Registrant’s receipt of consideration which results in an increase in the number of the outstanding shares of the Registrant’s Class A common stock or Class B common stock.
(2)Shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan (“2020 Plan”) consist of (a) 4,991,250 shares of Class A common stock reserved for issuance under the 2020 Plan and (b) 99,646 shares of Class A common stock previously reserved but unissued under the 2017 Equity Incentive Plan (“2017 Plan”), that are now available for issuance under the 2020 Plan. To the extent outstanding awards under the 2017 Plan and the 2006 Stock Option Plan (“2006 Plan” and collectively, the “Prior Plans”) are forfeited, lapse unexercised, or would otherwise have been returned to the share reserve under the Prior Plans, the shares of Class B common stock subject to such awards instead will be available for future issuance as Class A common stock under the 2020 Plan. See footnotes 6 and 8 below.
(3)Calculated solely for the purposes of this offering under Rule 457(h) of the Securities Act on the basis of the initial public offering price per share of the Registrant’s Class A common stock as set forth in the Registrant’s prospectus filed with the Securities and Exchange Commission on December 9, 2020 pursuant to Rule 424(b) under the Securities Act.
(4)Represents shares reserved for issuance under the 2020 Employee Stock Purchase Plan (“Purchase Plan”) as of the date of this Registration Statement.
(5)Calculated solely for the purposes of this offering under Rule 457(h) of the Securities Act on the basis of the initial public offering price per share of the Registrant’s Class A common stock multiplied by 85%, which is the percentage of the price per share applicable to purchases under the Purchase Plan.
(6)Represents shares of Registrant’s Class A common stock reserved for issuance upon conversion of Class B common stock underlying stock options outstanding under the 2006 Plan as of the date of this Registration Statement. Any shares of Class B common stock that are subject to awards under the 2006 Plan that are forfeited, lapse unexercised, or would otherwise have been returned to the share reserve under the 2006 Plan, instead will be available for issuance as Class A common stock under the 2020 Plan. See footnote 2 above.
(7)Pursuant to Rule 457(i) under the Securities Act, there is no fee associated with the registration of shares of Class A common stock issuable upon conversion of the shares of any Class B common stock (a convertible security) being registered under this Registration Statement because no additional consideration will be received in connection with the conversion of Class B common stock.
(8)Represents shares of Registrant’s Class A common stock reserved for issuance upon conversion of Class B common stock underlying stock options outstanding under the 2017 Plan as of the date of this Registration Statement. Any shares of Class B common stock that are subject to awards under the 2017 Plan that are forfeited, lapse unexercised, or would otherwise have been returned to the share reserve under the 2017 Plan, instead will be available for issuance as Class A common stock under the 2020 Plan. See footnote 2 above.
(9)Represents shares of Class A common stock reserved for issuance pursuant to restricted stock units outstanding under the 2020 Plan as of the date of this Registration Statement.
(10)Represents shares of Class B common stock reserved for issuance pursuant to stock options outstanding under the 2006 Plan as of the date of this Registration Statement. Any shares of Class B common stock that are subject to stock options under the 2006 Plan that are forfeited, lapse unexercised, or would otherwise have been returned to the share reserve under the 2006 Plan will be available for issuance as Class A common stock under the 2020 Plan. See footnote 2 above.
(11)Calculated solely for the purposes of this offering under Rule 457(h) of the Securities Act on the basis of the weighted average exercise price for stock options outstanding under the 2006 Plan granted by the Registrant as of the date of this Registration Statement.
(12)Represents shares of Class B common stock reserved for issuance pursuant to stock options outstanding under the 2017 Plan as of the date of this Registration Statement. Any shares of Class B common stock that are subject to stock options under the 2017 Plan that are forfeited, lapse unexercised, or would otherwise have been returned to the share reserve under the 2017 Plan will be available for issuance as Class A common stock under the 2020 Plan. See footnote 2 above.
(13)Calculated solely for the purposes of this offering under Rule 457(h) of the Securities Act on the basis of the weighted average exercise price for stock options outstanding under the 2017 Plan granted by the Registrant as of the date of this Registration Statement.
PART I
Information Required in the Section 10(a) Prospectus
The information called for by Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the “Registration Statement”) and has been or will be sent or given to participating service providers in accordance with Rule 428 of the Securities Act of 1933, as amended (the “Securities Act”), and the instructions to Form S-8. In accordance with the rules and regulations of the Securities and Exchange Commission (the “Commission”) and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
PART II
Information Required in the Registration Statement
Item 3. Incorporation of Documents by Reference.
