CGON Form 144 shows insider exercised options and plans to sell 6,557 shares

Rhea-AI Filing Summary

Notice of Proposed Sale under Rule 144: An insider-related Form 144 for the issuer indicates a proposed sale of 6,557 common shares, valued at approximately $266,935.47, to be sold on 10/09/2025 on NASDAQ. The securities were acquired the same day via exercise of stock options and paid in cash. The filing also discloses multiple recent Rule 10b5-1 plan sales by the same account: 12,755 shares on 09/29/2025 for $499,886.31, 3,574 shares on 09/19/2025 for $139,350.26, 19,112 shares on 09/18/2025 for $745,627.92, and 27,015 shares on 09/05/2025 for $851,759.01. The filer certifies no undisclosed material adverse information and includes the standard attestation regarding Rule 10b5-1 trading plans.

Positive

• Exercise and sale are disclosed, showing procedural transparency under Rule 144
• Sales were executed under Rule 10b5-1 plans, which can indicate pre-arranged, non‑opportunistic selling

Negative

• Concentrated insider selling in September and early October totaled over 62,000 shares, increasing share supply
• Form does not show 10b5-1 plan adoption dates in the visible text, limiting confirmable compliance detail

Insights

Insider Trading Compliance Analyst

TL;DR: Transaction aligns with standard post-exercise selling and multiple 10b5-1 plan executions.

The Form 144 shows a same-day option exercise and proposed sale of 6,557 shares on 10/09/2025, with prior Rule 10b5-1 plan sales totaling 62,456 shares across September dates and gross proceeds listed. These entries are consistent with executives monetizing option exercises and pre-arranged trading plans rather than ad-hoc insider sales.

Compliance dependencies include accurate plan adoption dates and adherence to blackout periods; the filing contains the required attestation but does not display the 10b5-1 plan adoption dates in the visible text. Monitor confirmations of trade settlement and any later amendments that would disclose plan adoption dates or additional insider sales within the next few weeks.

Market Impact Assessor

TL;DR: The disclosed volumes are modest relative to typical NASDAQ liquidity but represent meaningful insider supply in short windows.

The single proposed sale of 6,557 shares and recent September sales that collectively exceeded 60,000 shares generated gross proceeds above $2.2M, indicating sustained insider selling across a month. For most mid-cap or small-cap issuers, this could add temporary sell-side pressure around execution dates.

Impact hinges on average daily volume; without that metric here, the filing suggests short-term supply was elevated in September and early October. Watch trading volumes and any additional Form 4/144 filings over the next 30 days for confirmation of continued insider liquidity.

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	6557	266935.47	76247581	10/09/2025	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	10/09/2025	Exercise of Stock Options	Issuer			6557	10/09/2025	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
10b5-1 Sales for JAMES J MULAY 400 SPECTRUM CENTER DRIVE, SUITE 2040 IRVINE CA 92618	Common	09/29/2025	12755	499886.31
10b5-1 Sales for JAMES J MULAY 400 SPECTRUM CENTER DRIVE, SUITE 2040 IRVINE CA 92618	Common	09/19/2025	3574	139350.26
10b5-1 Sales for JAMES J MULAY 400 SPECTRUM CENTER DRIVE, SUITE 2040 IRVINE CA 92618	Common	09/18/2025	19112	745627.92
10b5-1 Sales for JAMES J MULAY 400 SPECTRUM CENTER DRIVE, SUITE 2040 IRVINE CA 92618	Common	09/05/2025	27015	851759.01

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

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 the Form 144 for CGON disclose about the proposed sale?

The filing shows a proposed sale of 6,557 common shares valued at $266,935.47 to occur on 10/09/2025 on NASDAQ.

How were the 6,557 shares acquired according to the filing?

The shares were acquired on 10/09/2025 through the exercise of stock options, with payment made in cash.

Did the filer sell other shares recently?

Yes. The filing lists Rule 10b5-1 plan sales in September: 27,015 shares on 09/05/2025, 19,112 on 09/18/2025, 3,574 on 09/19/2025, and 12,755 on 09/29/2025.

What proceeds were reported from the September 2025 sales?

Gross proceeds listed: $851,759.01 (09/05/2025), $745,627.92 (09/18/2025), $139,350.26 (09/19/2025), and $499,886.31 (09/29/2025).

Does the filing confirm absence of undisclosed material information?

Yes. The signer represents they do not know any material adverse information about the issuer that has not been publicly disclosed.