[Form 4] Cass Information Systems Inc Insider Trading Activity

Rhea-AI Filing Summary

The Form 144 filing discloses that Brian M. Brown Revocable Trust intends to sell 35,000 AvePoint, Inc. (AVPT) common shares through Rockefeller Financial on or about April 23 2025. The proposed sale is valued at approximately $637,000, based on the market price at the time of filing. AvePoint has 203,198,202 shares outstanding, so the transaction represents roughly 0.017 % of the public float.

The trust has already sold 105,000 shares over the past three months on 03/24/2025, 04/23/2025, and 05/23/2025, generating aggregate gross proceeds of about $1.70 million. The shares being sold were originally acquired via several restricted-stock grants between July 2022 and June 2024 and are being disposed of as compensation-based holdings.

No additional financial metrics, company guidance, or operational updates are included in this filing; it is strictly a notice of a planned insider sale. Given the small percentage relative to shares outstanding, the filing is likely to be immaterial to AvePoint’s overall valuation, but it may still be monitored by investors as part of broader insider-trading trends.

Insights

Corporate Governance Analyst

TL;DR: Insider trust plans modest sale—only 0.017% of float—continuing recent selling trend; limited standalone impact.

Insider activity can signal sentiment, but this filing covers just 35,000 shares against a >203 million share base. The same trust has sold 105,000 shares in the prior quarter, suggesting a personal diversification program rather than a material shift in outlook. There is no accompanying negative disclosure, and the seller affirms no undisclosed adverse information under Rule 144. Overall, I classify the impact as neutral; the volume is too small to pressure the stock, though continuous sales may weigh on perception marginally.

Portfolio Manager

TL;DR: Routine Rule 144 filing; size immaterial, watch only if selling accelerates.

From a portfolio standpoint, 35 k shares worth $0.64 mm will neither influence liquidity nor pricing for AVPT (average daily volume far exceeds this). The insider’s cumulative quarterly disposal of 140 k shares remains de-minimis. Unless this pattern escalates or aligns with deteriorating fundamentals, I regard the notice as not impactful to investment theses.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RUPP JOSEPH D

(Last) (First) (Middle)

12444 POWERSCOURT DR

SUITE 550

(Street)

ST. LOUIS MO 63131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CASS INFORMATION SYSTEMS INC [ CASS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/19/2025		A		311	A	$41.68	21,119(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes restricted stock bonus shares, subject to vesting and forfeiture.

Remarks:

	/s/ Joseph D. Rupp	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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