Smith-Midland (SMID) Insider Files Rule 144 to Sell 15,000 Shares

Rhea-AI Filing Summary

Smith-Midland Corporation (SMID) insider proposes sale of common shares under Rule 144. The notice lists a broker (Raymond James & Associates) and an approximate sale of 15,000 common shares with an aggregate market value of $628,350, to be sold on or about 08/19/2025 on NASDAQ. The filer acquired the shares via stock options on 05/06/2011 (80,000 shares) and 12/11/2013 (20,000 shares) and paid cash. No sales by the filer in the prior three months are reported. The filing includes the required representation that the seller is not aware of undisclosed material adverse information.

Positive

• Regulatory compliance: The filer provided required details for a Rule 144 sale including broker, quantities, acquisition dates, and payment method
• No recent sales: The notice reports "Nothing to Report" for securities sold by the filer in the past three months

Negative

• Insider disposition: The filing notifies the market of a proposed sale of 15,000 shares valued at $628,350
• Timing disclosure: The planned sale date is approximately 08/19/2025, which may be interpreted by some investors as insider liquidity

Insights

Securities Analyst

TL;DR: Routine Rule 144 notice: an affiliate plans a modest NASDAQ sale via a broker.

The filing is a standard Rule 144 notice documenting a proposed sale of 15,000 common shares through Raymond James on or about 08/19/2025. Acquisition history shows the shares derive from stock option exercises in 2011 and 2013 paid in cash. No prior three-month sales are reported, and the filer affirms no undisclosed material adverse information. For investors, this is a compliance disclosure rather than a corporate operational update.

Corporate Governance Expert

TL;DR: Compliance-focused disclosure; it documents insider liquidity but contains no new operational facts.

This Form 144 provides required broker, quantity, and acquisition details for a proposed disposition under Rule 144. It meets procedural requirements including acquisition dates and payment method. The filer’s representation about material information is standard. The filing does not disclose executive changes, company performance data, or related-party transactions beyond the sale intent, so it is governance-compliant but not materially informative about company fundamentals.

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
Common	Raymond James & Associates 880 Carillon Parkway St. Petersburg FL 33716	15000	628350.00	5304606	08/19/2025	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 *
Common	05/06/2011	Stock Option	Issuer			80000	05/06/2011	Cash
Common	12/11/2013	Stock Option	Issuer			20000	12/11/2013	Cash

* 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

Nothing to Report

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 Smith-Midland Corporation's (SMID) Form 144 disclose?

The notice discloses a proposed sale of 15,000 common shares via Raymond James with aggregate market value $628,350 and an approximate sale date of 08/19/2025.

How were the shares being sold acquired?

The shares were acquired by the filer through stock option exercises on 05/06/2011 (80,000 shares) and 12/11/2013 (20,000 shares), paid in cash.

Does the filing report any securities sold in the past three months by the filer?

No. The filing states "Nothing to Report" for securities sold by the person in the prior three months.

Which broker will handle the sale listed in the Form 144?

The broker named in the filing is Raymond James & Associates located at 880 Carillon Parkway, St. Petersburg, FL.

Is there any undisclosed material information according to the filer?

By signing the notice the filer represents they do not know any material adverse information about the issuer that has not been publicly disclosed.