[144] Pitney Bowes Inc. SEC Filing

Rhea-AI Filing Summary

Middlesex Water Company (NASDAQ: MSEX) filed a Rule 424(b)(5) prospectus supplement dated 29 Jul 2025 to continue its direct share purchase, sale and dividend reinvestment program (the “Investment Plan”). The filing registers the remaining 712,353 unsold shares of common stock previously registered on Form S-3 (File No. 333-266482) and shifts them to the new shelf registration (File No. 333-287177) dated 12 May 2025. Shares may be issued directly by the company or purchased in the open market; any proceeds provide a flexible, low-cost source of equity capital.

The Plan allows first-time investors to start with $500–$10,000 (or $25 monthly ACH) and existing holders to reinvest dividends or make optional cash purchases up to $25,000 per quarter. Plan shares may occasionally be offered at a discount at the company’s discretion, though no specific discount is currently set. Key risks highlighted include share-price volatility between order and execution, potential tax liabilities on reinvested dividends, and the possibility that dividends may be reduced or suspended. The company’s last reported market price was $51.52 on 28 Jul 2025; no proceeds estimate, use-of-funds detail or earnings data are provided in this supplement.

Positive

• Flexible capital source: up to 712,353 additional shares (~$37 M at $51.52) can be sold without a separate offering process.
• Retail-friendly structure: low minimum investment and automatic reinvestment may broaden shareholder base and support demand.

Negative

• Potential dilution: ongoing issuance, while small relative to market cap, will incrementally dilute existing shareholders.
• Dividend not guaranteed: company explicitly reserves the right to suspend or reduce quarterly dividends.

Insights

Capital Markets Analyst

TL;DR: Routine shelf update; modest dilution capacity, limited immediate impact.

This filing is largely administrative—Middlesex is simply rolling forward 712k shares already registered for its DRIP/Direct Purchase Plan onto a new 2025 shelf. At the current market price, the maximum raise is roughly $37 million, or about <2% of market cap, offering inexpensive equity for ongoing capex or debt reduction. Because sales occur at investor discretion over time, dilution will be gradual. No change to dividend policy or financial guidance is implied; risk factors and forward-looking statements are boiler-plate. Overall, I view the event as neutral for valuation but modestly positive for liquidity flexibility.

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	500000	5867050.00	181253371	07/29/2025	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	07/29/2025	Exercise of options under a registered plan	Issuer			500000	07/29/2025	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
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	07/28/2025	500000	6019600.00
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	05/29/2025	46988	480400.61
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	05/29/2025	27055	276607.61
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	05/29/2025	12140	124118.15
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	05/29/2025	32110	328289.43
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	05/29/2025	1238	12657.19
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	05/29/2025	1947	19905.93
LANCE ROSENZWEIG 3001 Summer Street, Stamford, CT 06926	Common	05/29/2025	31260	319599.11

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

How many shares is Middlesex Water (MSEX) offering in this prospectus supplement?

The supplement covers 712,353 remaining shares previously registered for sale under the Investment Plan.

What is the purpose of the Middlesex Water Investment Plan?

It allows investors to buy, sell and reinvest dividends in MSEX stock directly without a broker, while providing the company with equity capital.

What are the minimum and maximum optional cash investments under the Plan?

Investors may contribute a $25 minimum per investment and up to $25,000 per calendar quarter.

Can Plan shares be issued at a discount to market price?

Yes, the company may offer shares at a discount at its discretion, but any discount and period are not guaranteed.

What risks are highlighted for participants?

Key risks include share-price fluctuation between order and execution, potential tax liability on reinvested dividends, and no assurance of continued dividends.

Where is MSEX stock listed and what was the recent price?

MSEX trades on the NASDAQ Global Select Market; the closing price on 28 Jul 2025 was $51.52.