LQDA Form 144: Rajeev Saggar to Sell 20,000 Shares Valued at $560K

Rhea-AI Filing Summary

Form 144 notice for Liquidia Corporation (LQDA) shows a proposed sale of 20,000 common shares through Morgan Stanley Smith Barney with an aggregate market value of $560,000 and an approximate sale date of 08/28/2025 on NASDAQ. The shares were acquired as Restricted Stock Units on 07/18/2023. The filer, Rajeev Saggar, also reported three recent sales in the past three months totaling 15,450 shares for $242,713.33 in gross proceeds on 06/04/2025, 07/14/2025, and 07/21/2025. The filing includes the required representation that the signer is not aware of undisclosed material adverse information.

Positive

• Disclosure compliance: The filer provides required Form 144 details including broker, acquisition date, and representation regarding material information
• Source of shares clear: Shares were acquired as Restricted Stock Units, indicating compensation-origin rather than opaque transfers

Negative

• Insider selling: Proposed sale of 20,000 shares and prior recent sales of 15,450 shares may be viewed negatively by some investors
• Concentrated recent disposals: Three transactions in past three months generated $242,713.33 in gross proceeds

Insights

Securities Analyst

TL;DR: Insider plans to sell 20,000 shares (RSUs) via broker; recent insider sales totaled 15,450 shares.

The filing discloses a proposed sale under Rule 144 of 20,000 common shares with an indicated aggregate market value of $560,000. The securities were originally acquired as restricted stock units on 07/18/2023, which implies they were compensation awards rather than open-market purchases. Recent dispositions by the same filer in the past three months amount to 15,450 shares for $242,713.33 gross proceeds, demonstrating ongoing liquidity events by the insider. This is a routine compliance disclosure; it documents planned and recent sales but provides no new operational or financial metrics about the issuer.

Corporate Governance Specialist

TL;DR: Transaction is a standard Rule 144 notice; reflects insider monetization of previously-granted RSUs.

The notice properly reports the nature and acquisition date of the securities (Restricted Stock Units dated 07/18/2023) and specifies the broker and planned sale date. The filer affirms absence of undisclosed material adverse information as required. From a governance perspective, this disclosure meets regulatory requirements for transparency around insider sales but does not indicate any governance change or event beyond routine monetization of compensation awards.

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
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	20000	560000.00	86091454	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 *
Common	07/18/2023	Restricted Stock Units	Issuer			20000	07/18/2023	N/A

* 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
RAJEEV SAGGAR 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	07/21/2025	2526	36728.04
RAJEEV SAGGAR 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	07/14/2025	5327	76042.93
RAJEEV SAGGAR 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	06/04/2025	7597	128942.36

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 the Form 144 filed for LQDA disclose?

It discloses a proposed sale of 20,000 common shares via Morgan Stanley Smith Barney with aggregate market value $560,000 and an approximate sale date of 08/28/2025.

Who is the filer and what recent sales did they report?

The filer is Rajeev Saggar, who reported three recent sales totaling 15,450 shares for $242,713.33 on 06/04/2025, 07/14/2025, and 07/21/2025.

How were the 20,000 shares acquired?

The shares were acquired as Restricted Stock Units on 07/18/2023, with an amount of 20,000 shares listed in the acquisition table.

On which exchange is the proposed sale expected to occur?

The filing lists NASDAQ as the exchange for the proposed sale.

Which broker is handling the proposed sale?

Morgan Stanley Smith Barney LLC Executive Financial Services, 1 New York Plaza, New York, NY, is named as the broker.