[144] ServiceTitan, Inc. SEC Filing
ServiceTitan, Inc. (TTAN) – Form 144 filing dated 06/26/2025
The notice discloses that 15 Angels II LLC, identified as a 10 % shareholder of ServiceTitan, intends to sell 2,975 Class A common shares through Merrill Lynch Pierce Fenner & Smith. The proposed sale is scheduled to begin on 06/26/2025 on the NASDAQ market. At the most recent market price used in the filing, the aggregate value of the planned sale is approximately $309,876. ServiceTitan has 77,266,756 Class A shares outstanding, so the contemplated sale represents roughly 0.004 % of the float.
The filing also lists sales executed during the past three months by related entities, including Bessemer Venture Partners VIII funds and 15 Angels II LLC, totaling 517,543 shares and gross proceeds of ≈ $51.8 million. No material adverse, undisclosed information was acknowledged by the signer, Augie Wilkinson, per Rule 144 requirements.
Key Takeaways:
- Routine secondary sale by an existing large shareholder; no new shares are being issued by the company.
- Transaction size is immaterial relative to shares outstanding.
- Filing does not provide operational or financial performance data.
- None.
- Continued insider selling (517,543 shares over past three months) may be interpreted by some investors as reduced long-term commitment, although volumes are currently immaterial.
Insights
TL;DR Small insider sale (0.004 % float) — largely immaterial, signals routine liquidity rather than strategic shift.
The Form 144 reveals a minor planned disposition by 15 Angels II LLC. With only 2,975 shares worth roughly $310k, the sale is insignificant from a valuation or control standpoint. Larger cumulative sales over the last quarter (≈ 517k shares) are still modest versus the 77 million shares outstanding and appear spread across multiple funds, suggesting orderly portfolio rebalancing rather than negative insider sentiment. There is no mention of company fundamentals, guidance, or operational updates, limiting the filing’s investment relevance. Overall impact on TTAN’s share price should be negligible given the low volume relative to daily trading liquidity.
TL;DR Filing meets Rule 144 disclosure standards; nothing flags governance risk.
From a governance lens, the notice complies with SEC Rule 144: the seller affirms no undisclosed adverse information, provides acquisition details (private placement in 2015, cash consideration) and lists prior 90-day sales. The shareholder is a 10 % owner but the proposed sale remains below Rule 144 volume thresholds. No unusual payment structures or related-party concerns emerge. Therefore, the filing does not alter governance quality assessments.