RAY Insider Files Form 144 for $2.2M Share Sale via Everbright

Rhea-AI Filing Summary

Rule 144 notice: the filer plans to sell 800,000 ordinary shares on the Nasdaq Capital Market via Everbright Securities Investment Services (HK) Limited. The shares carry an aggregate market value of $2.208 million and account for roughly 1.8 % of the 43,598,083 shares outstanding. The anticipated sale date is 08/05/2025.

The securities were originally acquired for cash in a private transfer on 09/08/2022. No other sales have been reported by the seller during the past three months. By signing Form 144, the seller certifies that no material non-public adverse information exists and affirms compliance with Rule 10b5-1, if applicable.

Positive

• Rule 144 compliance indicates the sale follows SEC disclosure and holding-period requirements, reducing regulatory risk.
• No other insider sales in past three months implies limited ongoing distribution pressure.

Negative

• 800,000-share sale equals ~1.8 % of outstanding, which could weigh on short-term trading sentiment.
• Insider disposition may be interpreted as reduced confidence in future price appreciation.

Insights

Securities Analyst

TL;DR: Planned 800k-share insider sale (~1.8 % O/S); neutral-to-slightly negative signal.

The filing discloses a modest secondary sale that will not dilute share count but may pressure near-term trading given the size relative to daily volume. Rule 144 compliance and the absence of recent sales suggest an orderly disposition rather than an urgent exit. At roughly $2.76 per share (implied), the seller could be locking in gains on stock acquired in 2022. Overall impact is limited unless the position belongs to a key insider whose sentiment drives investor perception.

Corporate Governance Expert

TL;DR: Routine Form 144; governance risk minimal, disclosure adequate.

Form 144 signals the seller’s intent and affirms awareness of blackout and MNPI restrictions. The certification that no undisclosed adverse data exist helps mitigate governance concerns. The sale represents less than 2 % of O/S, below thresholds that typically trigger voting-control worries. Therefore, from a governance standpoint the event is operationally compliant and not materially impactful.

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
Ordinary Share	Everbright Securities Investment Services (HK) Limited 33/F, Everbright Centre, 108 Gloucester Road, Wan Chai, K3 00000	800000	2208000.00	43598083	08/05/2025	Nasdaq Capital Mkt

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 *
Ordinary Share	09/08/2022	Private Transfer	Raytech Holding Limited			800000	09/08/2022	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

Nothing to Report

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 RAY shares are being sold under this Form 144?

The notice covers 800,000 ordinary shares.

What percentage of RAY’s shares outstanding does the sale represent?

Approximately 1.8 % of the 43,598,083 shares outstanding.

When is the planned sale date for the shares?

The filer lists an approximate sale date of 08/05/2025.

Which broker will execute the transaction?

Everbright Securities Investment Services (HK) Limited is named as the broker.

Were any other shares sold by this filer in the last three months?

No. The form states "Nothing to report" for prior 3-month sales.

How were the shares originally acquired?

They were obtained via a cash private transfer on 09/08/2022.

Does this Form 144 filing dilute existing shareholders?

No, Form 144 covers a secondary sale of existing shares; it does not create new shares.