[144] Sea Ltd SEC Filing

Rhea-AI Filing Summary

Sea Ltd (SE) filing a Form 144 notifies a proposed sale of 300,000 ADS through UBS on 09/24/2025, with an aggregate market value of $54,000,000. The ADS were acquired on 09/18/2025 by exercise of employee share options under the issuer's ESOP and were paid as compensation for services. The filer also disclosed a series of recent disposals by NordicSun Limited totaling ~192,232 ADS sold between 08/14/2025 and 09/08/2025 for multi-million dollar gross proceeds on each date. The filer certifies no undisclosed material adverse information.

Positive

• None.

Negative

• Proposed sale of 300,000 ADS valued at $54,000,000 could increase share supply and is a sizable insider-related disposition
• Multiple recent disposals by NordicSun Limited (totaling ~192,232 ADS) indicate ongoing selling activity in the market

Insights

Financial Analyst

TL;DR: A sizable insider-related ADS sale is planned; recent related sales show ongoing disposition of shares.

The proposed 300,000 ADS sale valued at $54 million is notable in absolute terms and follows multiple recent disposals by NordicSun Limited totaling roughly 192,232 ADS in the prior month. These entries show liquidity events tied to option exercises and secondary market sales rather than operating changes. For investors, the filing documents the source of the shares (ESOP exercise on 09/18/2025) and that payment was compensation for services, which is a common mechanism for equity awards becoming marketable. Impact is routine but worth monitoring for further related-party transactions.

Corporate Governance Expert

TL;DR: The filing is a standard Rule 144 notice documenting sale mechanics and recent disposals; no regulatory flags are evident.

The Form 144 provides required disclosures: acquisition date, nature of acquisition (exercise under ESOP), payment date, and representation about material nonpublic information. The record of multiple discrete sales by NordicSun Limited is consistent with staggered dispositions. The signature/representation language is present, and no gift, pledge, or unusual consideration terms are disclosed. From a governance perspective this is a compliant disclosure of insider-related sales, not a corporate governance event.

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	300000	54000000	543584213	09/24/2025	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	09/18/2025	Exercise of share options under Issuer's ESOP	The Issuer			300000	09/18/2025	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 Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	08/14/2025	20000	3478054
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	08/15/2025	20000	3546054
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	08/18/2025	20000	3525664
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	08/19/2025	20000	3581678
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	08/20/2025	21003	3717175
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	08/28/2025	15000	2762190
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	08/29/2025	15000	2799165
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	09/02/2025	15000	2677575
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	09/03/2025	15000	2685270
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	09/04/2025	15000	2806455
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	09/05/2025	15000	2846745
NordicSun Limited Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola D8 VG1110	ADS	09/08/2025	11229	2161234

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 Sea Ltd's (SE) Form 144 disclose?

The Form 144 discloses a proposed sale of 300,000 ADS via UBS on 09/24/2025, acquired on 09/18/2025 by exercise of ESOP options.

How much are the ADS proposed for sale worth in the filing?

The filing lists an aggregate market value of $54,000,000 for the 300,000 ADS proposed to be sold.

Who acquired the ADS being sold and how were they paid?

The ADS were acquired from the issuer on 09/18/2025 via exercise of share options under the issuer's ESOP and payment is described as compensation for services.

Has the filer sold other ADS recently?

Yes. NordicSun Limited disclosed multiple ADS sales between 08/14/2025 and 09/08/2025 totaling roughly 192,232 ADS with multi-million dollar proceeds on each date.

Which broker is handling the proposed sale?

The filing lists UBS Financial Services Inc as the broker for the proposed sale.