Shareholder (NYSE: PATH) files notice to sell 1,000,000 common shares under Rule 144

Rhea-AI Filing Summary

A shareholder has filed a notice of proposed sale under Rule 144 covering 1,000,000 shares of common stock, with an aggregate market value of 16090000.00. The shares are to be sold through Morgan Stanley Smith Barney LLC Executive Financial Services on the NYSE, with an approximate sale date of 12/17/2025, and the issuer reports 460,443,681 shares outstanding.

The securities being sold were originally acquired as founder shares on 04/21/2021 in a 1,000,000 share transaction fully paid on that date. The filing also lists a series of recent sales executed under Rule 10b5-1 trading plans for ICEVULCAN Investments Limited and ICE Vulcan Holding Limited, including multiple 45,000 share transactions in late 2025 and 122,734 share transactions in October 2025 with disclosed gross proceeds for each trade.

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

Relationship to Issuer

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	1000000	16090000.00	460443681	12/17/2025	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	04/21/2021	Founders Shares	Issuer			1000000	04/21/2021	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
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/16/2025	45000	731515.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/15/2025	45000	778437.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/12/2025	45000	805774.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/11/2025	45000	835254.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/10/2025	45000	837481.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/09/2025	45000	861070.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/08/2025	45000	864607.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	12/05/2025	45000	818784.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	11/05/2025	45000	678366.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	11/04/2025	45000	676093.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	11/03/2025	45000	730188.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/31/2025	45000	707269.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/30/2025	45000	707643.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/29/2025	45000	732933.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/28/2025	45000	772344.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/27/2025	45000	752670.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/24/2025	45000	695601.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/23/2025	45000	683338.50
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/22/2025	45000	698904.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/21/2025	45000	700614.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/20/2025	45000	707022.00
10b5-1 Sales for ICEVULCAN INVESTMENTS LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/17/2025	45000	702900.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/16/2025	122734	2112411.69
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/15/2025	122734	2077211.58
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/14/2025	122734	2004823.07
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/13/2025	122734	2093891.13
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/10/2025	122734	2254881.32
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/09/2025	122734	2034230.14
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/08/2025	122734	1827521.53
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/07/2025	122733	1839755.40
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/06/2025	122733	1748233.40
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/03/2025	122733	1596228.58
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/02/2025	122733	1576039.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	10/01/2025	122733	1635539.96
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/30/2025	122733	1817442.54
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/29/2025	122733	1513776.55
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/26/2025	122733	1482798.74
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/25/2025	122733	1474845.64
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/24/2025	122733	1527314.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/23/2025	122733	1590926.51
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/22/2025	122733	1496925.31
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/19/2025	122733	1463357.83
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/18/2025	122733	1463934.68

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 PATH Form 144 filing disclose?

The notice discloses a proposed sale under Rule 144 of 1,000,000 common shares with aggregate market value of 16090000.00, to be sold on the NYSE through Morgan Stanley Smith Barney LLC Executive Financial Services around 12/17/2025.

How many PATH shares are proposed to be sold and what is their market value?

The filing covers 1,000,000 shares of common stock with an aggregate market value of 16090000.00 as stated in the securities information table.

When and how were the PATH shares in this Form 144 originally acquired?

The 1,000,000 common shares were acquired on 04/21/2021 as founder shares from the issuer, with the full amount of securities acquired and payment dated 04/21/2021.

How many PATH shares are outstanding according to this notice?

The securities information section states that 460,443,681 shares of the issuer’s common stock are outstanding.

Which broker will handle the proposed PATH share sale?

The proposed sale is to be handled by Morgan Stanley Smith Barney LLC Executive Financial Services, located at 1 New York Plaza, 8th Floor, New York, NY 10004.

What recent PATH share sales by ICEVULCAN entities are disclosed?

The filing lists multiple Rule 10b5-1 sales for ICEVULCAN Investments Limited and ICE Vulcan Holding Limited, including 45,000 share sales such as the 12/16/2025 trade with gross proceeds of 731515.50 and 122,734 share sales such as the 10/10/2025 trade with gross proceeds of 2254881.32.

What is the approximate timing and exchange for the PATH shares to be sold?

The approximate date of sale is listed as 12/17/2025, and the securities are to be sold on the NYSE.