[144] Sea Limited American SEC Filing

Rhea-AI Filing Summary

Form 144 filed for SE (Sea Limited) reports a proposed sale of 101,229 American Depositary Shares (ADS) through UBS Financial Services on the NYSE, with an aggregate market value of $18,573,496.90 and approximately 543,584,213 ADS outstanding at the time of the notice. The shares were acquired by the seller as vested restricted stock units on 04/30/2025 and are described as compensation for services. The filing also discloses prior sales by the same account during June and August 2025, totaling 202,419 ADS sold across multiple transactions. The filer represents no undisclosed material adverse information.

Positive

• Clear disclosure of acquisition method (RSU vesting) and planned brokered sale through UBS on the NYSE
• Transaction size is small relative to total outstanding ADS (101,229 vs. 543,584,213 outstanding)
• Filer represented no undisclosed material adverse information as required by the form

Negative

• Significant recent selling activity: 202,419 ADS sold across June and August 2025 by the same account
• Material value being monetized: proposed sale valued at about $18.57 million may be viewed negatively by some investors

Insights

Financial Analyst

TL;DR: Routine insider sale of vested RSUs; transaction size is modest relative to total outstanding ADS.

The seller acquired 101,229 ADS by RSU vesting on 04/30/2025 and plans to sell through UBS on the NYSE. The proposed sale value of about $18.6 million represents a small fraction of the roughly 543.6 million ADS outstanding, suggesting limited direct dilution or balance-sheet impact for the issuer. Recent activity shows material selling over June and August 2025 totaling 202,419 ADS, indicating ongoing monetization of position rather than a single large liquidation event. For investors, this appears to be scheduled compensation-driven selling rather than a company performance signal.

Corporate Governance Expert

TL;DR: Disclosure aligns with Rule 144 requirements; repeated sales merit monitoring but are not automatically adverse.

The filing clearly states the securities were acquired via RSU vesting and that sales will be executed through a broker, complying with Rule 144 transparency obligations. The pattern of multiple sales in June and August 2025 plus the announced 101,229 ADS sale could reflect routine executive compensation monetization. While the disclosure is proper, stakeholders may monitor for any concentrated selling that could suggest management liquidity needs or tax-driven selling; however, the amounts disclosed are small relative to total ADS outstanding.

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. Eleven Madison Avenue 4th Floor New York NY 10010	101229	18573496.90	543584213	08/28/2025	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	04/30/2025	Vesting of RSU	Issuer			101229	04/30/2025	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 Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	06/05/2025	15000	2559316.00
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	06/06/2025	15000	2506659.00
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	06/09/2025	15000	2471749.00
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	06/10/2025	15000	2368738.00
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	06/11/2025	15000	2323857.00
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	06/12/2025	15000	2300622.00
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	06/13/2025	11416	1773546.00
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	08/14/2025	20000	3478054.65
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	08/15/2025	20000	3546054.97
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	08/18/2025	20000	3525664.47
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	08/19/2025	20000	3581678.32
NordicSun Ltd. VISTRA CORPORATE SERVICES CENTRE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110	ADS	08/20/2025	21003	3717175.31

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

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 is being reported in the Form 144 for SE?

The filing reports a proposed sale of 101,229 ADS on the NYSE through UBS, acquired by RSU vesting on 04/30/2025 and described as compensation for services.

How many ADS were sold by the same account in the past three months?

The filing discloses prior sales totaling 202,419 ADS during June and August 2025 across multiple transactions.

What is the aggregate market value of the proposed sale?

The aggregate market value is reported as $18,573,496.90 for the 101,229 ADS proposed to be sold.

Through which broker will the sale be executed?

The broker listed is UBS Financial Services, Inc. at their New York office, and the sales are to be executed on the NYSE.

How large is this sale relative to total outstanding ADS?

The proposed sale of 101,229 ADS is small relative to the reported 543,584,213 ADS outstanding.