<SEC-DOCUMENT>0000950170-24-058939.txt : 20240513
<SEC-HEADER>0000950170-24-058939.hdr.sgml : 20240513
<ACCEPTANCE-DATETIME>20240513185122
ACCESSION NUMBER:		0000950170-24-058939
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240509
FILED AS OF DATE:		20240513
DATE AS OF CHANGE:		20240513

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Insignia Capital Partners (Parallel A), L.P.
		CENTRAL INDEX KEY:			0001586845
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39671
		FILM NUMBER:		24940847

	BUSINESS ADDRESS:	
		STREET 1:		TWO WALNUT CREEK CENTER
		STREET 2:		200 PRINGLE AVENUE, SUITE 400
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(925)399-8900

	MAIL ADDRESS:	
		STREET 1:		TWO WALNUT CREEK CENTER
		STREET 2:		200 PRINGLE AVENUE, SUITE 400
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Insignia Capital Partners, L.P.
		CENTRAL INDEX KEY:			0001586847
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39671
		FILM NUMBER:		24940849

	BUSINESS ADDRESS:	
		STREET 1:		1333  N. CALIFORNIA BLVD, SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(925) 399-8900

	MAIL ADDRESS:	
		STREET 1:		1333  N. CALIFORNIA BLVD, SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA CAPITAL PARTNERS (AIV), L.P.
		CENTRAL INDEX KEY:			0001829472
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39671
		FILM NUMBER:		24940848

	BUSINESS ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(925) 399-8900

	MAIL ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA A QL HOLDINGS, LLC
		CENTRAL INDEX KEY:			0001829476
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39671
		FILM NUMBER:		24940845

	BUSINESS ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(925) 399-8900

	MAIL ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA CAPITAL PARTNERS GP, L.L.C.
		CENTRAL INDEX KEY:			0001829474
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39671
		FILM NUMBER:		24940850

	BUSINESS ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(925) 399-8900

	MAIL ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA QL HOLDINGS, LLC
		CENTRAL INDEX KEY:			0001829475
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39671
		FILM NUMBER:		24940846

	BUSINESS ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(925) 399-8900

	MAIL ADDRESS:	
		STREET 1:		1333 NORTH CALIFORNIA BOULEVARD
		STREET 2:		SUITE 520
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MediaAlpha, Inc.
		CENTRAL INDEX KEY:			0001818383
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				851854133
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		700 SOUTH FLOWER STREET
		STREET 2:		SUITE 640
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017
		BUSINESS PHONE:		619-393-9368

	MAIL ADDRESS:	
		STREET 1:		700 SOUTH FLOWER STREET
		STREET 2:		SUITE 640
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>4
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-05-09</periodOfReport>

