[144] DROPBOX, INC. SEC Filing

Rhea-AI Filing Summary

Dropbox, Inc. (DBX) Form 144 notice reports a proposed sale of 101,167 common shares through Morgan Stanley Smith Barney with an aggregate market value of $3,056,255.07, with an approximate sale date of 10/01/2025 on NASDAQ. The shares were originally acquired as founders shares on 06/25/2007. The filing also discloses recent 10b5-1 sales by THE ANDREW HOUSTON REVOCABLE TRUST totaling 229,835 shares from 08/14/2025 to 09/08/2025 with gross proceeds listed for each sale.

The filer attests they are not aware of undisclosed material adverse information and references reliance on Rule 10b5-1 where applicable. The notice contains no earnings, forward guidance, or new corporate actions beyond the securities sale details.

Positive

• None.

Negative

• Proposed sale of 101,167 founder shares valued at $3,056,255.07 (scheduled ~10/01/2025)
• Recent 10b5-1 sales by THE ANDREW HOUSTON REVOCABLE TRUST totaling 229,835 shares between 08/14/2025 and 09/08/2025 with reported gross proceeds

Insights

Securities Analyst

TL;DR: Insider-related sales of DBX shares disclosed; sizes are modest relative to outstanding shares and do not on their face indicate material company change.

The Form 144 shows a proposed sale of 101,167 founder shares valued at about $3.06 million and prior 10b5-1 program sales totaling 229,835 shares. Compared to 193,414,444 shares outstanding, these transactions represent a small percentage of the float. The filing is routine in nature: it documents compliance with Rule 144 notification requirements and confirms the seller's representation about material undisclosed information. Materiality to valuation is limited unless similar sales continue or coincide with adverse disclosures.

Corporate Governance Expert

TL;DR: Governance disclosure appears standard; seller affirms no undisclosed material information and cites 10b5-1 where relevant.

The document details provenance of the shares (founders shares dated 06/25/2007) and indicates use of a broker and 10b5-1 trading plan for recent sales. From a governance standpoint, the filing meets required transparency by documenting planned sales and prior transactions. There is no indication in the filing of any insider conflict, unusual transfer mechanism, or deviation from required attestations. Additional context (e.g., ongoing leadership changes) is not provided in this notice.

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

Relationship to Issuer

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	101167	3056255.07	193414444	10/01/2025	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	06/25/2007	Founders Shares	Issuer			101167	06/25/2007	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 THE ANDREW HOUSTON REVOCABLE TRUST 1800 Owens Street San Francisco CA 94158	Common	09/08/2025	45835	1376970.49
10b5-1 Sales for THE ANDREW HOUSTON REVOCABLE TRUST 1800 Owens Street San Francisco CA 94158	Common	09/02/2025	92000	2623830.80
10b5-1 Sales for THE ANDREW HOUSTON REVOCABLE TRUST 1800 Owens Street San Francisco CA 94158	Common	08/14/2025	92000	2560658.00

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 DBX disclose about the proposed sale?

The filing discloses a proposed sale of 101,167 common shares via Morgan Stanley Smith Barney with an aggregate market value of $3,056,255.07, approximate sale date 10/01/2025 on NASDAQ.

Were any of the shares to be sold originally acquired as founder shares?

Yes. The 101,167 shares were acquired as founders shares on 06/25/2007, according to the filing.

Does the filing show recent sales of DBX shares by related parties?

Yes. The filing lists three 10b5-1 sales by THE ANDREW HOUSTON REVOCABLE TRUST totaling 229,835 shares on 08/14/2025, 09/02/2025, and 09/08/2025 with accompanying gross proceeds.

How large are these transactions relative to Dropbox's outstanding shares?

The filing reports 193,414,444 shares outstanding; the proposed 101,167-share sale and prior 229,835-share sales represent a small fraction of that total.

Does the filer make any representation about undisclosed material information?

Yes. By signing the notice the person for whose account the securities will be sold represents they do not know any material adverse information about the issuer that has not been publicly disclosed.