RSI Form 144: Richard Schwartz Plans Sale via Merrill Lynch, $1.75M Value

Rhea-AI Filing Summary

Rush Street Interactive insider Richard Schwartz filed a Form 144 proposing to sell 93,905 shares of common stock through Merrill Lynch on 08/08/2025, with an aggregate market value of $1,752,906.00. The notice reports 94,555,182 shares outstanding. It discloses recent equity-award acquisitions by Mr. Schwartz of 45,619 shares (03/28/2024), 22,529 shares (04/09/2024) and 25,757 shares (01/07/2025).

The filing also lists multiple sales by Mr. Schwartz during the past three months, including transactions on 07/08/2025, 06/10/2025, 06/09/2025, 05/09/2025 and 05/08/2025 with reported gross proceeds. The form includes the seller’s representation that no undisclosed material adverse information is known.

Positive

• Equity awards disclosed: Acquisitions of 45,619, 22,529 and 25,757 shares are itemized with dates, showing origin of holdings.
• Brokered transaction listed: Sale to be executed through Merrill Lynch, indicating use of an established broker and formal process.
• Rule 144 representation included: Seller attests to no known undisclosed material adverse information, fulfilling regulatory requirements.

Negative

• Multiple recent insider sales: The filing lists several sales in the past three months (including 07/08/2025; 06/10/2025; 06/09/2025; 05/09/2025; 05/08/2025) with significant gross proceeds.
• Proposed sale size: An additional 93,905 shares proposed for sale against 94,555,182 shares outstanding, which may attract investor attention regarding insider liquidity.
• No explanatory context provided: The filing does not state any trading plan adoption date or further rationale for the sales within the form.

Insights

Financial Analyst

TL;DR: Recurring insider sales of sizable blocks may be viewed negatively by the market.

The Form 144 shows Richard Schwartz has sold multiple share blocks in recent months and proposes an additional sale of 93,905 shares on 08/08/2025 through Merrill Lynch for an aggregate market value of $1,752,906.00. The filing lists specific recent sales with gross proceeds for each trade, which market participants often interpret as insider liquidity events. These disclosures are material for short-term sentiment, though the form does not provide any explanation for the selling beyond listing acquisition and sale dates and amounts.

Corporate Governance Expert

TL;DR: The notice documents Rule 144 compliance for insider sales following equity awards.

The filing documents acquisitions via equity awards (03/28/2024; 04/09/2024; 01/07/2025) and planned brokered disposition, and it includes the seller’s certification about lack of undisclosed material adverse information. From a governance perspective, the form meets disclosure expectations for proposed insider sales under Rule 144, but it does not disclose any issuer-side context such as lock-up terms or trading plan adoption.

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

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	Merrill Lynch, Pierce, Fenner & Smith Inc. 1 Town Center Road, 9th Floor Boca Raton FL 833486	93905	1752906.00	94555182	08/08/2025	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	03/28/2024	equity award	Richard Schwartz			45619	03/28/2024	cash
common	04/09/2024	equity award	Richard Schwartz			22529	04/09/2024	cash
common	01/07/2025	equity award	Richard Schwartz			25757	01/07/2025	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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Richard Schwartz 900 N. MICHIGAN AVENUE, SUITE 950 Chicago IL 60611	common	07/08/2025	193905	2984198.00
Richard Schwartz 900 N. MICHIGAN AVENUE, SUITE 950 Chicago IL 60611	common	06/10/2025	70000	957159.00
Richard Schwartz 900 N. MICHIGAN AVENUE, SUITE 950 Chicago IL 60611	common	06/09/2025	123905	1682258.00
Richard Schwartz 900 N. MICHIGAN AVENUE, SUITE 950 Chicago IL 60611	common	05/09/2025	86953	1018537.00
Richard Schwartz 900 N. MICHIGAN AVENUE, SUITE 950 Chicago IL 60611	common	05/08/2025	106952	1268183.00

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

How many shares does Rush Street Interactive (RSI) propose to sell in this Form 144?

93,905 shares are proposed to be sold on 08/08/2025 through Merrill Lynch.

Who is the seller named in the Form 144 for RSI?

The seller identified in the recent sales section is Richard Schwartz (address shown on the form).

What acquisition dates and amounts are disclosed for the securities to be sold?

Acquisitions disclosed are 45,619 shares on 03/28/2024, 22,529 shares on 04/09/2024, and 25,757 shares on 01/07/2025, all listed as equity awards.

What recent sales by the seller are listed in the past three months?

Sales listed include 07/08/2025: 193,905 shares, $2,984,198.00; 06/10/2025: 70,000 shares, $957,159.00; 06/09/2025: 123,905 shares, $1,682,258.00; 05/09/2025: 86,953 shares, $1,018,537.00; 05/08/2025: 106,952 shares, $1,268,183.00.

What is the aggregate market value reported for the proposed sale?

The aggregate market value shown for the 93,905-share proposed sale is $1,752,906.00.