CPA Form 144: Insider Sold 49,815 Shares; New Sale 10,185 Shares

Rhea-AI Filing Summary

Copa Holdings reported a Form 144 notice showing an intended sale of 10,185 common shares through Morgan Stanley Smith Barney LLC on 10/03/2025, with an aggregate market value of $1,221,588.90 and 30,196,170 shares outstanding. The filer acquired the 10,185 shares on 03/31/2024 via an RSA from the issuer. The filing also discloses three prior 10b5-1 sales by the same person on 09/22/2025, 09/23/2025, and 10/02/2025 totaling 49,815 shares and gross proceeds of $6,000,977.28. The notice includes the standard signature representation that the seller is not aware of undisclosed material adverse information.

Positive

• Sale filed under Rule 144, indicating a formal, compliant process
• Planned sale tied to a prior RSA acquisition dated 03/31/2024, showing the shares were acquired from the issuer

Negative

• Insider sold 49,815 shares in the past month, indicating substantial recent insider disposition
• Planned additional sale of 10,185 shares valued at $1,221,588.90 on 10/03/2025

Insights

Corporate Governance Analyst

Insider sale filed under Rule 144 and prior 10b5-1 sales disclosed.

The Form 144 shows an insider intends to sell 10,185 shares on 10/03/2025 and that those shares were acquired on 03/31/2024 via an RSA. The filing also documents recent 10b5-1 sales of 49,815 shares in the past month.

This is a governance disclosure: the combination of a Rule 144 notice and explicit 10b5-1 sales signals planned, rule-compliant disposals rather than one-off market transactions.

Market Impact Analyst

Recent insider sales represent 49,815 shares and ~$6.00M in proceeds; an additional 10,185 shares are slated for sale.

The filing quantifies liquidity coming from the insider: prior gross proceeds were $6,000,977.28, and the planned sale is valued at $1,221,588.90. For a company with 30,196,170 shares outstanding, these transactions are measurable but do not alone disclose broader corporate changes.

The filing contains no other financial results or operational details; market impact depends on the market’s view of insider selling and total float.

FAQ

What did Copa Holdings (CPA) file in this Form 144?

The filer reported an intended sale of 10,185 common shares through Morgan Stanley Smith Barney LLC on 10/03/2025 valued at $1,221,588.90.

How many shares has the insider sold recently for CPA?

The filing discloses 10b5-1 sales of 49,815 shares on 09/22/2025, 09/23/2025, and 10/02/2025.

What were the gross proceeds from recent insider sales disclosed?

The three prior 10b5-1 sales generated gross proceeds of $6,000,977.28 in total.

When were the shares to be sold originally acquired?

The 10,185 shares slated for sale were acquired on 03/31/2024 via an RSA from the issuer.

Who is the broker handling the planned sale for CPA?

The planned sale is to be executed by Morgan Stanley Smith Barney LLC.

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

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Accepted by SEC EDGAR 10/03/2025 - 04:35 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 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	10185	1221588.90	30196170	10/03/2025	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			10185	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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE Avenida Principal, Costa del Este Parque Lefevre, Panama City R1 0816-06819	Common	10/02/2025	19815	2381719.41
10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE Avenida Principal, Costa del Este Parque Lefevre, Panama City R1 0816-06819	Common	09/23/2025	21943	2651973.93
10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE Avenida Principal, Costa del Este Parque Lefevre, Panama City R1 0816-06819	Common	09/22/2025	8057	967283.94

144: Remarks and Signature

Remarks
Date of Notice	10/03/2025
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)