BE Form 144: Conversion Shares and Recent 12.6M Secondary Sales Disclosed

Rhea-AI Filing Summary

Bloom Energy Corp (BE) filing a Form 144 notifies a proposed sale of 3,912,000 Class A common shares with an aggregate market value of $352,823,280, to be sold approximately on 10/02/2025 on the NYSE. The filing shows these shares represent about 1.67% of the 233,997,970 shares outstanding. The shares were acquired on 09/23/2023 through conversion of Series B redeemable convertible preferred stock originally issued 03/23/2023; the conversion involved 13,491,701 shares and the Series B was surrendered with cash payment on 03/23/2023. The filing also discloses recent sales by related parties: SK ecoplant sold 10,000,000 shares on 07/10/2025 for $276,000,000, and Econovation, LLC sold 2,608,000 shares on 08/14/2025 for $110,266,240.

Positive

• Conversion completed into Class A shares: 13,491,701 shares were issued upon conversion of Series B redeemable convertible preferred stock, with the Series B surrendered with cash payment on 03/23/2023
• Advance public disclosure: A Form 144 was filed to disclose a proposed sale of 3,912,000 shares with scheduled sale date and broker identified (J.P. Morgan Securities LLC)

Negative

• Recent large secondary sales: SK ecoplant sold 10,000,000 shares on 07/10/2025 for $276,000,000 and Econovation sold 2,608,000 shares on 08/14/2025 for $110,266,240
• Material increase in tradable supply: The proposed sale (3,912,000 shares) plus recent sales (12,608,000 shares total) represent a meaningful fraction of outstanding shares and increase near-term supply

Insights

Securities Analyst

TL;DR: The Form 144 discloses a sizable planned disposition (3.9M shares) and recent large secondary sales totaling 12.608M shares.

The filing documents a proposed sale of 3,912,000 Class A shares (~1.67% of outstanding) scheduled for 10/02/2025, acquired via conversion of Series B preferred in Sept 2023. The filing also reports two recent dispositions: 10,000,000 shares by SK ecoplant (07/10/2025) and 2,608,000 by Econovation (08/14/2025), together representing ~5.39% of outstanding shares. These are material share movements that increase supply following private holdings conversion and secondary sales, which may affect near-term trading liquidity and supply-demand dynamics.

Corporate Governance Expert

TL;DR: The disclosure shows conversion-driven ownership changes and subsequent large secondary sales by related parties.

The notice confirms conversion of Series B preferred into common equity (13,491,701 shares converted) with cash surrender of the preferred; such conversions can change insider ownership profiles. The signature statement affirms no undisclosed material adverse information. The recent large sales by SK ecoplant and Econovation are clear, documented transactions; governance stakeholders will note these transfers and the timing of planned sales for potential signaling about insider liquidity needs or portfolio rebalancing.

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
Class A Common Stock	J.P. Morgan Securities LLC 383 Madison Ave New York NY 10179	3912000	352823280.00	233997970	10/02/2025	NYSE

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 *
Class A Common Stock	09/23/2023	Conversion of Series B Redeemable Convertible Preferred Stock issued as of 03/23/2023	Issuer- original issuance of Class A Common Stock upon conversion of Series B			13491701	03/23/2023	Surrender of Series B Redeemable Convertible Preferred Stock paid via 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
SK ecoplant Co., Ltd 19 Yulgok-ro 2-gil Jongno-gu Seoul M5 03149	Class A Common Stock	07/10/2025	10000000	276000000.00
Econovation, LLC c/o Corporation Trust Company 1209 Orange Street Wilmington DE 19801	Class A Common Stock	08/14/2025	2608000	110266240.00

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 Bloom Energy's (BE) Form 144 disclose about the proposed sale?

The Form 144 discloses a proposed sale of 3,912,000 Class A shares with an aggregate market value of $352,823,280, to be sold around 10/02/2025 on the NYSE via J.P. Morgan Securities LLC.

How were the shares to be sold by BE acquired?

The shares were acquired on 09/23/2023 through conversion of Series B redeemable convertible preferred stock originally issued 03/23/2023; the conversion involved 13,491,701 shares and the Series B was surrendered with cash payment on 03/23/2023.

Have there been recent large sales of Bloom Energy (BE) shares disclosed in the filing?

Yes. The filing shows SK ecoplant sold 10,000,000 shares on 07/10/2025 for $276,000,000, and Econovation, LLC sold 2,608,000 shares on 08/14/2025 for $110,266,240.

What fraction of Bloom Energy's outstanding shares does the proposed sale represent?

The proposed sale of 3,912,000 shares represents approximately 1.67% of the reported 233,997,970 shares outstanding.

Which broker is named for the proposed sale in the Form 144?

The broker listed is J.P. Morgan Securities LLC at 383 Madison Ave, New York, NY.