Grid Dynamics CEO plans another 10k-share sale per Rule 144 filing

Rhea-AI Filing Summary

Grid Dynamics Holdings, Inc. (GDYN) – Form 144 filing overview

The notice discloses that Leonard Livschitz has filed to sell 10,000 common shares of GDYN through Morgan Stanley Smith Barney LLC on or about 24 June 2025. The shares carry an aggregate market value of $116,662, based on the market price at the time of filing, and will be sold on the NASDAQ exchange. The issuer has 84,547,653 shares outstanding.

The filing further details the origin of the shares: they were acquired via an option exercise on 30 Nov 2021, paid for in cash. Rule 144 requires disclosure of insider sales within the preceding 90 days, and the form lists extensive prior activity by the same insider. Between 1 April 2025 and 10 June 2025, Mr. Livschitz completed 15 separate sales (14 blocks of 10,000 shares and one block of 155 shares), generating gross proceeds ranging from $2,047.55 to $156,175.00 per transaction.

Form 144 is a notice of intent; execution depends on market conditions and compliance with Rule 144 volume and timing limits. The signer attests that no undisclosed material adverse information is known, and any sales may occur under a Rule 10b5-1 trading plan, though the filing does not explicitly confirm such a plan.

• Size of proposed sale: 10,000 shares (≈0.012% of shares outstanding).
• Recent insider activity: ~145,155 shares sold in the last three months.
• Broker: Morgan Stanley Smith Barney LLC.

While the percentage of total shares is small, the continuing pattern of insider disposition could be interpreted by investors as a modestly negative sentiment signal.

Positive

• None.

Negative

• Continued insider selling: Leonard Livschitz intends to sell another 10,000 shares after disposing of ~145,155 shares over the past three months, potentially signaling weaker insider confidence.

Insights

Securities Analyst

TL;DR: Insider plans 10k-share sale after sizable recent disposals; sentiment mildly negative, financial impact limited.

The filing signals another incremental sale by Leonard Livschitz, following roughly 145 k shares already sold this quarter. At today’s market value, the proposed sale is only ~US$117 k and <0.02 % of GDYN’s market cap, so direct dilution is immaterial. However, the frequency of sales may raise questions about the insider’s confidence in near-term performance. Because the shares were option-derived, some liquidity-driven selling is expected, yet the cadence bears monitoring. No new fundamental data accompanies the filing, so valuation should not be adjusted solely on this notice, but the ongoing trend could amplify downside pressure if coupled with other negative catalysts.

Corporate Governance Expert

TL;DR: Routine Rule 144 filing, but continued insider selling may weigh on governance perception.

Rule 144 requires insiders to file this notice before selling restricted or control securities. Compliance appears proper: details of acquisition, broker, and aggregation of sales are disclosed. The representation of no undisclosed MNPI and potential 10b5-1 reliance aligns with best practices. Nevertheless, investors often interpret serial sales, even if pre-planned, as a soft signal of reduced insider conviction. Governance risk is modest because total holdings remain largely intact, and no evidence of irregularity is presented, yet the board may face questions on alignment if the pattern persists.

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

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	10000	116662.00	84547653	06/24/2025	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	11/30/2021	Exercised Shares	ISSUER			10000	11/30/2021	Cash

* 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
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	06/10/2025	10000	123031.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	06/10/2025	10000	121600.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	05/27/2025	10000	131238.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	05/27/2025	10000	131245.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	05/21/2025	155	2047.55
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	05/13/2025	10000	150564.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	05/13/2025	10000	50477.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	05/13/2025	10000	151204.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	05/12/2025	10000	150000.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	04/29/2025	10000	139198.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	04/29/2025	10000	139217.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	04/15/2025	10000	137563.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	04/15/2025	10000	137557.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	04/01/2025	10000	156124.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	04/01/2025	10000	156139.00
LEONARD LIVSCHITZ 5000 Executive Parkway, Suite 520 San Ramon CA 94583	Common	04/01/2025	10000	156175.00

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

How many GDYN shares does Leonard Livschitz plan to sell under this Form 144?

The filing covers 10,000 common shares with an aggregate market value of about $116,662.

When is the planned sale date for GDYN shares?

The approximate sale date disclosed is 24 June 2025.

What broker will execute the GDYN insider sale?

The sale is to be handled by Morgan Stanley Smith Barney LLC, New York.

How many GDYN shares has the insider sold in the last three months?

The form lists 15 transactions totaling roughly 145,155 shares between 1 April 2025 and 10 June 2025.

Does the Form 144 confirm a Rule 10b5-1 trading plan for GDYN insider sales?

The insider’s certification references Rule 10b5-1, but the filing does not explicitly state that a written plan is in place.