The following documents filed by PubMatic, Inc. (the “Registrant”) with the Commission pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are incorporated herein by reference:
(a)the Registrant’s prospectus filed on December 9, 2020 pursuant to Rule 424(b) under the Securities Act relating to the Registration Statement on Form S-1, as amended (Registration No. 333-250077), which contains audited financial statements for the Registrant’s latest fiscal year for which such statements have been filed; and
(b)the description of the Registrant’s Class A common stock contained in the Registrant’s Registration Statement on Form 8-A (Registration No. 001-39748) filed with the Commission on November 30, 2020 under Section 12(b) of the Exchange Act, including any amendments or reports filed for the purpose of updating such description.
All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14, or 15(d) of the Exchange Act subsequent to the filing of this Registration Statement and prior to the filing of a post-effective amendment, which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing such documents, except as to specific sections of such documents as set forth therein. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any subsequently filed document, which also is deemed to be incorporated by reference herein, modifies or supersedes such statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law authorizes a court to award, or a corporation’s board of directors to grant, indemnity to directors and officers under certain circumstances and subject to certain limitations. The terms of Section 145 of the Delaware General Corporation Law are sufficiently broad to permit indemnification under certain circumstances for liabilities, including reimbursement of expenses incurred, arising under the Securities Act.
As permitted by the Delaware General Corporation Law, the Registrant’s restated certificate of incorporation to be effective upon the completion of the Registrant’s initial public offering contains provisions that eliminate the personal liability of its directors for monetary damages for any breach of fiduciary duties as a director, except liability for the following:
• any breach of the director’s duty of loyalty to the Registrant or its stockholders;
•acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;
•any transaction from which the director derived an improper personal benefit.
As permitted by the Delaware General Corporation Law, the Registrant’s restated bylaws to be effective upon the completion of the Registrant’s initial public offering, provide that:
• the Registrant is required to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, subject to very limited exceptions;
•the Registrant may indemnify its other employees and agents as set forth in the Delaware General Corporation Law;
•the Registrant is required to advance expenses, as incurred, to its directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to very limited exceptions; and
•the rights conferred in the restated bylaws are not exclusive.
The Registrant has entered into indemnification agreements with each of its current directors and executive officers to provide these directors and executive officers additional contractual assurances regarding the scope of the indemnification set forth in the Registrant’s restated certificate of incorporation and restated bylaws and to provide additional procedural protections. The indemnification provisions in the Registrant’s restated certificate of incorporation, restated bylaws, and the indemnification agreements entered into between the Registrant and each of its directors and executive officers may be sufficiently broad to permit indemnification of the Registrant’s directors and executive officers for liabilities arising under the Securities Act.
The Registrant currently carries liability insurance for its directors and officers.
Reference is also made to the Underwriting Agreement filed with the Form S-1 for the Registrant’s initial public offering, which provides for the indemnification of officers, directors, and controlling persons of the Registrant against certain liabilities.
See also the undertakings set out in response to Item 9 of this Registration Statement.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The following exhibits are filed herewith:
Exhibit Number | Exhibit Description | Incorporated by Reference | Filed Herewith | |||||||||||||||||||||||||||||||||||
| Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||
| 4.1 | S-1/A | 333-250077 | 3.1 | 11/30/2020 | ||||||||||||||||||||||||||||||||||
| 4.2 | S-1/A | 333-250077 | 3.2 | 11/30/2020 | ||||||||||||||||||||||||||||||||||
| 4.3 | S-1 | 333-250077 | 3.3 | 11/13/2020 | ||||||||||||||||||||||||||||||||||
| 4.4 | S-1/A | 333-250077 | 3.4 | 11/30/2020 | ||||||||||||||||||||||||||||||||||
| 4.5 | S-1/A | 333-250077 | 4.1 | 11/30/2020 | ||||||||||||||||||||||||||||||||||
| 4.7 | S-1 | 333-250077 | 10.2 | 11/13/2020 | ||||||||||||||||||||||||||||||||||
| 4.6 | S-1 | 333-250077 | 10.4 | 11/13/2020 | ||||||||||||||||||||||||||||||||||
| 4.7 | S-1/A | 333-250077 | 10.5 | 11/30/2020 | ||||||||||||||||||||||||||||||||||
| 4.8 | S-1/A | 333-250077 | 10.6 | 11/30/2020 | ||||||||||||||||||||||||||||||||||
| 5.1 | X | |||||||||||||||||||||||||||||||||||||
| 23.1 | X | |||||||||||||||||||||||||||||||||||||
| 23.2 | X | |||||||||||||||||||||||||||||||||||||
| 24.1 | X | |||||||||||||||||||||||||||||||||||||
Item 9. Undertakings.
