Rush Street Interactive Insider Sale: CEO Cuts Stake by 16%

Rhea-AI Filing Summary

Rush Street Interactive, Inc. (RSI) – Form 4 insider transaction

Chief Executive Officer and Director Richard Todd Schwartz reported the sale of 193,905 Class A common shares on 07/08/2025. The shares were disposed of under a pre-arranged Rule 10b5-1 trading plan dated 08/16/2024, indicating the trades were scheduled in advance to avoid the appearance of opportunistic timing.

The weighted-average selling price was $15.3898, with individual trades executed between $15.14 and $15.60. Following the sale, Schwartz’s direct beneficial ownership stands at 1,017,471 shares. No derivative securities transactions were reported, and there were no purchases.

While Form 4 filings do not provide company-level financial metrics, insider activity can be a sentiment indicator. The transaction represents an approximate 16% reduction of Schwartz’s directly held shares (based on the difference between pre- and post-transaction holdings disclosed in this filing). The use of a 10b5-1 plan mitigates concerns of information asymmetry, but investors often monitor sizable executive sales for potential signaling effects.

Positive

• Sale executed under a Rule 10b5-1 plan, enhancing transparency and reducing concerns of opportunistic insider trading.

Negative

• CEO reduced his direct shareholding by 193,905 shares (≈16%), which can be perceived as a confidence-dampening signal.

Insights

Securities Analyst

TL;DR: CEO sold 193.9k shares (16% of stake) via 10b5-1 at ~$15.39; modestly negative sentiment but mitigated by pre-planned trade.

The filing shows a meaningful, though not company-altering, reduction in the CEO’s position. The 10b5-1 plan reduces the likelihood of trading on non-public information, yet a sale of this size can still weigh on investor perception, particularly given RSI’s sensitivity to executive confidence signals. No derivatives or option exercises accompany the sale, so the action purely decreases common-share exposure. Absent complementary information (earnings, guidance, major corporate events), I regard the impact as slightly negative from a sentiment standpoint, but not materially detrimental to fundamentals.

Portfolio Manager

TL;DR: Transaction is routine liquidity under 10b5-1; monitor pattern but treat as low fundamental impact.

From a portfolio perspective, insider sales only become thesis-changing when they are unusually large relative to ownership or coincide with deteriorating fundamentals. Schwartz retains over one million shares, indicating continued alignment. The weighted-average price suggests he captured liquidity near recent trading levels, not a premium, which may keep price pressure limited. I classify this as not impactful to valuation yet worth tracking if sales persist.

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).

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^*

SCHWARTZ RICHARD TODD

(Last) (First) (Middle)

C/O RUSH STREET INTERACTIVE, INC.

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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

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	07/08/2025		S(1)		193,905	D	$15.3898(2)	1,017,471	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 August 16, 2024.

2. The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $15.14 to $15.60 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.

Remarks:

	/s/ Kyle Sauers as Attorney-in-fact	07/08/2025
	** 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 RSI shares did CEO Richard Todd Schwartz sell on 07/08/2025?

He sold 193,905 Class A common shares.

At what price were the RSI shares sold?

The weighted-average selling price was $15.3898, with trades between $15.14 and $15.60.

What is the CEO's remaining share ownership in Rush Street Interactive?

Following the transaction, he beneficially owns 1,017,471 shares directly.

Was the transaction part of a pre-arranged trading plan?

Yes. The shares were sold under a Rule 10b5-1 plan dated 08/16/2024.

Does the filing report any derivative security activity?

No derivative securities were acquired or disposed of in this Form 4.