[144] Dropbox, Inc. SEC Filing

Rhea-AI Filing Summary

Dropbox, Inc. (DBX) Rule 144 notice: An insider proposes to sell 12,812 common shares, representing an aggregate market value of $382,694.44 based on the filing. The shares were acquired on 05/15/2025 as Restricted Stock Units and are scheduled for sale on or about 09/08/2025 on Nasdaq. The filing names Morgan Stanley Smith Barney LLC as the broker. The notice also reports two prior 10b5-1 sales in August 2025 totaling 12,812 shares with gross proceeds of $353,509.93. The filer certifies no undisclosed material adverse information and references a 10b5-1 plan where applicable.

Positive

• Complete Rule 144 disclosure including acquisition date, nature (RSUs), broker and planned sale date
• Prior 10b5-1 sales disclosed, suggesting planned, compliant insider selling rather than opportunistic trades
• Insider certifies no undisclosed material adverse information, consistent with regulatory expectations

Negative

• Insider selling activity (12,812 shares) is disclosed; while small relative to outstanding shares, some investors view insider sales negatively
• Filing lacks identity details for the specific filer CIK/CCC and certain contact fields are blank, reducing transparency on administrative information

Insights

Securities Analyst

TL;DR: Insider intends to sell a small block of newly vested RSU shares via Rule 144; disclosed broker and prior 10b5-1 trades indicate planned, compliant selling.

The filing shows 12,812 shares from RSUs acquired 05/15/2025 and an intended sale date of 09/08/2025, with Morgan Stanley Smith Barney listed as broker. The disclosure of two 10b5-1 trades in August 2025 totaling the same share count suggests these transactions are part of a structured selling program or multiple executions across dates. Economically, the $382,694.44 value is immaterial relative to Dropbox's total shares outstanding of 193,414,444, indicating limited direct market impact. Documentation and the representation about material nonpublic information align with standard insider-sale compliance practices.

Corporate Governance Expert

TL;DR: The filing appears procedurally complete and cites a 10b5-1 framework; the transactions look routine and disclosed.

The form identifies the nature of acquisition as Restricted Stock Units and provides dates for acquisition and planned sale, fulfilling Rule 144 disclosure elements. The mention of prior 10b5-1 sales and the signature representation regarding material adverse information are important governance signals for transparency. Given the small size of the transaction relative to outstanding shares and the presence of 10b5-1 sales, this filing does not, by itself, indicate governance concerns or undisclosed issues.

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	12812	382694.44	193414444	09/08/2025	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	05/15/2025	Restricted Stock Units	Issuer			12812	05/15/2025	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 ALI DASDAN 1800 Owens Street San Francisco CA 94158	Common	08/18/2025	5666	154701.06
10b5-1 Sales for ALI DASDAN 1800 Owens Street San Francisco CA 94158	Common	08/14/2025	7146	198808.87

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 Dropbox (DBX) Form 144 disclose about the upcoming sale?

The filing states an intended sale of 12,812 common shares (RSUs) acquired on 05/15/2025, with an approximate market value of $382,694.44, to be sold around 09/08/2025 on Nasdaq via Morgan Stanley Smith Barney LLC.

Were any prior insider sales reported in the filing for DBX?

Yes. The filing lists two 10b5-1 sales in August 2025—08/14/2025 (7,146 shares, $198,808.87) and 08/18/2025 (5,666 shares, $154,701.06)—which together equal 12,812 shares.

How material is this insider sale relative to Dropbox's share count?

The 12,812 shares compare with 193,414,444 shares outstanding reported in the filing, making the sale economically immaterial to total outstanding shares.

What type of securities were acquired and when?

The securities were Restricted Stock Units (RSUs) acquired on 05/15/2025, with the amount listed as 12,812 shares.

Which broker is handling the sale in the Form 144?

The broker named in the filing is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY.