ORA filing: 535-share Rule 144 sale after SAR vesting on 08/18/2025

Rhea-AI Filing Summary

Form 144 filed for Ormat Technologies, Inc. (ORA) reports a proposed sale of 535 common shares through Morgan Stanley Smith Barney on the NYSE, with an aggregate market value of $48,896.33 and approximately 60,723,470 shares outstanding. The filer acquired these shares on 08/18/2025 via Stock Appreciation Rights from the issuer and intends to receive cash on sale. The notice also discloses a recent sale by the same person of 460 shares on 06/27/2025 for gross proceeds of $38,658.40. The signer represents no undisclosed material adverse information and warns that false statements are criminally punishable.

Positive

• Detailed compliance with Rule 144 disclosure requirements including broker, quantity, and acquisition method
• Sale size is small relative to total outstanding shares (~60.7 million), indicating limited market impact

Negative

• Insider liquidity activity (535 shares to be sold and prior 460-share sale) could indicate personal cash needs, though amounts are small

Insights

Securities Analyst

TL;DR: Small insider sale via Rule 144 following SAR vesting; de minimis relative to outstanding shares.

The filing documents a planned disposition of 535 shares valued at $48,896.33 to be executed through Morgan Stanley Smith Barney on the NYSE, with the shares acquired the same day by exercise/vesting of Stock Appreciation Rights and to be paid in cash. Given the issuer's ~60.7 million shares outstanding, this sale is immaterial to capitalization and unlikely to affect market dynamics. The filing also notes a prior sale of 460 shares on 06/27/2025 for $38,658.40, indicating recent limited insider liquidity activity rather than systematic disposition.

Corporate Governance Expert

TL;DR: Procedural compliance with Rule 144 and disclosure norms; no governance red flags in the notice.

The Form 144 provides required details: broker identity, quantity, market value, acquisition date and method (Stock Appreciation Rights), and recent sales history. The signer affirms absence of material nonpublic information and includes the mandatory criminal-statement warning. There is no indication of unexpected executive departure, regulatory issue, or concentrated selling that would raise governance concerns based on the disclosed amounts.

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	535	48896.33	60723470	08/18/2025	NYSE

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	08/18/2025	Stock Appreciation Rights	Issuer			535	08/18/2025	Cash

* 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
BYRON G WONG 6884 Sierra Center Pkwy Reno NV 89511-2210	Common	06/27/2025	460	38658.40

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 does Ormat Technologies (ORA) Form 144 disclose?

The form discloses a proposed sale of 535 common shares through Morgan Stanley Smith Barney on the NYSE, valued at $48,896.33.

When were the 535 shares acquired per the Form 144 for ORA?

The shares were acquired on 08/18/2025 via Stock Appreciation Rights from the issuer.

How many shares does Ormat have outstanding according to the filing?

The filing reports approximately 60,723,470 shares outstanding.

Did the filer recently sell any ORA shares before this notice?

Yes; the filer sold 460 shares on 06/27/2025 for gross proceeds of $38,658.40.

Through which broker will the ORA shares be sold?

The sale is to be executed through Morgan Stanley Smith Barney LLC.