[144] Joint Stock Company Kaspi.kz SEC Filing

Rhea-AI Filing Summary

Joint Stock Company Kaspi.kz (KSPI) filed a Form 144 notice reporting a proposed sale of 50,000 American Depositary Shares (ADS) on or about 08/14/2025 through J.P. Morgan Securities LLC on NASDAQ. The filing shows the ADS were acquired on 03/20/2024 as compensation from the issuer, with payment dated 03/20/2024. The filing lists an aggregate market value of the proposed sale of $4,885,500 and states total shares outstanding of 190,015,729. The filer reports no securities sold in the past three months and includes the standard representation that the seller does not possess undisclosed material adverse information. The notice is a regulatory disclosure of an intended sale rather than a completed transaction.

Positive

• Transparent regulatory disclosure of a planned sale meeting Rule 144 requirements
• Clear identification of broker (J.P. Morgan Securities LLC), expected sale date, and aggregate market value

Negative

• None.

Insights

Securities Compliance Analyst

TL;DR: Routine Rule 144 sale notice for 50,000 ADS acquired as compensation; compliant disclosure with no recent sales reported.

The filing documents a standard 144 notice: 50,000 ADS acquired 03/20/2024 as compensation and proposed to be sold ~08/14/2025 via J.P. Morgan Securities LLC. The inclusion of aggregate market value and outstanding share count aligns with Rule 144 disclosure requirements. Absence of sales in the prior three months simplifies aggregation considerations. The signer also affirms no undisclosed material adverse information, which is customary for such notices. From a compliance perspective, the form appears complete for a proposed sale notice based on the information provided.

Corporate Governance Specialist

TL;DR: Disclosure is transparent and routine; shows executive/insider compensation conversion to marketable ADS subject to resale conditions.

The record indicates the ADS originated as compensation from the issuer, which often triggers Rule 144 reporting when resale conditions are met. The filer specifies broker, expected sale date, and market value, supporting market transparency. No past three-month sales are reported, reducing complexities around aggregation and volume limitations. This notice itself is informational; it does not indicate any corporate governance action beyond routine insider remuneration and planned resale.

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

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
American Depositary Shares	J.P. Morgan Securities LLC 390 Madison Avenue - 6th Floor New York NY 10017	50000	4885500	190015729	08/14/2025	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 *
American Depositary Shares	03/20/2024	Compensation	Issuer			50000	03/20/2024	Compensation

* 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

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

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 did Kaspi.kz (KSPI) disclose in the Form 144?

The filing reports a proposed sale of 50,000 American Depositary Shares to be executed around 08/14/2025 through J.P. Morgan Securities LLC on NASDAQ with an aggregate market value of $4,885,500.

How were the 50,000 ADS acquired according to the filing?

The ADS were acquired on 03/20/2024 as compensation from the issuer, with payment dated 03/20/2024.

Did the filer report any securities sold in the past three months?

The filing states "Nothing to Report" for securities sold during the past three months.

What outstanding share count did the filing provide?

The filing lists 190,015,729 shares outstanding for the class corresponding to the ADS.

Does the Form 144 indicate undisclosed material information?

By signing, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.