[144] Dropbox, Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 filed for Dropbox, Inc. (DBX) reporting a proposed sale of 92,000 shares of common stock through Morgan Stanley Smith Barney on NASDAQ with an aggregate market value of $2,673,520. The shares represent part of founders' shares acquired on 06/25/2007. The issuer's total shares outstanding are listed as 193,414,444. The form lists an approximate sale date of 09/02/2025. The filing also discloses multiple recent 10b5-1 sales by related trusts and an annuity trust during June–August 2025, totaling 546,000 shares sold with reported gross proceeds shown for each transaction.

Positive

• Detailed disclosure of proposed sale including broker, exchange, share count, and aggregate market value
• Identification of acquisition date (06/25/2007) showing these are founders' shares, consistent with long-held ownership
• Transparency on recent 10b5-1 sales with dates, amounts, and gross proceeds for June–August 2025

Negative

• No information in the filing about the intended use of sale proceeds
• Does not state plan adoption dates explicitly in the visible remarks section for the 10b5-1 plans

Insights

Securities Compliance Analyst

TL;DR Form 144 documents a planned sale of founder shares and shows recent Rule 10b5-1 transactions by related trusts.

The filing is a routine Rule 144 notice indicating the intended disposition of 92,000 founder shares acquired in 2007. It names the broker-dealer (Morgan Stanley Smith Barney) and specifies NASDAQ as the trading venue. The form also lists several 10b5-1 sales by "THE ANDREW HOUSTON REVOCABLE TRUST" and "ANDREW HOUSTON 2010 ANNUITY TRUST" in June–August 2025, with gross proceeds reported for each tranche. From a compliance perspective, the notice includes the required representation about lack of undisclosed material information and references the 10b5-1 plan adoption dates where applicable.

Financial Analyst

TL;DR The disclosed sales are modest relative to total shares outstanding and appear as scheduled insider-related dispositions.

The 92,000-share proposed sale equals approximately 0.0475% of the reported 193,414,444 shares outstanding, indicating the transaction is small in absolute ownership terms. The filing corroborates recent 10b5-1 sales aggregating 546,000 shares across June–August 2025 with listed gross proceeds for each sale. These entries provide transparency on insider selling activity but do not include proceeds aggregation or any statement on proceeds use. Material financial metrics (revenue, earnings) are not present 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	92000	2673520.00	193414444	09/02/2025	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			92000	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	08/14/2025	92000	2560658.00
10b5-1 Sales for THE ANDREW HOUSTON REVOCABLE TRUST 1800 Owens Street San Francisco CA 94158	Common	07/01/2025	92000	2572000.60
10b5-1 Sales for ANDREW HOUSTON 2010 ANNUITY TRUST 1800 Owens Street San Francisco CA 94158	Common	06/11/2025	135000	3845164.50
10b5-1 Sales for THE ANDREW HOUSTON REVOCABLE TRUST 1800 Owens Street San Francisco CA 94158	Common	06/11/2025	184000	5240797.60

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 Dropbox (DBX) notify investors about?

The form notifies of a proposed sale of 92,000 common shares via Morgan Stanley Smith Barney on NASDAQ with aggregate market value $2,673,520 and an approximate sale date of 09/02/2025.

Who is selling shares according to the filing?

The securities were acquired as founders' shares on 06/25/2007; recent listed sellers include THE ANDREW HOUSTON REVOCABLE TRUST and ANDREW HOUSTON 2010 ANNUITY TRUST under 10b5-1 plans.

How many Dropbox shares were sold in the past three months per the filing?

The filing lists four 10b5-1 sales in June–August 2025 totaling 546,000 shares sold, with gross proceeds reported for each transaction.

What percentage of outstanding shares does the proposed 92,000-share sale represent?

Based on the filing's outstanding share count of 193,414,444, the 92,000 shares represent about 0.0475% of outstanding shares.

Which broker will handle the proposed sale?

The filing specifies Morgan Stanley Smith Barney LLC, Executive Financial Services as the broker handling the sale.