CS Disco Files Form 144 Reporting Proposed Insider Sale

Form 144 for CS Disco dated 15 May 2026 was filed, indicating an intended insider sale that meets the SEC Rule 144 threshold of 5,000 shares or $50,000, was reported by investing.com on 15 May 2026. The filing is a pre-sale notice rather than confirmation of completed trades. Market participants often monitor such filings because they can precede visible insider transactions and subsequent Form 4 reports.

What does a Form 144 tell investors?

A Form 144 is a regulatory notice that an affiliate or insider plans to sell restricted or control securities. The form must be filed when the proposed sale exceeds 5,000 shares or $50,000 in aggregate value within a three-month period, and it lists the seller's relationship to the issuer and the proposed number of shares. The document does not record the actual trade; a separate Form 4 will report completed sales and typically appears within 2 business days after the transaction.

A filing dated 15 May 2026 signals intent within that timeframe and gives investors a forward-looking data point. Traders use the proposed share count and aggregate dollar amount on Form 144 to estimate potential incremental supply. You can find filings through SEC systems and on company disclosure pages; see our coverage of SEC filings for context at https://fazen.markets/en.

How large must the sale be to require Form 144?

Rule 144 triggers a Form 144 when the planned sale exceeds 5,000 shares or $50,000 in aggregate value in any three-month period. For affiliates, resale volume is also capped at the greater of 1% of outstanding shares or the average weekly trading volume during the four weeks preceding the filing. That 1% cap and the 4-week average limit are concrete quantitative restraints that often reduce market impact for large-cap names.

Restricted-holding rules add numerical thresholds as well: for reporting companies the minimum holding period is 6 months, while non-reporting issuers require 1 year. Those time-based thresholds affect whether sales qualify for Rule 144 resale conditions and therefore whether a Form 144 is meaningful for near-term liquidity.

How might the CS Disco filing affect shares?

A Form 144 itself rarely forces a price move; it is notice, not execution. The potential impact depends on the proposed share count relative to the company's float and the 1% resale cap; a 1% stake in a company with 100 million shares would equal 1 million shares, for example. Short-term volatility can arise when the market anticipates the filing will convert into actual selling reported on a subsequent Form 4.

Liquidity context matters: if average weekly volume over four weeks is low, a planned sale equal to 1% of outstanding shares could outsize typical turnover and pressure price. Conversely, if the proposed sale is small versus daily volume, price effects are often muted.

How do insiders and compliance teams follow up after a Form 144?

Filing Form 144 is typically one step in a compliance sequence: the insider files the notice, then the broker executes the trade, and the issuer reports the completed transaction on Form 4 within 2 business days. Brokers apply pre-clearance and timing controls; lock-up or blackout windows can delay execution even after a Form 144 is filed. Those operational details mean a Form 144 can precede a sale by days or weeks.

Investors should note a clear limitation: a Form 144 does not compel a sale and can be withdrawn or superseded if market conditions change or compliance concerns arise. That limitation reduces the predictive certainty of any single filing and is why many analysts wait for a matching Form 4 to confirm realized selling.

Q? Does a Form 144 mean shares have already been sold?

No. A Form 144 is an intent-to-sell notice; it does not show execution. Actual insider sales appear on Form 4 filings, which must be filed within 2 business days of the trade. Review both documents to reconcile intended volume with executed volume before treating the filing as confirmed selling.

Q? Where can I view the Form 144 and what details will it include?

Form 144 is publicly available via the SEC's EDGAR system and in many brokers' corporate disclosure feeds. The form lists the proposed number of shares, the proposed aggregate dollar amount, the insider's role, and whether Rule 144 conditions are asserted. That granular information lets investors gauge size, timing intent, and whether the filer expects to meet resale conditions.

Bottom Line

The Form 144 filed for CS Disco on 15 May signals intended insider selling under Rule 144 thresholds but does not confirm executed trades.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.

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