Form 144 Filed: SE Insider RSU Vesting and Proposed 101,003 ADS Sale

Rhea-AI Filing Summary

Form 144 filed for Sea Limited (SE) discloses a proposed sale of 101,003 American Depositary Shares (ADS) through UBS Financial Services on the NYSE, with an aggregate market value reported as $17,675,525 and an approximate sale date of 08/14/2025. The filing shows two recent acquisitions by vesting of restricted stock units (1,003 ADS on 07/18/2025 and 100,000 ADS on 07/31/2025) described as compensation for services. It also lists seven ADS sales by NordicSun Limited in June 2025 totaling 94,416 ADS for gross proceeds ranging from roughly $1.77 million to $2.56 million per trade. The filer certifies no undisclosed material adverse information.

Positive

• Disclosure completeness: Broker, quantity, acquisition dates, and nature of acquisition (RSU vesting) are provided
• Recent sales reported: Prior June sales by NordicSun Limited are listed with dates and proceeds, aiding transparency

Negative

• Insider-related sell-off: Proposed sale of 101,003 ADS (valued at $17.7M) increases share supply
• Limited holder context: Filing does not state the filer’s relationship to issuer or percent ownership, restricting materiality assessment

Insights

Securities Analyst

TL;DR: Insider-related selling disclosed; modest planned block may pressure near-term float.

The filing reveals a planned sale of 101,003 ADS valued at $17.7 million using UBS as broker and multiple recent June dispositions by NordicSun Limited totaling 94,416 ADS. The seller received 101,003 ADS via RSU vesting in July as compensation, indicating these shares are recently issued to an insider or related party and are now being registered for sale. For investors, the immediate implication is incremental supply to the market; without context on average daily volume or insider holdings, the market impact is unclear. Disclosure appears standard and compliant with Rule 144 notice requirements.

Corporate Governance Expert

TL;DR: Proper Form 144 disclosure of proposed sale and recent RSU vesting; certifications align with Rule 144 practices.

The document identifies the broker, quantity, acquisition dates, and nature of acquisition (RSU vesting), and includes prior sales by the same related entity in June. The signature/representation language affirms no undisclosed material adverse information. From a governance perspective, the filing transparently ties compensation-related share issuance to subsequent sale intent, which is appropriate; however, it does not provide the filer’s relationship to the issuer or holdings schedule, limiting assessment of proportionality versus total outstanding ADS.

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
ADS	UBS Financial Services Inc 1000 Harbor Blvd 3rd Floor Weehawken NJ 07086	101003	17675525	543584213	08/14/2025	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 *
ADS	07/18/2025	Vesting of RSU	The Issuer			1003	07/18/2025	Compensation for services provided
ADS	07/31/2025	Vesting of RSU	The Issuer			100000	07/31/2025	Compensation for services provided

* 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
NordicSun Limited 5 Science Park Drive Shoppee Building Singapore U0 118265	ADS	06/05/2025	15000	2559316
NordicSun Limited 5 Science Park Drive Shoppee Building Singapore U0 118265	ADS	06/06/2025	15000	2506659
NordicSun Limited 5 Science Park Drive Shoppee Building Singapore U0 118265	ADS	06/09/2025	15000	2471749
NordicSun Limited 5 Science Park Drive Shoppee Building Singapore U0 118265	ADS	06/10/2025	15000	2368738
NordicSun Limited 5 Science Park Drive Shoppee Building Singapore U0 118265	ADS	06/11/2025	15000	2323857
NordicSun Limited 5 Science Park Drive Shoppee Building Singapore U0 118265	ADS	06/12/2025	15000	2300622
NordicSun Limited 5 Science Park Drive Shoppee Building Singapore U0 118265	ADS	06/13/2025	11416	1773546

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 quantity of Sea Limited (SE) ADS is proposed for sale on Form 144?

The filing proposes sale of 101,003 ADS with an aggregate market value of $17,675,525 and an approximate sale date of 08/14/2025.

How were the ADS acquired that are subject to the proposed sale?

The ADS were acquired via vesting of restricted stock units (RSUs): 1,003 ADS on 07/18/2025 and 100,000 ADS on 07/31/2025, described as compensation for services.

Did the filer sell any SE ADS recently before this notice?

Yes. NordicSun Limited sold ADS on multiple dates in June 2025 totaling 94,416 ADS across seven trades, with gross proceeds listed for each trade.

Through which broker will the proposed sale be executed?

The broker named is UBS Financial Services Inc, 1000 Harbor Blvd, Weehawken, NJ, and the exchange is the NYSE.

Does the filing state there is any undisclosed material adverse information?

The filer certifies by signature that they do not know any material adverse information regarding the issuer that has not been publicly disclosed.