    <notSubjectToSection16>true</notSubjectToSection16>

    <issuer>
        <issuerCik>0001818383</issuerCik>
        <issuerName>MediaAlpha, Inc.</issuerName>
        <issuerTradingSymbol>MAX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829474</rptOwnerCik>
            <rptOwnerName>INSIGNIA CAPITAL PARTNERS GP, L.L.C.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1333 NORTH CALIFORNIA BOULEVARD, STE 520</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WALNUT CREEK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94596</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001586847</rptOwnerCik>
            <rptOwnerName>Insignia Capital Partners, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1333 NORTH CALIFORNIA BOULEVARD, STE 520</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WALNUT CREEK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94596</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829472</rptOwnerCik>
            <rptOwnerName>INSIGNIA CAPITAL PARTNERS (AIV), L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1333 NORTH CALIFORNIA BOULEVARD, STE 520</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WALNUT CREEK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94596</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001586845</rptOwnerCik>
            <rptOwnerName>Insignia Capital Partners (Parallel A), L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1333 NORTH CALIFORNIA BOULEVARD, STE 520</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WALNUT CREEK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94596</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829475</rptOwnerCik>
            <rptOwnerName>INSIGNIA QL HOLDINGS, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1333 NORTH CALIFORNIA BOULEVARD, STE 520</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WALNUT CREEK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94596</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829476</rptOwnerCik>
            <rptOwnerName>INSIGNIA A QL HOLDINGS, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1333 NORTH CALIFORNIA BOULEVARD, STE 520</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WALNUT CREEK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94596</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-05-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2539800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2589800</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-05-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2539800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3234894</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-05-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2589800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.00</value>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Class B-1 Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-05-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2539800</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2539800</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3234894</value>
                    <footnoteId id="F7"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Reflects the exchange (the &quot;Exchange&quot;) of 1,419,402 and 1,120,398 Class B-1 Units of QL Holdings, LLC (the &quot;LLC&quot;) held directly by Insignia QL Holdings, LLC (&quot;Insignia QL&quot;) and Insignia A QL Holdings, LLC (&quot;Insignia A&quot;), respectively, into an equal number of shares of the Issuer's Class A Common Stock (&quot;Class A Shares&quot;), pursuant to the Exchange Agreement, dated October 27, 2020, by and among the Issuer, the LLC and the members of the LLC (the &quot;Exchange Agreement&quot;). In connection with the Exchange, the Reporting Persons forfeited for no consideration an equal number of shares of the Issuer's Class B Common Stock (&quot;Class B Shares&quot;).</footnote>
        <footnote id="F2">Insignia Capital Partners (Parallel A), L.P. (&quot;Parallel A&quot;) and Insignia Capital Partners (AIV), L.P. (&quot;Insignia AIV&quot;) are members of Insignia A having the power to appoint the majority of the board of managers of Insignia A. Insignia Capital Partners, L.P. (&quot;Insignia Capital&quot; and together with Parallel A and Insignia AIV, the &quot;Insignia Fund&quot;) is the managing member of Insignia QL. Insignia Capital Partners GP, LLC (&quot;Insignia GP&quot;) is the general partner of the Insignia Fund. The three member Investment Committee of Insignia GP comprised of David Lowe, Anthony Broglio and Melvyn Deane exercises voting and investment control over the securities held directly by Insignia A and Insignia QL, which acts by a majority vote of its members. Consequently,</footnote>
        <footnote id="F3">(Continued from footnote 2) the Insignia Fund and Insignia GP may be deemed to beneficially own the securities held directly by Insignia A and Insignia QL. Messrs. Lowe, Broglio and Deane disclaim beneficial ownership of the securities held directly by Insignia A and Insignia QL.</footnote>
        <footnote id="F4">Includes 1,427,030 Class B Shares held directly by Insignia A and 1,807,864 Class B Shares held directly by Insignia QL.</footnote>
        <footnote id="F5">Reflects the sale of the Class A Shares in an underwritten public secondary offering at a price to the public of $19.00 per share.</footnote>
        <footnote id="F6">Pursuant to the Exchange Agreement, Class B-1 Units of the LLC (together with one Class B Share of the Issuer for every Class B-1 Unit) are exchangeable at any time for one Class A Share. Class B-1 Units of the LLC do not expire.</footnote>
        <footnote id="F7">Includes 1,427,030 Class B-1 Units of the LLC held directly by Insignia A and 1,807,864 Class B-1 Units of the LLC held directly by Insignia QL.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Tony Broglio, as Managing Member of Insignia Capital Partners GP, LLC</signatureName>
        <signatureDate>2024-05-13</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tony Broglio, as Managing Member of Insignia Capital Partners LP</signatureName>
        <signatureDate>2024-05-13</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tony Broglio, as Managing Member of Insignia Capital Partner (AIV), LP</signatureName>
        <signatureDate>2024-05-13</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tony Broglio, as Managing Member of Insignia Capital Partner (Parallel A), LP</signatureName>
        <signatureDate>2024-05-13</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tony Broglio, as President and Secretary of Insignia QL Holdings, LLC</signatureName>
        <signatureDate>2024-05-13</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tony Broglio, as President and Secretary of Insignia A QL Holdings, LLC</signatureName>
        <signatureDate>2024-05-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
