Kaspi.kz (KSPI) Files Form 144 for $93M ADS Sale on NASDAQ

Rhea-AI Filing Summary

Joint Stock Company Kaspi.kz (KSPI) filing a Form 144 notifies of a proposed sale of 1,000,000 American Depository Shares (ADS), scheduled approximately for 08/28/2025 on NASDAQ. The filing reports an aggregate market value of $93,000,000 for the shares and indicates 190,784,522 shares outstanding. The ADS were acquired on 01/10/2024 when RegS GDRs were converted into ADS at the issuer’s IPO; the filing records 40,670,650 securities acquired in that conversion and notes the conversion was effected by the issuer.

The filer certifies there were no sales in the past three months and makes the required attestation about possession of material nonpublic information.

Positive

• None.

Negative

• Proposed sale of 1,000,000 ADS representing an aggregate market value of $93,000,000, which could increase tradable supply
• The filing indicates 190,784,522 shares outstanding, making the proposed block a notable fraction of the public float based on disclosed figures

Insights

Securities Analyst

TL;DR: A large proposed ADS sale of $93M is disclosed; timing and source of acquisition are explicit, which is relevant for supply pressure assessment.

The Form 144 reports a proposed sale of 1,000,000 ADS on Nasdaq with an aggregate market value of $93,000,000 and shows the ADS originated from RegS GDRs converted at the IPO on 01/10/2024. The filing provides key issuance and outstanding-share figures (190,784,522 outstanding) needed to gauge relative size. No sales in the prior three months are reported, and the filer affirms no undisclosed material information. For investors and market-watchers, the disclosed size relative to outstanding shares is a clear, objective datum for modeling potential supply impact on trading liquidity.

Corporate Governance Expert

TL;DR: Disclosure meets Rule 144 structure: acquisition origin, conversion details, planned sale date, and standard attestation are included.

The notice documents the nature of acquisition—RegS GDRs converted to ADS at IPO—providing transparency on provenance of the securities and on-chain dilution mechanics. The filing includes the required attestation about possession of material nonpublic information and reports no prior three-month sales. From a governance and disclosure perspective, the form is complete in the fields provided; it enables stakeholders to verify compliance with Rule 144 timing and reporting obligations based on stated facts.

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 Depository Shares	Citigroup Global Markets Inc 388 Greenwich Street New York NY 10013	1000000	93000000.00	190784522	08/28/2025	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 Depository Shares	01/10/2024	RegS GDRs converted into ADS at the time of Issuer IPO	Issuer			40670650	01/10/2024	Common Shares converted to ADS at the time of 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

Nothing to Report

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 KSPI's Form 144 announce?

The filing notifies a proposed sale of 1,000,000 ADS on 08/28/2025 with an aggregate market value of $93,000,000 on NASDAQ.

When were the ADS being sold originally acquired?

The ADS were acquired on 01/10/2024 by conversion of RegS GDRs into ADS at the issuer's IPO; 40,670,650 securities were recorded as acquired in that conversion.

Does the filing report any securities sold in the past three months by the filer?

The Form 144 states "Nothing to Report" for securities sold during the past three months.

How many shares outstanding does the filing show for KSPI?

The filing lists 190,784,522 shares outstanding.

What attestation does the filer provide on the Form 144?

The filer certifies by signature that they do not know any material adverse information about the issuer that has not been publicly disclosed and includes the standard Rule 10b5-1 notice fields.