Copa Holdings (CPA) Form 144: Proposed Sale of 8,057 Shares ($964.8K)

Rhea-AI Filing Summary

Copa Holdings, S.A. (CPA) filing a Form 144 notifies the proposed sale of 8,057 common shares through Morgan Stanley Smith Barney LLC on the NYSE, with an aggregate market value of $964,825.75. The shares were acquired on 03/31/2024 as part of an RSA from the issuer, and the seller reports no securities sold in the past three months. The filer certifies they possess no undisclosed material adverse information and indicates the sale date as 09/22/2025.

Insights

Securities Analyst

TL;DR: Routine insider sale notice: small-block sale listed, sourced from issuer RSA, executed via Morgan Stanley on NYSE.

The filing is a standard Rule 144 notice indicating a proposed disposition of 8,057 common shares valued at $964,825.75, to be executed by Morgan Stanley Smith Barney LLC on 09/22/2025. The shares were acquired under a restricted stock award (RSA) on 03/31/2024 from the issuer. No other sales in the past three months are reported. From a market-impact perspective, the filing appears procedural and does not, by itself, indicate material corporate developments.

Corporate Governance Expert

TL;DR: Compliance disclosure: signer affirms absence of undisclosed material information and follows Rule 144 protocols.

The notice fulfills Rule 144 disclosure requirements by specifying broker, share count, acquisition date and nature (RSA), and providing the seller's representation regarding material information. The signature/remarks section contains the standard attestation about Rule 10b5-1 plans and criminal penalties for misstatements. There is no indication in this form of insider trading policy breaches or governance concerns based solely on the disclosed facts.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Copa Holdings' Form 144 (CPA) disclose about the proposed sale?

The Form 144 discloses a proposed sale of 8,057 common shares valued at $964,825.75, to be sold on 09/22/2025 via Morgan Stanley Smith Barney LLC on the NYSE.

When and how were the shares being sold acquired according to the filing?

The shares were acquired on 03/31/2024 as a Restricted Stock Award (RSA) from the issuer, with the amount reported as 8,057 shares.

Does the Form 144 report other recent sales by the same person?

No; the filing states Nothing to Report for securities sold during the past three months by the person for whose account the securities are to be sold.

Who is the broker handling the proposed sale in the Form 144?

The broker listed is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.

What attestation does the seller make in the Form 144?

The seller represents by signing the notice that they do not know any material adverse information about the issuer that has not been publicly disclosed and references Rule 10b5-1 plan instructions if applicable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/22/2025 - 04:25 PM Learn about SEC filing dates

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	0001975040
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Copa Holdings, S.A.
SEC File Number	001-32696
Address of Issuer	Avenida Principal, Costa del Este Complejo Business Park, Torre Norte Parque Lefevre, Panama City PANAMA 0816-06819
Phone	0115072272522
Name of Person for Whose Account the Securities are To Be Sold	PEDRO OSVALDO HEILBRON CALONGE
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	Officer

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	8057	964825.75	30196170	09/22/2025	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 *
Common	03/31/2024	RSA	Issuer			8057	03/31/2024	N/A

* 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

Nothing to Report

144: Remarks and Signature

Remarks
Date of Notice	09/22/2025
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	06/05/2025
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	/s/ Pedro Osvaldo Heilbron Calonge
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)