APP Form 144: Insider sold 900K shares; 200K proposed sale ($92.9M)

Rhea-AI Filing Summary

Applovin Corporation (APP) filed a Form 144 reporting a proposed sale of 200,000 common shares through Morgan Stanley Smith Barney with an aggregate market value of $92,938,480. The shares were acquired and paid for on 08/12/2025 by exercise of options under a registered plan. The filing lists 307,636,373 shares outstanding, so the proposed sale represents about 0.065% of outstanding stock.

The notice also discloses insider sales in the past three months totaling 900,000 shares for gross proceeds of $340,891,070 across transactions on 05/13/2025, 05/14/2025 and 06/06/2025. The filer affirms they do not possess undisclosed material adverse information.

Positive

• Transaction executed under a registered plan, with the acquisition listed as an exercise of options under a registered plan
• Disclosure via Form 144 and use of a major broker (Morgan Stanley Smith Barney) indicates the sales are processed through standard, transparent channels

Negative

• Material insider selling in the past three months: 900,000 shares generating $340,891,070 in gross proceeds
• Proposed sale of 200,000 shares valued at $92,938,480, adding to recent selling activity
• Concentration of high-dollar sales by the same named individual and related trust may raise investor concerns about insider liquidity or sentiment

Insights

Financial Analyst

TL;DR: Significant insider liquidity events recorded recently; proposed sale is large in dollars but small versus outstanding shares.

The Form 144 shows a proposed sale of 200,000 shares valued at $92.94M and prior insider sales of 900,000 shares generating $340.89M over three transactions. From a capital-markets perspective, the dollar amounts are sizable and may attract investor attention, though the single proposed sale equals only ~0.065% of outstanding shares. The filing documents an option exercise under a registered plan and the use of a major broker, indicating the transactions were processed through standard channels.

Corporate Governance Expert

TL;DR: Repeated, large-dollar insider sales merit governance scrutiny; disclosure is complete but raises stakeholder questions.

The filing discloses multiple insider dispositions totaling 900,000 shares in the past three months and a new proposed sale of 200,000 shares. While the filer certifies no undisclosed material adverse information, the pattern and magnitude of sales—total gross proceeds of $340.89M previously plus $92.94M proposed—are material facts investors and governance committees typically monitor for timing, insider trading plans, and potential signaling effects.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	200000	92938480.00	307636373	08/12/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/12/2025	Exercise of options under a registered plan	Issuer			200000	08/12/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
HERALD Y CHEN 1100 Page Mill Road Palo Alto CA 94304	Common	06/06/2025	100000	41990390.00
HERALD Y CHEN 1100 Page Mill Road Palo Alto CA 94304	Common	05/14/2025	400000	149843440.00
THE 2030 HIGH STREET CRAT, TRUSTEE HERALD Y CHEN 1100 Page Mill Road Palo Alto CA 94304	Common	05/13/2025	200000	74526920.00
HERALD Y CHEN 1100 Page Mill Road Palo Alto CA 94304	Common	05/13/2025	200000	74530320.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does Applovin's (APP) Form 144 report?

It reports a proposed sale of 200,000 common shares through Morgan Stanley Smith Barney with an aggregate market value of $92,938,480.

Who is the seller named on the Form 144 for APP?

Herald Y Chen and a related trust are identified as sellers in the filing.

How many shares were sold by the insider in the past three months?

900,000 shares were sold in multiple transactions, producing gross proceeds of $340,891,070.

How were the 200,000 shares acquired according to the filing?

They were acquired on 08/12/2025 by exercise of options under a registered plan and paid for in cash.

What percentage of Applovin's outstanding stock is the proposed 200,000-share sale?

About 0.065% of the 307,636,373 shares outstanding as stated in the filing.