Insider Sale: Azzurro Capital Disposes 25,000 Travelzoo Shares

Rhea-AI Filing Summary

Form 4 summary: Azzurro Capital Inc. reported the sale of 25,000 shares of Travelzoo (TZOO) on 09/26/2025. The form lists a price of $10.06 with a footnote that sale prices ranged from $9.98 to $10.16 per share, and the reporting person agrees to provide a breakdown of shares sold at each price upon request. After the transaction, Azzurro Capital Inc. is shown as beneficially owning 3,792,696 shares. The filing is signed by Ralph Bartel and identifies Azzurro Capital Inc., Ralph Bartel, and the Ralph Bartel 2005 Trust as reporting persons, each marked as a director and 10% owner where indicated. Indirect ownership is noted for Mr. Bartel and the Trust.

Insights

Securities Analyst

TL;DR: A small insider sale was disclosed; ownership remains large and the filing supplies price-range details on the trades.

The filing documents a single non-derivative disposition of 25,000 Travelzoo shares by Azzurro Capital Inc. executed on 09/26/2025. The reported price is shown as $10.06 with a stated range of $9.98 to $10.16; the filer offers to provide the per-trade breakdown if requested. Post-transaction beneficial ownership remains at 3,792,696 shares, and reporting parties include Azzurro Capital Inc., Ralph Bartel, and the Ralph Bartel 2005 Trust. This disclosure is routine and provides the required transparency on insider selling activity.

Corporate Governance Expert

TL;DR: Disclosure is complete for the reported sale and shows continued substantial indirect ownership by insiders.

The Form 4 properly identifies the reporting persons, their relationships to the issuer, and includes signature attestations. It documents indirect ownership for Mr. Bartel and the related trust and confirms willingness to supply detailed trade-by-trade price information to regulators or stakeholders. From a governance perspective, the filing meets Section 16 disclosure norms and leaves no evident procedural gaps in the reported transaction details.

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
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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)
09/26/2025

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	09/26/2025		S		25,000	D	$10.06(1)(2)	3,792,696(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 $9.98 to $10.16 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.

Remarks:

	Ralph Bartel, Authorized Signatory	09/29/2025
	Ralph Bartel	09/29/2025
	Ralph Bartel, Authorized Signatory.	09/29/2025
	** 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 transaction did Azzurro Capital Inc. report on the TZOO Form 4?

The filer reported the sale of 25,000 shares of Travelzoo (TZOO) on 09/26/2025.

At what price were the TZOO shares sold according to the Form 4?

The form shows a price of $10.06 and notes the sale prices ranged from $9.98 to $10.16 per share.

How many TZOO shares does Azzurro Capital Inc. beneficially own after the reported sale?

The filing reports 3,792,696 shares beneficially owned by Azzurro Capital Inc. following the transaction.

Who are the reporting persons listed on the Form 4 for TZOO?

The reporting persons are Azzurro Capital Inc., Ralph Bartel, and the Ralph Bartel 2005 Trust; each is marked as a director and 10% owner where indicated.

Does the Form 4 provide a breakdown of how many shares sold at each price?

Not in the form itself; however, the reporting person undertakes to provide, upon request, full information regarding the number of shares sold at each price.