PEN Rule 144 Filing: 186 Restricted Shares Proposed Sale via Morgan Stanley

Rhea-AI Filing Summary

Penumbra, Inc. (PEN) filing under Rule 144 notifies the market that a person for whose account securities are being sold intends to sell 186 shares of common stock through Morgan Stanley Smith Barney LLC on or about 10/01/2025. The filing lists the aggregate market value of the shares to be sold as $47,230.98 based on the reported market price, and shows total shares outstanding of 38,999,129. The 186 shares were acquired as restricted stock from the issuer on 09/30/2025, with payment not applicable. The filer also reported a prior sale on 08/12/2025 of 372 shares that generated gross proceeds of $89,339.52. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information about the issuer.

Positive

• Compliance disclosure submitted under Rule 144 providing clear transaction details (broker, quantity, acquisition date)
• Transparency via reporting of both the proposed sale and a recent prior sale, aiding market clarity

Negative

• Insider selling activity is disclosed, which some investors may view negatively despite the small size
• Recent prior sale (372 shares for $89,339.52) shows ongoing dispositions within the past three months

Insights

Securities Compliance Analyst

TL;DR: Routine Rule 144 notification disclosing a small insider sale of restricted shares and a prior recent sale.

The filing documents a proposed sale under Rule 144 of 186 restricted shares by an individual account through a broker-dealer, with an approximate market value of $47,230.98 and an anticipated sale date of 10/01/2025. The shares were acquired from the issuer on 09/30/2025 as restricted stock, and the filing also reports a prior sale of 372 shares on 08/12/2025 for $89,339.52. From a compliance perspective this appears consistent with Rule 144 disclosure practices: it identifies the broker, quantity, acquisition date and nature, and recent dispositions. No statements in the filing imply undisclosed material facts.

Equity Capital Markets Analyst

TL;DR: Insider sale is small relative to outstanding shares; informational for market transparency but not market-moving.

The disclosed 186-share sale represents a de minimis fraction of the issuer's reported 38,999,129 outstanding shares (well under 0.001%). The listing of prior sale activity and the use of a major broker add transparency. There are no proceeds or financing arrangements tied to the sale that would suggest strategic or liquidity-driven motives. Based solely on the filing, this is informational and unlikely to materially affect valuation or liquidity.

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	186	47230.98	38999129	10/01/2025	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	09/30/2025	Restricted Stock	ISSUER			186	09/30/2025	Not Applicable

* 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
THOMAS WILDER III One Penumbra Place Alameda CA 94502	Common	08/12/2025	372	89339.52

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 Penumbra's (PEN) Form 144 disclose?

The filing discloses a proposed sale of 186 common shares through Morgan Stanley Smith Barney LLC on or about 10/01/2025, with an aggregate market value of $47,230.98.

When were the 186 shares acquired according to the Form 144?

The filing shows the 186 shares were acquired as restricted stock from the issuer on 09/30/2025.

Has the seller recently sold other Penumbra shares?

Yes. The filing reports a prior sale on 08/12/2025 of 372 shares for gross proceeds of $89,339.52.

Who is the broker handling the proposed sale in the filing?

The broker named in the filing is Morgan Stanley Smith Barney LLC, 1 New York Plaza, 8th Floor, New York, NY 10004.

How large is the proposed sale relative to outstanding shares?

The proposed 186-share sale is a very small fraction of the reported 38,999,129 shares outstanding.