Satellogic (SATL) Rule 144 Notice: Ongoing Large-Block Share Sales

Rhea-AI Filing Summary

Form 144 notice for SATL: Hannover Holdings S.A., through J.P. Morgan Securities LLC, filed to sell 80,593 Class A common shares on 08/26/2025 on NASDAQ. The filer acquired 7,513,892 shares on 01/25/2022 in an exchange of Nettar Group Inc. convertible notes arising from the merger transaction with Satellogic Inc.

The filing includes a detailed log of multiple Class A share sales by Hannover Holdings S.A. between 05/28/2025 and 08/25/2025, with individual transactions ranging from small lots to several 150,000-share blocks and associated gross proceeds reported for each sale. The notice contains the required representation that the seller is not aware of any undisclosed material adverse information regarding the issuer.

Positive

• Compliance with Rule 144 disclosure is evident: the filer provides acquisition details, broker, planned sale amount, and past sale history
• Large original acquisition disclosed (7,513,892 shares acquired in exchange), giving transparency on origin of shares

Negative

• Ongoing, frequent sales from 05/28/2025 to 08/25/2025 include many large blocks (multiple 150,000-share sales), indicating sustained disposition pressure
• Potential increase in free float from repeated block sales which may exert downward pressure on the share price if market absorption is weak

Insights

Financial Analyst

TL;DR: Significant block sales indicate ongoing disposition of a large pre-merger holding; transaction size and frequency may affect short-term float and liquidity.

The filing shows Hannover Holdings S.A. is continuing to reduce its stake in Satellogic via systematic market sales executed through a broker on NASDAQ. The filer previously acquired a multi-million-share position via a 2022 stock exchange tied to a merger consideration, and now is selling in numerous tranches, including repeated 150,000-share blocks. For investors, this is a supply-side development: concentrated selling over months can pressure shares or increase available float, depending on market absorption. The filing itself is procedural and complies with Rule 144 disclosure requirements.

Corporate Governance Expert

TL;DR: The disclosure is routine under Rule 144 but signals substantial insiders/affiliate divestiture from post-merger holdings.

From a governance perspective, the form documents disposition of shares originally received in a merger-related exchange, suggesting the seller is an affiliate or related party reducing exposure. The serial sales and the representation that no material nonpublic information exists satisfy regulatory attestations but do not provide rationale for the sales. The pattern merits attention for shareholders monitoring insider-related selling activity and potential impacts on perceived confidence in management or strategic direction.

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	80593	298952	90526937	08/26/2025	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
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/16/2025	100000	358000
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/17/2025	150000	558000
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/18/2025	1800	6606
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/21/2025	71481	250898
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/22/2025	16052	55058
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/23/2025	37764	136706
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/28/2025	1330	4837
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	07/31/2025	43057	144835
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/01/2025	33296	110995
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/04/2025	150000	504739
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/05/2025	150000	517410
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/06/2025	150000	517921
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/07/2025	150000	513346
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/08/2025	150000	515420
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/11/2025	22456	74984
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/12/2025	150000	511885
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/13/2025	200000	726649
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/14/2025	150000	554303
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/15/2025	150000	533018
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/18/2025	150000	533832
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/19/2025	6433	22804
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/21/2025	150000	531590
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/22/2025	67986	241444
Hannover Holdings S.A. c/o Satellogic Inc. 210 Delburg Street Davidson NC 28036	Class A common	08/25/2025	150000	543063

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 the SATL Form 144 filed by Hannover Holdings S.A. report?

The notice reports a proposed sale of 80,593 Class A common shares to be executed via J.P. Morgan on NASDAQ and lists prior Class A sales between 05/28/2025 and 08/25/2025 with gross proceeds for each trade.

How did Hannover Holdings acquire the shares it is selling under SATL Form 144?

The shares were acquired on 01/25/2022 in an exchange of Nettar Group Inc. convertible notes as part of the merger-related transactions involving Satellogic Inc.

Are the recent sales large enough to affect SATL's market float?

The filing documents repeated large blocks, including many 150,000-share transactions; such concentrated sales can materially increase available float and affect short-term liquidity and price dynamics.

Does the Form 144 indicate undisclosed adverse information about Satellogic (SATL)?

The filer signs a representation stating they are not aware of any material adverse nonpublic information about the issuer; the filing itself contains no disclosure of undisclosed adverse information.

Who is the broker handling the proposed sale in the SATL Form 144?

The broker named for the proposed sale is J.P. Morgan Securities LLC located at 390 Madison Avenue, New York.