A. The undersigned Registrant hereby undertakes:
(1)To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective Registration Statement; and
(iii)To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
provided, however, that paragraphs (A)(1)(i) and (A)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement;
(2)That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and
(3)To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference into this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered hereby, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Redwood City, California, on this 9th day of December, 2020.
| PUBMATIC, INC. | ||||||||
| By: | /s/ Rajeev K. Goel | |||||||
Rajeev K. Goel Chief Executive Officer | ||||||||
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Rajeev K. Goel, as his or her true and lawful attorney-in-fact and agent with the full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments to this Registration Statement on Form S-8), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons on behalf of the Registrant in the capacities and on the dates indicated.
| Signature | Title | Date | ||||||||||||
| /s/ Rajeev K. Goel | Chief Executive Officer and Director (Principal Executive Officer) | December 9, 2020 | ||||||||||||
| Rajeev K. Goel | ||||||||||||||
| /s/ Steven Pantelick | Chief Financial Officer (Principal Financial Officer) | December 9, 2020 | ||||||||||||
Steven Pantelick | ||||||||||||||
| /s/ Michael van der Zweep | Controller (Principal Accounting Officer) | December 9, 2020 | ||||||||||||
| Michael van der Zweep | ||||||||||||||
| /s/ Cathleen Black | Director | December 9, 2020 | ||||||||||||
Cathleen Black | ||||||||||||||
| /s/ W. Eric Carlborg | Director | December 9, 2020 | ||||||||||||
W. Eric Carlborg | ||||||||||||||
| /s/ Susan Daimler | Director | December 9, 2020 | ||||||||||||
Susan Daimler | ||||||||||||||
| /s/ Amar K. Goel | Director | December 9, 2020 | ||||||||||||
Amar K. Goel | ||||||||||||||
| /s/ Ashish Gupta | Director | December 9, 2020 | ||||||||||||
Ashish Gupta | ||||||||||||||
| /s/ Narendra Gupta | Director | December 9, 2020 | ||||||||||||
Narendra Gupta | ||||||||||||||
Exhibit 5.1
December 9, 2020
PubMatic, Inc.
3 Lagoon Drive, Suite 180
Redwood City, CA 94065
Ladies and Gentlemen:
At your request, as your counsel, we have examined the Registration Statement on Form S-8 (the “Registration Statement”) to be filed by PubMatic, Inc., a Delaware corporation (the “Company”) with the Securities and Exchange Commission (the “Commission”) on or about December 9, 2020 in connection with the registration under the Securities Act of 1933, as amended (the “Securities Act”), of: (i) an aggregate of 14,804,158 shares of the Company’s Class A Common Stock, $0.0001 par value per share (the “Class A Common Stock”), subject to issuance by the Company (a) upon the exercise or settlement of awards granted or to be granted under the Company’s 2020 Equity Incentive Plan (the “2020 Plan”), (b) pursuant to the conversion of shares of the Company’s Class B Common Stock, $0.0001 par value per share (the “Class B Common Stock”), that are subject to issuance by the Company upon the exercise of awards granted under the Company’s 2006 Stock Option Plan, as amended (the “2006 Plan”) and the 2017 Equity Incentive Plan, as amended (the “2017 Plan”), and (c) pursuant to purchase rights to acquire shares of Class A Common Stock to be granted under the Company’s 2020 Employee Stock Purchase Plan (the “Purchase Plan”); and (ii) an aggregate of 3,252,396 shares of Class B Common Stock that are subject to issuance by the Company upon the exercise of awards granted under the 2006 Plan, and an aggregate of 5,952,116 shares of Class B Common Stock that are subject to issuance by the Company upon the exercise of awards granted under the 2017 Plan.
