Kaspi.kz plans $29.8M Nasdaq ADS sale in 2026

Rhea-AI Filing Summary

Kaspi.kz JSC (KSPI) filed a notice of proposed sale of 300,000 American Depositary Shares (ADS), to be handled through UBS Financial Services Inc. The ADS are listed on NASDAQ, with an indicated aggregate value of $29,754,000.00 and an anticipated sale date of August 17, 2026. The ADS relate to Reg S Global Depositary Receipts (GDRs) and common shares that were converted into ADS at the time of the issuer’s IPO. The filing also lists a prior transaction in the last three months in which 1,280,774 ADS were sold for an aggregate of $113,873,792.05 by Vyacheslav Kim.

Key Figures

ADS proposed for sale: 300,000 ADS Aggregate value of proposed ADS sale: $29,754,000.00 Proposed sale date: 08/17/2026 +2 more

5 metrics

ADS proposed for sale 300,000 ADS Notice of proposed sale under Form 144

Aggregate value of proposed ADS sale $29,754,000.00 Total value for 300,000 ADS to be sold

Proposed sale date 08/17/2026 Anticipated date for the Form 144 ADS sale

Recent ADS sold 1,280,774 ADS ADS sold during the past 3 months by Vyacheslav Kim

Aggregate value of recent ADS sale $113,873,792.05 Total value of 1,280,774 ADS sold on 05/18/2026

Key Terms

Form 144, American Depositary Shares, ADS, RegS GDRs, +1 more

5 terms

Form 144 regulatory

"144: Securities To Be Sold"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

American Depositary Shares financial

"300000 American Depositary Shares (ADS) to be sold"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

ADS financial

"ADS | UBS Financial Services Inc."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

RegS GDRs financial

"RegS GDRs converted into ADS at the time of the Issuer IPO"

Global Depositary Receipts financial

"RegS GDRs converted into ADS at the time of the Issuer IPO"

A global depositary receipt (GDR) is a tradable certificate issued by a bank that represents ownership of shares in a foreign company, allowing those shares to be bought and sold on different countries’ stock markets without dealing directly with the original market. For investors this acts like a local receipt for a foreign stock, making it easier to diversify internationally, manage currency and settlement differences, and access companies that would otherwise be hard to trade.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What sale of Kaspi.kz (KSPI) shares is being proposed in this Form 144?

The notice covers a proposed sale of 300,000 ADS of Kaspi.kz JSC. These ADS have an indicated aggregate value of $29,754,000.00 and are expected to be sold on or about August 17, 2026 on NASDAQ.

Who is the broker for the proposed KSPI ADS sale?

The proposed sale of Kaspi.kz (KSPI) ADS will be handled by UBS Financial Services Inc. UBS is listed as the broker for the 300,000 ADS transaction with an aggregate value of $29,754,000.00 on NASDAQ.

What securities are underlying the KSPI ADS to be sold?

The 300,000 ADS to be sold relate to Reg S GDRs and common shares. These Reg S GDRs and common shares were converted into ADS at the time of the issuer’s IPO, and are now being noticed for potential sale.

What recent KSPI ADS sales are disclosed in the last three months?

The filing discloses that 1,280,774 ADS of Kaspi.kz were sold on May 18, 2026. This transaction, associated with Vyacheslav Kim, had an aggregate sale value of $113,873,792.05 according to the Form 144 detail.

On which market are the KSPI ADS expected to be sold?

The Kaspi.kz (KSPI) American Depositary Shares described in the notice are listed for trading on NASDAQ. The proposed sale of 300,000 ADS, valued in total at $29,754,000.00, is tied to this trading venue.

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

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Accepted by SEC EDGAR 08/17/2026 - 05:15 PM EDT 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	0002029485
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	Joint Stock Co Kaspi.kz
SEC File Number	001-41921
Address of Issuer	154A NAURYZBAI BATYR STREET ALMATY KAZAKSTAN 050013
Phone	7 727 3306710
Name of Person for Whose Account the Securities are To Be Sold	Kim Vyacheslav
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	Director

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
ADS	UBS Financial Services Inc. 11 Madison Avenue 4th Floor New York NY 10010	300000	29754000.00	190027266	08/17/2026	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 *
ADS	01/10/2024	RegS GDRs converted into ADS at the time of the Issuer IPO	Issuer			300000	01/10/2024	Common Shares converted to ADS at the time of Issuer IPO

* 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
Vyacheslav Kim c/o 154A NAURYZBAI BATYR STREET ALMATY 1P 050013	ADS	05/18/2026	1280774	113873792.05

144: Remarks and Signature

Remarks	From May 18, 2026 through August 17, 2026 a total of 1,280,774 shares were sold resulting in gross proceeds of $113,873,792.05. Please see the attached Exhibit for itemized sale information.
Date of Notice	08/17/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	12/09/2025
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/ UBS Financial Services Inc., as attorney-in-fact for Vyacheslav Kim
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)