The RealReal (REAL) CEO Exercises Options, Sells 411,290 Shares in Aug 2025
Rhea-AI Filing Summary
Rati Sahi Levesque, Chief Executive Officer of The RealReal, Inc. (REAL), reported several transactions in mid-August 2025. On 08/15/2025 Ms. Levesque exercised an incentive stock option to acquire 36,119 shares at a $3.48 exercise price, bringing beneficial ownership to 2,214,334 shares. That same day she sold 36,119 shares at a weighted average price of $7.781 and later sold additional blocks: 115,000 shares (WAP $7.779) on 08/15/2025, 199,421 shares (WAP $7.92) on 08/18/2025, and 60,750 shares (WAP $8.00) on 08/18/2025. After these reported sales, her beneficial ownership was 1,803,044 shares. All holdings are reported as directly owned.
Positive
- Option exercise at a $3.48 strike allowed acquisition of 36,119 shares at a below-market cost basis.
- Significant retained ownership: the reporting person still directly beneficially owns 1,803,044 shares after the transactions.
Negative
- Substantial sales totaling 411,290 shares across 08/15/2025 and 08/18/2025 reduced ownership from 2,214,334 to 1,803,044 shares.
- No 10b5-1 plan indicated on the form (the checkbox for a trading plan is not marked), so the filing does not show pre-arranged trade authorization.
Insights
TL;DR: Insider exercised options then sold a substantial block, reducing direct ownership by ~411,290 shares.
The filing documents a routine option exercise followed by multiple open-market sales executed over two days. The transactions reduced direct beneficial ownership from 2,214,334 to 1,803,044 shares, a decrease of 411,290 shares. No indication of trading plan (Rule 10b5-1) is marked on the form. For governance review, the timing, volumes, and whether internal trading policies or blackout periods were observed should be confirmed, but the Form 4 itself provides only the trade dates, volumes, and weighted average prices.
TL;DR: Option exercise at $3.48 followed by sales at ~$7.78–$8.02 realized gains per share; holder remains a large direct owner.
The report shows an exercise of 36,119 options at $3.48 and subsequent sales across price ranges $7.67–$8.05 resulting in weighted average sale prices of $7.779–$8.00 depending on the tranche. The sales realize an approximate per-share spread versus the exercise price, but the filing does not disclose total proceeds or purpose of sales. Post-transactions, the reporting person still directly owns 1,803,044 shares, representing continued significant exposure to REAL equity.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 199,421 | $7.92 | $1.58M |
| Sale | Common Stock | 60,750 | $8.00 | $486K |
| Exercise | Incentive Stock Option (right to buy) | 36,119 | $0.00 | -- |
| Exercise | Common Stock | 36,119 | $3.48 | $126K |
| Sale | Common Stock | 36,119 | $7.781 | $281K |
| Sale | Common Stock | 115,000 | $7.779 | $895K |
Footnotes (1)
- Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $7.69 to $7.94. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4. Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $7.67 to $8.05. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4. Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $7.98 to $8.02. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4. The option, representing the right to purchase a total of 36,119 shares of Common Stock, became fully exercisable on December 17, 2019.
