[144] Sapiens International Corporation N.V. SEC Filing

Rhea-AI Filing Summary

Sapiens International Corp. N.V. (SPNS) – Form 144 filing reports that shareholder Al-Dor Ron intends to sell 57,249 common shares through Oppenheimer & Co. on or about 24 Jul 2025 on Nasdaq. Based on the stated aggregate market value of $1.76 million, the proposed sale equals roughly 0.10 % of the 55,887,225 shares outstanding.

The shares were originally acquired by option exercise on 7 Sep 2017, paid in cash. Over the last three months the same holder has already disposed of 342,928 shares for gross proceeds of $9.99 million, indicating a continuing liquidity program. The notice is required under Rule 144 for sales of restricted or control securities and does not, by itself, imply any change in the company’s fundamentals.

Positive

• None.

Negative

• Continued insider selling: New plan to dispose of 57,249 shares follows 342,928 shares already sold in the prior three months, totaling nearly $10 million in proceeds.
• Potential sentiment drag: Persistent insider liquidation may be perceived as reduced confidence, even though the percentage of shares outstanding is small.

Insights

Equity Analyst

TL;DR: 57k-share insider sale equals 0.1 % of float; follows recent 343k-share disposals, signalling continued selling but limited price impact.

The proposed $1.76 million sale is modest relative to SPNS’s market capitalization and daily trading volume, suggesting limited technical pressure. However, it extends a three-month pattern of insider divestitures totaling nearly $10 million, which some investors may interpret as reduced insider conviction. No operational data accompanies the filing, so the transaction’s significance is primarily sentiment-driven rather than fundamental. Overall impact: neutral-to-slightly-negative.

Corporate Governance Specialist

TL;DR: Routine Rule 144 notice; volume within allowable limits, governance risk low, but trend of serial sales warrants monitoring.

Because total planned sales remain well below Rule 144 volume thresholds (~1 % of outstanding shares every 90 days), regulatory compliance appears sound. The signer affirms no undisclosed adverse information, reducing information-asymmetry concerns. Nevertheless, cumulative selling of ~400 k shares since April could raise questions about long-term alignment between this insider and outside shareholders. Investors should watch for further Form 144s or Form 4s to gauge whether selling accelerates.

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	Oppenheimer & Co. Inc. 85 Broad St. New York NY 10004	57249	1762124.00	55887225	07/24/2025	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	09/07/2017	Exercised Options	Issuer			225000	09/07/2017	Cash- Upon Execrised

* 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
Al-Dor Ron AZRIELI CENTER 26 HAROKMIM ST. Holon L3 5885800	Common	04/24/2025	14857	409921.32
Al-Dor Ron AZRIELI CENTER, 26 HAROKMIM ST Holon L3 5885800	Common	05/01/2025	127516	3657039.77
Al-Dor Ron AZRIELI CENTER, 26 HAROKMIM ST. Holon L3 5885800	Common	06/03/2025	91736	2666801.03
Al-Dor Ron AZRIELI CENTER, 26 HAROKMIM ST. Holon L3 5885800	Common	07/01/2025	108819	3258932.43

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

How many Sapiens (SPNS) shares are being sold under this Form 144?

The filing covers up to 57,249 common shares.

What is the dollar value of the proposed SPNS share sale?

The aggregate market value is listed as $1.76 million.

When is the planned sale date for the SPNS shares?

The approximate sale date disclosed is 24 July 2025.

How much stock has the same insider sold in the last 3 months?

Previous Form 144 data shows 342,928 shares sold for $9.99 million in gross proceeds.

What percentage of SPNS shares outstanding does the new sale represent?

The 57,249 shares equal roughly 0.10 % of the 55.9 million shares outstanding.