Rush Street Interactive insider offloads 446k shares – SEC Form 4

Rhea-AI Filing Summary

SEC Form 4 filed 1 Aug 2025 discloses that Rush Street Interactive (RSI) director Niccolo de Masi, through Isalea Investments LP, sold 446,094 Class A common shares on 31 Jul 2025. The disposition was executed under a Rule 10b5-1 plan adopted 14 Mar 2025. The weighted-average sale price was $18.3464, with individual trades ranging from $17.49 to $18.75 per share (exact breakdown available on request). Following the transaction, the form lists 0 shares indirectly held by Isalea Investments LP and shows a separate direct holding of 15,203 shares. The filing was signed by attorney-in-fact Kyle Sauers.

Positive

• None.

Negative

• Director Niccolo de Masi sold 446,094 RSI shares at a weighted average price of $18.3464, reducing the Isalea Investments LP position to zero.

Insights

Securities Analyst

TL;DR: Director disposes 446k RSI shares via 10b5-1; holdings cut to zero in LP.

The Form 4 reveals a sizable insider sale by director Niccolo de Masi. The 446,094-share block at an $18.35 weighted price represents the entirety of the shares held by his investment vehicle, Isalea Investments LP, leaving only 15,203 shares reported elsewhere. While the sale was pre-programmed under a 10b5-1 plan, eliminating the LP’s stake reduces insider alignment and can be interpreted as a modestly negative signal for near-term sentiment.

Corporate Governance Expert

TL;DR: Pre-scheduled sale complies with Rule 10b5-1; disclosure appears complete.

The filing meets Section 16 reporting standards. Footnotes clarify the trading plan date and provide a commitment to supply granular execution data. The director expressly disclaims beneficial ownership of LP-held shares, a common governance practice. Although the transaction is sizable, adherence to regulatory best practice mitigates potential governance concerns.

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

X

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^*

de Masi Niccolo

(Last) (First) (Middle)

C/O RUSH STREET INTERACTIVE

900 N. MICHIGAN AVENUE, SUITE 950

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Rush Street Interactive, Inc. [ RSI ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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

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

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

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
Class A Common Stock	07/31/2025		S(1)		446,094	D	$18.3464(2)	0	I	See Footnote(3)
Class A Common Stock								15,203	D

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. Shares were sold pursuant to a 10b5-1 Plan dated March 14, 2025.

2. The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $17.49 to $18.75 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, 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 range set forth in this footnote.

3. These shares are held directly by Isalea Investments LP, of which the Reporting Person is the Managing Member. The Reporting Person may be deemed to have beneficial ownership of the shares held directly by Isalea Investments LP. The Reporting Person disclaims beneficial ownership of such shares, and this Form 4 shall not be deemed an admission that the Reporting Person is the beneficial owner of the shares for purposes of Section 16 or for any other purpose.

Remarks:

	/s/ Kyle Sauers as Attorney-in-fact	08/01/2025
	** 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.

FAQ

How many Rush Street Interactive (RSI) shares did Niccolo de Masi sell?

446,094 Class A common shares were sold.

What was the average sale price for the RSI shares?

The weighted-average price reported was $18.3464, with trades between $17.49 and $18.75.

When did the insider sale occur?

The transaction date was 31 July 2025.

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

Yes. The plan was adopted on 14 March 2025.

How many RSI shares does the director hold after the sale?

The form lists 0 shares indirectly held via Isalea Investments LP and 15,203 shares in a separate holding.

Who signed the Form 4 on behalf of the reporting person?

It was signed by Kyle Sauers as attorney-in-fact on 1 Aug 2025.