Reformation director sells 60K shares in IPO

Reformation Inc. (REF) reported that director and ten percent owner Yael Aflalo, through the Aflalo Family Trust, sold 60,298 shares of common stock on September 1, 2026 at $13.95 per share.

Rhea-AI Filing Summary

Reformation Inc. (REF) reported that director and ten percent owner Yael Aflalo, through the Aflalo Family Trust, sold 60,298 shares of common stock on September 1, 2026 at $13.95 per share. The sale was as a selling stockholder in Reformation’s initial public offering, tied to the underwriter’s exercise of its over-allotment option. After this transaction, the trust held 11,665,505 shares indirectly. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Seller: 60,298 shares

Net Sell 1 txn

Insider Aflalo Yael

Role Director, 10% Owner

Sold 60,298 shs ($841K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1	60,298	$13.95	$841K

Holdings After Transaction: Common Stock — 11,665,505 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, in connection with an underwriter's exercise of its over-allotment option relating to the Issuer's initial public offering.

Key Figures

Shares sold: 60,298 shares Sale price per share: $13.95 per share Shares held after transaction: 11,665,505 shares +1 more

4 metrics

Shares sold 60,298 shares Common Stock sale on September 1, 2026

Sale price per share $13.95 per share Price to the public less underwriting discount and commission

Shares held after transaction 11,665,505 shares Indirectly held by the Aflalo Family Trust following the sale

Net shares sold 60,298 shares Net selling activity reported in this Form 4

Key Terms

over-allotment option, selling stockholder, initial public offering, underwriting discount and commission

4 terms

over-allotment option financial

"in connection with an underwriter's exercise of its over-allotment option"

An over-allotment option is a special agreement that allows underwriters to sell more shares than initially planned if demand is high. Think of it like a retailer offering extra units of a popular product to meet additional customer interest. This option helps ensure the full sale is completed and can also give investors extra shares if they want more.

selling stockholder financial

"Represents shares of common stock sold as a selling stockholder"

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

"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

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

FAQ

What insider transaction did REF disclose for Yael Aflalo?

REF disclosed that director and ten percent owner Yael Aflalo, via the Aflalo Family Trust, sold 60,298 shares of common stock on September 1, 2026 at $13.95 per share in connection with the IPO underwriters’ over-allotment option.

How many REF shares does Yael Aflalo hold after this Form 4 transaction?

After the reported sale, the Aflalo Family Trust holds 11,665,505 shares of Reformation Inc. common stock indirectly attributed to director and ten percent owner Yael Aflalo.

Was the REF insider sale made under a Rule 10b5-1 trading plan?

No. The filing indicates no Rule 10b5-1 trading plan; the document-level checkbox is not marked as being under such a plan.

At what price were the REF shares sold in this Form 4 filing?

The 60,298 REF shares were sold at $13.95 per share, reflecting the price to the public in Reformation Inc.’s initial public offering less the underwriting discount and commission.

What was the context of the REF insider sale by the Aflalo Family Trust?

The sale represented shares of common stock sold as a selling stockholder in Reformation Inc.’s initial public offering, in connection with an underwriter’s exercise of its over-allotment option.

Is the REF insider ownership in this Form 4 direct or indirect?

The reported ownership is indirect. The shares are held by the Aflalo Family Trust, with the Form 4 attributing them to director and ten percent owner Yael Aflalo.

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Available on EDGAR 09/03/2026 - 06:00 PM Accepted by SEC EDGAR 09/03/2026 - 05:58 PM Learn about SEC filing dates

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)
09/01/2026

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	09/01/2026		S(1)		60,298	D	$13.95	11,665,505	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, in connection with an underwriter's exercise of its over-allotment option relating to the Issuer's initial public offering.

	/s/ Alexander M. Schwartz, as attorney-in-fact	09/03/2026
	** 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)