CPA Form 144: Insider to sell 21,943 shares via Morgan Stanley

Rhea-AI Filing Summary

Copa Holdings, S.A. (CPA) Form 144: An insider submitted a notice to sell 21,943 common shares, acquired under an RSA on 03/31/2024. The proposed sale value is listed as $2,632,282.28 based on an outstanding share count of 30,196,170. The broker handling the transaction is Morgan Stanley Smith Barney LLC and the approximate sale date is 09/23/2025 on the NYSE. The filing also discloses a prior 10b5-1 sale by the same person on 09/22/2025 of 8,057 shares for gross proceeds of $967,283.94. The filer attests they are not aware of undisclosed material adverse information and provides standard Rule 144 sale details and signature warnings.

Positive

• Disclosure completeness: Filing provides acquisition date (03/31/2024), sale quantity (21,943), broker name, and approximate sale date (09/23/2025).
• Use of institutional broker: Morgan Stanley Smith Barney LLC is named, indicating an orderly sale channel.
• Prior 10b5-1 sale disclosed: The filing reports a 10b5-1 sale on 09/22/2025 of 8,057 shares, supporting transparency about recent insider selling.

Negative

• Insider selling activity: Combined recent sales (8,057 on 09/22/2025 and proposed 21,943 on 09/23/2025) represent insider dispositions that some investors may view negatively relative to share count.
• Limited context: The filing contains no company operational or financial details, so market impact cannot be assessed from this document alone.

Insights

Securities Analyst

TL;DR Insider plans a modest sale of 21,943 CPA shares via an institutional broker; previous 10b5-1 sale of 8,057 shares occurred one day earlier.

The transaction appears to be a routine insider disposition rather than a company-level development. The shares were acquired through an RSA on 03/31/2024 and are being sold through Morgan Stanley Smith Barney LLC with an indicated aggregate market value of $2,632,282.28. The filing includes a recent 10b5-1 sale on 09/22/2025 of 8,057 shares for $967,283.94, suggesting the insider has been executing pre-arranged or scheduled sales. There are no financial statement changes, no forward-looking guidance, and no new material disclosures about Copa itself in this notice.

Corporate Governance Expert

TL;DR Filing shows compliance with Rule 144 and 10b5-1 procedures; represents routine insider selling activity, not a governance event.

The notice documents acquisition via restricted stock award (RSA) and subsequent sale plans, using an established broker and including the statutory attestation about material nonpublic information. From a governance perspective, the filing suggests procedural compliance: the insider disclosed acquisition date, resale amount, broker details, and prior short-interval sales. There is no disclosure of any governance changes, executive departures, or material corporate actions tied to this filing.

FAQ

What does the Form 144 for Copa Holdings (CPA) report?

The notice reports a proposed sale of 21,943 common shares acquired via an RSA on 03/31/2024, with an aggregate market value of $2,632,282.28 and an approximate sale date of 09/23/2025.

Who is the broker handling the proposed CPA share sale?

The broker listed is Morgan Stanley Smith Barney LLC, with address at 1 New York Plaza, 8th Floor, New York, NY 10004.

Did the insider sell any CPA shares recently before this filing?

Yes. The filing discloses a 10b5-1 sale on 09/22/2025 of 8,057 shares for gross proceeds of $967,283.94.

How many CPA shares are outstanding according to the filing?

The filing lists 30,196,170 shares outstanding for the issuer.

Was the acquisition of the shares a gift or purchase?

The shares were acquired as a Restricted Stock Award (RSA) on 03/31/2024; the filing does not indicate a gift.

Does the filer state they have material nonpublic information?

No. By signing the notice the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.

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

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Accepted by SEC EDGAR 09/23/2025 - 04:22 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	21943	2632282.28	30196170	09/23/2025	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			21943	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	09/22/2025	8057	967283.94

144: Remarks and Signature

Remarks
Date of Notice	09/23/2025
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)