SATL Form 144 Shows 1.57M Insider Shares Sold, New 13.8K Pending

Rhea-AI Filing Summary

Satellogic Inc. (SATL) has filed a Form 144 notice indicating that Hannover Holdings S.A. intends to sell 13,795 Class A common shares through J.P. Morgan Securities on 06/30/2025. The shares carry an aggregate market value of $52,151 and represent roughly 0.015% of the company’s 90.5 million shares outstanding. The securities being sold were originally acquired on 01/25/2022 via the exchange of Nettar Group Inc. convertible notes stemming from the July 5 2021 merger agreement.

The filing also details prior dispositions by Hannover Holdings over the past three months totaling 1,574,087 shares for approximately $5.9 million in gross proceeds. These earlier sales occurred between 05/28/2025 and 06/27/2025 across 15 separate transactions. No adverse, non-public information was asserted by the seller, and the shares will be sold on the NASDAQ market.

While the new proposed sale is small in absolute terms, the cumulative pattern of insider selling—amounting to roughly 1.7% of shares outstanding—may attract investor attention regarding future supply dynamics and insider sentiment.

Positive

• Sale size is immaterial, representing only 0.015% of shares outstanding, limiting immediate dilution impact.
• Transparent disclosure under Rule 144 provides investors timely insight into insider activity.

Negative

• Ongoing insider selling pattern: 1.57 million shares already sold in the last three months, indicating potential lack of conviction.
• Potential sentiment and liquidity pressure as continued sales by a large holder can act as an overhang on share price.

Insights

Securities Analyst

TL;DR – Continued insider sales, but latest tranche is immaterial in size; signal risk outweighs direct dilution.

The Form 144 discloses a forthcoming sale of 13,795 SATL shares—about 0.015% of float—valued at only $52k. On its own, this poses negligible dilution or liquidity impact. However, Hannover Holdings has already liquidated 1.57 million shares over the last quarter, signaling a sustained disposition trend representing roughly 1.7% of outstanding shares. Persistent insider selling can pressure sentiment and act as a technical overhang, especially for a micro-cap space company where daily volume may be thin. Investors should monitor whether this pattern continues and whether other insiders follow suit, as this could indicate limited confidence in near-term appreciation or a need for liquidity.

Risk Analyst

TL;DR – Filing is modestly negative; cumulative insider supply presents headline and liquidity risk.

From a risk perspective, the filing flags a behavioral risk rather than a balance-sheet issue. The continuing sales by Hannover Holdings suggest a strategy to reduce exposure post-SPAC merger. Although the absolute number of shares is small this time, concentration of sales by a single holder can exacerbate volatility, particularly if trading volumes are low. The absence of any stated material adverse information mitigates informational asymmetry concerns, but headline risk remains if further sizeable Form 144s are filed.

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

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
Class A common	J.P. Morgan Securities LLC 390 Madison Avenue - 6th Floor New York NY 10017	13795	52151	90526937	06/30/2025	NASDAQ

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 *
Class A common	01/25/2022	Exchange of Nettar Group Inc. convertible notes in connection with the Agreement and Plan of Merger dated July 5, 2021, by and among Satellogic Inc., CF Acquisition Corp. V, Ganymede Merger Sub 1 Inc., Ganymede Merger Sub 2 Inc., and Nettar Group Inc.	Issuer			7513892	01/25/2022	Exchange of Assets

* 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
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	05/28/2025	136665	541558
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	05/29/2025	150000	565237
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	05/30/2025	200000	741599
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/02/2025	200000	741235
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/03/2025	179373	665377
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/04/2025	77975	280908
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/05/2025	87744	317914
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/06/2025	50117	178625
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/09/2025	62672	223466
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/10/2025	100000	357077
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/11/2025	10800	39006
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/18/2025	18741	66000
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/20/2025	100000	353720
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/26/2025	100000	373256
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	06/27/2025	100000	374776

144: Remarks and Signature

Remarks

Date of Notice

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

What does Satellogic's (SATL) latest Form 144 disclose?

Hannover Holdings intends to sell 13,795 Class A shares valued at $52,151 on 06/30/2025 via J.P. Morgan Securities.

Who is the selling shareholder in SATL's Form 144 filing?

The selling holder is Hannover Holdings S.A., acting for its own account.

How many SATL shares has Hannover Holdings sold recently?

The filing lists 1,574,087 shares sold between 05/28/2025 and 06/27/2025 for about $5.9 million in gross proceeds.

What percentage of Satellogic's outstanding shares does the proposed sale represent?

The 13,795 shares equal roughly 0.015% of the 90,526,937 shares outstanding.

When were the shares being sold originally acquired?

They were acquired on 01/25/2022 through the exchange of Nettar Group Inc. convertible notes tied to Satellogic's merger.