Kaspi.kz affiliate may sell 1.2M ADSs on Nasdaq

Q: What does the Form 144 filing mean for Kaspi.kz (KSPI)?

The filing reports that FINTECH PARTNERS LTD, an affiliate of Kaspi.kz, may sell up to 1,200,000 ADSs under Rule 144. It is a notice of potential secondary sales by an existing holder, not a new share issuance by Kaspi.kz.

Q: How many Kaspi.kz (KSPI) ADSs are covered by this Rule 144 notice?

The notice covers a proposed sale of up to 1,200,000 American Depositary Shares (ADSs) of Kaspi.kz. These ADSs are to be sold through Morgan Stanley Smith Barney LLC and have an aggregate market value of $118,860,000.00 based on the figures disclosed.

Q: How many Kaspi.kz (KSPI) ADSs are outstanding according to the filing?

Kaspi.kz reports 190,027,266 ADSs outstanding as of 08/18/2026. This figure provides context for the relative size of the proposed 1,200,000 ADS sale by the affiliate under Rule 144 but is not itself being registered for sale.

Q: Who is selling Kaspi.kz (KSPI) ADSs and which broker is involved?

The selling security holder is FINTECH PARTNERS LTD, identified as an affiliate. The planned transactions are to be executed through Morgan Stanley Smith Barney LLC, listed as the broker handling the 1,200,000 ADSs covered by the notice.

Q: What trading history does FINTECH PARTNERS LTD report for Kaspi.kz (KSPI) ADSs?

FINTECH PARTNERS LTD discloses numerous ADS sales between 05/18/2026 and 08/17/2026, each showing trade date, number of ADSs sold, and dollar proceeds. Individual trades range from several thousand to over 40,000 ADSs per day in that period.

Q: On which market are the Kaspi.kz (KSPI) ADSs in this filing traded?

The ADSs referenced in the notice are listed as trading on NASDAQ. The proposed 1,200,000 ADS sale by FINTECH PARTNERS LTD through Morgan Stanley Smith Barney LLC would occur on that market according to the disclosure.

Joint Stock Co Kaspi.kz (symbol KSPI) received a Rule 144 notice from affiliate FINTECH PARTNERS LTD covering a proposed sale of up to 1,200,000 ADSs through Morgan Stanley Smith Barney LLC.

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Form Type

144

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (symbol KSPI) received a Rule 144 notice from affiliate FINTECH PARTNERS LTD covering a proposed sale of up to 1,200,000 ADSs through Morgan Stanley Smith Barney LLC. The ADSs have an aggregate market value of $118,860,000.00. Kaspi.kz reports 190,027,266 ADSs outstanding as of 08/18/2026. The notice also lists multiple ADS sales by FINTECH PARTNERS LTD over the prior three months, detailing trade dates, share counts, and dollar amounts.

Key Figures

Proposed ADSs to be sold: 1,200,000 ADSs Aggregate market value of proposed sale: $118,860,000.00 ADSs outstanding: 190,027,266 ADSs +3 more

6 metrics

Proposed ADSs to be sold 1,200,000 ADSs Covered by the Rule 144 notice for FINTECH PARTNERS LTD

Aggregate market value of proposed sale $118,860,000.00 Value of the 1,200,000 ADSs referenced in the notice

ADSs outstanding 190,027,266 ADSs Kaspi.kz ADSs outstanding as of 08/18/2026

Largest single recent sale 41,470 ADSs for $3,771,066.16 FINTECH PARTNERS LTD sale on 05/21/2026

Earliest disclosed recent sale date 05/18/2026 Start of the reported 3‑month ADS sale history

Latest disclosed recent sale date 08/17/2026 Most recent ADS sale listed by FINTECH PARTNERS LTD

Key Terms

Rule 144, ADSs, affiliate, Participation Deed, +1 more

5 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

ADSs financial

"ADSs | Morgan Stanley Smith Barney LLC Executive Financial Services"

affiliate regulatory

"Affiliate 144: Securities Information"

Participation Deed financial

"Transfer under Participation Deed | Asia Equity Partners Ltd"

Consideration paid in full financial

"08/30/2024 | Consideration paid in full"

FAQ

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

What does the Form 144 filing mean for Kaspi.kz (KSPI)?

The filing reports that FINTECH PARTNERS LTD, an affiliate of Kaspi.kz, may sell up to 1,200,000 ADSs under Rule 144. It is a notice of potential secondary sales by an existing holder, not a new share issuance by Kaspi.kz.

How many Kaspi.kz (KSPI) ADSs are covered by this Rule 144 notice?

The notice covers a proposed sale of up to 1,200,000 American Depositary Shares (ADSs) of Kaspi.kz. These ADSs are to be sold through Morgan Stanley Smith Barney LLC and have an aggregate market value of $118,860,000.00 based on the figures disclosed.

How many Kaspi.kz (KSPI) ADSs are outstanding according to the filing?

Kaspi.kz reports 190,027,266 ADSs outstanding as of 08/18/2026. This figure provides context for the relative size of the proposed 1,200,000 ADS sale by the affiliate under Rule 144 but is not itself being registered for sale.

Who is selling Kaspi.kz (KSPI) ADSs and which broker is involved?

The selling security holder is FINTECH PARTNERS LTD, identified as an affiliate. The planned transactions are to be executed through Morgan Stanley Smith Barney LLC, listed as the broker handling the 1,200,000 ADSs covered by the notice.

What trading history does FINTECH PARTNERS LTD report for Kaspi.kz (KSPI) ADSs?

FINTECH PARTNERS LTD discloses numerous ADS sales between 05/18/2026 and 08/17/2026, each showing trade date, number of ADSs sold, and dollar proceeds. Individual trades range from several thousand to over 40,000 ADSs per day in that period.

On which market are the Kaspi.kz (KSPI) ADSs in this filing traded?

The ADSs referenced in the notice are listed as trading on NASDAQ. The proposed 1,200,000 ADS sale by FINTECH PARTNERS LTD through Morgan Stanley Smith Barney LLC would occur on that market according to the disclosure.

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Accepted by SEC EDGAR 08/18/2026 - 04:04 PM EDT

144: Filer Information

Filer CIK

0002035126

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 Company Kaspi.kz

SEC File Number

001-41921

Address of Issuer

154A Nauryzbai Batyr Street
ALMATY
KAZAKSTAN
050013

Phone

77273306710

Name of Person for Whose Account the Securities are To Be Sold

FINTECH PARTNERS LTD

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

Affiliate

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

ADSs

Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York NY 10004

1200000

118860000.00

190027266

08/18/2026

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 *

ADSs

08/30/2024

Transfer under Participation Deed

Asia Equity Partners Ltd

1200000

08/30/2024

Consideration paid in full

* 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