The 14,804,158 shares of Class A Common Stock described in clause (i) of the preceding paragraph and the 9,204,512 shares of Class B Common Stock described in clause (ii) of the preceding paragraph are collectively referred to herein as the “Shares” and the 2006 Plan, the 2017 Plan, the 2020 Plan, and the Purchase Plan are collectively referred to in this letter as the “Plans.” At your request, we are providing this letter to express our opinion on the matters set forth below in this letter (“our opinion”).
In connection with our opinion, we have examined such matters of fact as we have deemed necessary, which included examination of originals or copies of: (a) the Company’s current Certificate of Incorporation and Bylaws, as amended (collectively, the “Charter Documents”), the Plans, the Registration Statement and the exhibits thereto, (b) certain corporate proceedings of the Company’s Board of Directors (the “Board”) and the Company’s stockholders relating to adoption or approval of the Charter Documents, the Plans, the reservation of the Shares for sale and issuance, the filing of the Registration Statement and the registration of the Shares under the Securities Act and documents regarding the Company’s outstanding and reserved capital stock and other securities and (c) such other documents as we have deemed advisable, and we have examined such questions of law as we have considered necessary.
In our examination of documents for purposes of this opinion, we have assumed, and express no opinion as to, the authenticity and completeness of all documents submitted to us as originals, the genuineness of signatures on documents reviewed by us, the conformity to originals and the completeness of all documents submitted to us as copies, the legal capacity of all parties executing any documents (other than the Company), the lack of any undisclosed termination or modification or waiver of any document, the absence of any extrinsic agreements or documents that might change or affect the interpretation or terms of documents, and the due authorization, execution and delivery of all documents by each party thereto other than the Company. We have also assumed that any certificates or instruments representing the Shares, when issued, will be executed by the Company and by officers of the Company duly authorized to do so. In rendering our opinion, we have also relied upon a Certificate of Good Standing dated December 8, 2020 issued by the Delaware Secretary of State with respect to the Company and representations and certifications made to us by the Company, including without limitation representations in an Opinion Certificate addressed to us of even date herewith that the Company has available a sufficient number of authorized shares of Class A Common Stock and Class B Common Stock that are not currently outstanding or reserved for issuance under other outstanding securities or plans of the Company, to enable the Company to issue and deliver all of the Shares as of the date of this letter.
We render this opinion only with respect to, and we express no opinion herein concerning the application or effect of the laws of any jurisdiction other than, the existing Delaware General Corporation Law now in effect. We express no opinion with respect to the securities or “blue sky” laws of any state.
Based upon, and subject to, the foregoing, it is our opinion that when (i) the 14,804,158 shares of Class A Common Stock that may be issued and sold by the Company (a) upon the exercise or settlement of awards granted or to be granted under the 2020 Plan, (b) pursuant to the conversion of the shares of Class B Common Stock that are subject to issuance by the Company upon the exercise of awards granted under the 2017 Plan, and (c) pursuant to purchase rights to be granted under the Purchase Plan, and (ii) the 9,204,512 shares of Class B Common Stock that are subject to issuance by the Company upon the exercise of awards granted under the 2006 Plans and the 2017 Plan, have been issued and sold by the Company against the Company’s receipt of payment therefor (in an amount and type of consideration not less than the par value per Share) in accordance with the terms (including, without limitation, payment and authorization provisions) of the applicable Plan, and have been duly registered on the books of the transfer agent and registrar for the Shares in the name or on behalf of the holders thereof, such Shares will be validly issued, fully paid and non-assessable.
[Remainder of page intentionally left blank.]
We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us, if any, in the Registration Statement, the prospectuses constituting a part thereof and any amendments thereto. We do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder. This opinion is intended solely for use in connection with issuance and sale of the Shares subject to the Registration Statement and is not to be relied upon for any other purpose. In providing this letter, we are opining only as to the specific legal issues expressly set forth above, and no opinion shall be inferred as to any other matter or matters. This opinion is rendered on, and speaks only as of, the date of this letter first written above, and does not address any potential change in facts or law that may occur after the date of this opinion letter. We assume no obligation to advise you of any fact, circumstance, event or change in the law or the facts that may hereafter be brought to our attention, whether or not such occurrence would affect or modify any of the opinions expressed herein.
| Very truly yours, | ||
/s/ Fenwick & West LLP | ||
FENWICK & WEST LLP | ||
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated September 16, 2020, relating to the financial statements of PubMatic, Inc., appearing in Registration Statement No. 333-250077 on Form S-1 of PubMatic, Inc.
/s/ Deloitte & Touche LLP
San Jose, California
December 9, 2020