[Form 4] Travelzoo Insider Trading Activity

Rhea-AI Filing Summary

Travelzoo (TZOO) Form 4: 10% owner Azzurro Capital Inc. and its indirect holders (Ralph Bartel and the Ralph Bartel 2005 Trust) disclosed two open-market sales.

• 7/28/2025: 7,500 common shares sold at $11.08-$11.10 (code S).
• 7/29/2025: 10,000 common shares sold at $10.34-$10.36 (code S).

After the transactions, the reporting group owns 4,045,196 TZOO shares, down by 17,500 shares (<≈0.4% of its position). Ownership is reported as indirect (I) through Azzurro Capital. No derivative securities were involved and no other transactions were reported.

The filing signals modest insider selling but the group retains a sizable stake well above the 10% threshold.

Positive

• None.

Negative

• Insider selling: 10% owner Azzurro Capital disposed of 17,500 shares, potentially perceived as a modest negative signal despite representing less than 0.5% of its stake.

Insights

Securities Analyst

TL;DR: Minor insider trim; little fundamental impact.

The 17,500-share sale represents a fractional reduction of Azzurro Capital’s 4.0 million-share holding. Transaction code S confirms routine open-market sales with no derivatives. Given the <0.5% size, the move is unlikely to alter control dynamics or signal a material shift in outlook. Investors may note continued >10% ownership, maintaining alignment with minority shareholders. Overall impact on valuation or float liquidity is negligible.

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).

1. Name and Address of Reporting Person^*

AZZURRO CAPITAL INC

(Last) (First) (Middle)

C/O SOVEREIGN MANAGEMENT LIMITED

P.O. BOX 564 SOVEREIGN PLACE

(Street)

GIBRALTAR J1 GX11 1AA

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TRAVELZOO [ TZOO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

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

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

	Form filed by One Reporting Person
X	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	07/28/2025		S		7,500	D	$11.08(1)(2)	4,055,196(3)	I(4)	Shares sold were directly owned by Azzurro Capital Inc.
Common Stock	07/29/2025		S		10,000	D	$10.35(2)(5)	4,045,196(3)	I(4)	Shares sold were directly owned by Azzurro Capital Inc.

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

1. Name and Address of Reporting Person^*

AZZURRO CAPITAL INC

(Last) (First) (Middle)

C/O SOVEREIGN MANAGEMENT LIMITED

P.O. BOX 564 SOVEREIGN PLACE

(Street)

GIBRALTAR J1 GX11 1AA

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BARTEL RALPH

(Last) (First) (Middle)

CASELLA POSTALE 823

(Street)

6612 ASCONA V8 6612

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Ralph Bartel 2005 Trust

(Last) (First) (Middle)

C/O FEDELTA TRUSTEES (IOM) LIMITED

20 HILL STREET, 2ND FLOOR, DOUGLAS

(Street)

DOUGLAS, ISLE OF MAN Y8 IM1 1EU

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Sale prices for the shares sold ranged from $11.08 to $11.10 per share.

2. The reporting person undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each price.

3. The "Amount of Securities Beneficially Owned Following Reported Transaction(s)" represents shares held by Azzurro Capital Inc.

4. Indirect ownership applies to Ralph Bartel and the Ralph Bartel 2005 Trust.

5. Sale prices for the shares sold ranged from $10.34 to $10.36 per share.

Remarks:

	Ralph Bartel, Authorized Signatory	06/30/2025
	Ralph Bartel	06/30/2025
	Ralph Bartel, Authorized Signatory.	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many Travelzoo shares did Azzurro Capital sell?

A total of 17,500 common shares were sold on 7/28-7/29/2025.

At what prices were the TZOO shares sold?

Sales occurred between $10.34 and $11.10 per share, according to the Form 4 footnotes.

What is Azzurro Capital's remaining stake in TZOO?

Post-sale beneficial ownership is 4,045,196 shares, still above the 10% threshold.

Were derivative securities involved in this Form 4?

No, Table II shows no derivative transactions were reported.

Does the filing indicate a change in insider control of Travelzoo?

No. The sales reduced the position by about 0.4%, leaving significant insider ownership and control unchanged.