Reformation Inc. (REF) director-linked trust sells 1.2M IPO shares at $13.95

Rhea-AI Filing Summary

Reformation Inc. insider filing: Aflalo Yael, a director and more than ten percent owner, reported an indirect sale of 1,204,029 shares of Reformation Inc. common stock on 2026-07-29. The shares were sold at $13.95 per share as a selling stockholder in the company’s initial public offering, through the Aflalo Family Trust. Following this transaction, the trust’s indirect holdings reported for Aflalo Yael total 11,725,803 shares of common stock.

Insider Trade Summary

Net Seller: 1,204,029 shares

Net Sell 1 txn

Insider Aflalo Yael

Role Director, 10% Owner

Sold 1,204,029 shs ($16.80M)

Type	Security	Shares	Price	Value
Sale	Common Stock F1	1,204,029	$13.95	$16.80M

Holdings After Transaction: Common Stock — 11,725,803 shares (Indirect, By the Aflalo Family Trust)

Footnotes (1)

1. F1. Represents shares of common stock sold as a selling stockholder in the Issuer's initial public offering at $13.95 per share, which reflects the price to the public less the underwriting discount and commission.

Key Figures

Shares sold: 1,204,029 shares of Common Stock Sale price per share: $13.95 per share Shares owned after transaction: 11,725,803 shares +2 more

5 metrics

Shares sold 1,204,029 shares of Common Stock Indirect sale on 2026-07-29 by the Aflalo Family Trust

Sale price per share $13.95 per share Price as a selling stockholder in the initial public offering

Shares owned after transaction 11,725,803 shares Indirect holdings reported following the sale

Net shares sold in filing 1,204,029 shares Net-sell direction per transaction summary

Reporting person status Director and more than ten percent owner Insider roles disclosed for Aflalo Yael

Key Terms

selling stockholder, initial public offering, underwriting discount and commission, indirect ownership, +1 more

5 terms

selling stockholder financial

"Represents shares of common stock sold as a selling stockholder in the Issuer's initial public offering"

A selling stockholder is an individual or entity that owns shares of a company's stock and chooses to sell some or all of those shares to others. This often occurs when the owner wants to cash in on their investment or reduce their stake. For investors, understanding who the selling stockholder is can provide insights into potential changes in the company's ownership or market activity.

initial public offering financial

"sold as a selling stockholder in the Issuer's initial public offering at $13.95 per share"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

underwriting discount and commission financial

"price to the public less the underwriting discount and commission"

indirect ownership financial

"direct_or_indirect: "I" with nature_of_ownership By the Aflalo Family Trust"

more than ten percent owner financial

"reporting person marked as is_ten_percent_owner: 1"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/10/2026 - 06:36 PM Accepted by SEC EDGAR 07/31/2026 - 04:05 PM Learn about SEC filing dates

FAQ

What did Aflalo Yael report in this Form 4 for Reformation Inc. (REF)?

Aflalo Yael reported an indirect sale of 1,204,029 shares of Reformation Inc. common stock on 2026-07-29 at $13.95 per share, conducted through the Aflalo Family Trust as part of the company’s initial public offering.

How many Reformation Inc. (REF) shares does Aflalo Yael report owning after this transaction?

After the reported sale, Aflalo Yael reports indirect holdings of 11,725,803 shares of Reformation Inc. common stock. These shares are held indirectly through the Aflalo Family Trust, as disclosed in the Form 4 filing.

Was the Reformation Inc. (REF) Form 4 sale linked to the company’s IPO?

Yes. The footnote states the 1,204,029 shares were sold as a selling stockholder in Reformation Inc.’s initial public offering at $13.95 per share, reflecting the IPO price to the public less underwriting discount and commission.

Is Aflalo Yael’s Reformation Inc. (REF) Form 4 sale direct or through an entity?

The sale is reported as indirect, with ownership noted as “By the Aflalo Family Trust.” The Form 4 attributes the transaction to shares held by this trust rather than directly by Aflalo Yael personally.

Was the Reformation Inc. (REF) Form 4 sale under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not marked as affirmative, and there is no footnote indicating a trading plan. The transaction is described instead as an IPO selling stockholder sale at a specified per-share price.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Aflalo Yael

(Last) (First) (Middle)

5801 S. 2ND ST.

(Street)

VERNON CALIFORNIA 90058

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Reformation Inc. [ REF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/29/2026		S(1)		1,204,029	D	$13.95	11,725,803	I	By the Aflalo Family Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock sold as a selling stockholder in the Issuer's initial public offering at $13.95 per share, which reflects the price to the public less the underwriting discount and commission.

	/s/ Alexander M. Schwartz, as attorney-in-fact	07/31/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)