[Form 4] ReposiTrak, Inc. Insider Trading Activity

Rhea-AI Filing Summary

ServiceTitan, Inc. (symbol: TTAN) has filed a Form 144 indicating the intent to sell restricted shares under Rule 144 of the Securities Act.

Proposed sale: 20 Class A common shares with an aggregate market value of $2,190, to be executed on or about 07/08/2025 through Merrill Lynch on the NASDAQ exchange. The company has 77,266,756 Class A shares outstanding, so the forthcoming transaction represents a negligible 0.00003 % of the float.

Prior Rule 144 activity (past 3 months):

• Sellers: Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P. and 15 Angels II LLC—entities associated with early venture investors.
• Total shares sold: approximately 931,364 Class A shares across 18 trade dates.
• Gross proceeds: roughly $97.5 million.
• Largest single-day block: 500,000 shares on 06/10/2025, raising about $51 million.

The filing states that the selling persons "do not know any material adverse information" about ServiceTitan that has not been publicly disclosed, as required by Rule 144.

Investor takeaway: While the upcoming 20-share trade is de minimis, the historical data embedded in the filing confirms sustained, large-scale disposition of stock by major early investors during June-July 2025. Such selling can increase near-term float and may influence supply-demand dynamics for TTAN shares, though no adverse operational information is asserted in the notice.

Positive

• None.

Negative

• Significant insider/venture capital selling: Approximately 931,364 Class A shares (~1.2 % of total outstanding) have been sold over the past three months, generating about $97.5 million and increasing free float.

Insights

Financial Analyst

TL;DR: Venture funds sold ~931k TTAN shares ($97.5 M); new Form 144 covers only 20 shares, confirming continued distribution.

The filing highlights two distinct facts. First, a trivial new sale (20 shares) is planned, immaterial to dilution. Second, embedded disclosure lists extensive prior sales by Bessemer-affiliated vehicles and 15 Angels II, totalling ~931k shares (~1.2 % of outstanding) for ~$97.5 M since 06/10/2025. Continuous VC liquidation increases float and can weigh on valuation multiples, especially in the absence of offsetting buybacks or insider purchases. No earnings or operational data accompany the notice, so the impact is supply-side only.

Corporate Governance Specialist

TL;DR: Filing shows proper Rule 144 compliance but signals heavy insider exit.

From a governance perspective, the parties have followed disclosure rules, affirming no undisclosed adverse information. Nonetheless, venture‐backed issuers often experience heightened volatility when lock-ups expire and funds rotate out. The aggregated 931k-share sell-down indicates a strategic reduction by cornerstone holders. Although legal requirements are met, transparency does not neutralize the potential market perception risk of insider divestiture.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ALLEN ROBERT W

(Last) (First) (Middle)

5282 S COMMERCE DRIVE, SUITE D-292

(Street)

MURRAY UT 84107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ReposiTrak, Inc. [ TRAK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/02/2025		A		925	A	$0(1)	196,928	D
Common Stock	07/02/2025		A		954	A	$0(2)	197,882	D
Common Stock								587,476	I	By Trust
Common Stock								2,775	I	By Spouse
Series B Preferred Stock								39,704	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares issued in lieu of amounts payable to the Reporting Person for his service on the Issuer's Board of Directors for the quarter ended March 31, 2025.

2. Shares issued in lieu of amounts payable to the Reporting Person for his service on the Issuer's Board of Directors for the quarter ended June 30, 2025.

	/s/ Robert Allen	07/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What does ServiceTitan's latest Form 144 filing disclose?

It reveals an intent to sell 20 Class A shares (value $2,190) on or about 07/08/2025 under Rule 144.

How many ServiceTitan shares have major holders sold recently?

The filing lists prior sales totalling roughly 931,364 shares between 06/10/2025 and 07/03/2025.

Who are the primary sellers of TTAN stock mentioned in the document?

Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P. and 15 Angels II LLC.

What were the gross proceeds from recent insider sales of TTAN shares?

Approximately $97.5 million across multiple transactions in June-July 2025.

Does the Form 144 filing claim any undisclosed adverse information about ServiceTitan?

No. The signatory affirms that they are unaware of any material adverse information not already public.