Niraj Shah (ticker W) files to sell 6,000 Class A shares, details prior sales

Rhea-AI Filing Summary

Company with ticker W filed a notice that insider Niraj S. Shah plans to sell 6,000 shares of Class A stock through Fidelity Brokerage Services on or about 01/12/2026 on the NYSE, with an indicated aggregate market value of $686,280.00. These shares are described as founder shares acquired from the issuer on 01/01/2002 as compensation.

The filing also lists prior sales of the same issuer’s Class A shares during the past three months by Niraj S. Shah and the Shah Charitable Foundation. Individual transactions include sales such as 150,000 shares on 11/24/2025 for $15,886,889.60, and several other transactions ranging from 5,000 to 120,000 shares. The notice states that the person on whose behalf the shares are being sold represents that they do not know of undisclosed material adverse information about the issuer’s current or prospective operations.

Insights

Equity ownership and insider trading analyst

Form 144 shows planned and recent sizable insider sales but no new fundamental information.

This Form 144 indicates that Niraj S. Shah intends to sell 6,000 Class A shares of the issuer with ticker W, with an indicated market value of $686,280.00, on or about 01/12/2026. The shares are identified as founder shares acquired from the issuer on 01/01/2002 as compensation, which ties them to long-held equity rather than recent purchases.

The document also details a series of prior Class A share sales over the last three months by Niraj S. Shah and the Shah Charitable Foundation, including single transactions as large as 150,000 shares on 11/24/2025 for gross proceeds of $15,886,889.60. These entries show actual selling activity but do not, by themselves, explain motives or signal changes in the issuer’s business. The representation that the seller is unaware of undisclosed material adverse information means these sales are stated to be made without relying on non-public negative news.

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

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
Class A	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	6000	686280.00	106879786	01/12/2026	NYSE

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 *
Class A	01/01/2002	Founders Shares	Issuer			6000	01/01/2002	Compensation

* 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
Niraj S. Shah 4 Copley Place Boston MA 02116	Class A	10/20/2025	85000	7042070.36
Niraj S. Shah 4 Copley Place Boston MA 02116	Class A	10/23/2025	120000	9860055.10
Shah Charitable Foundation 4 Copley Place Boston MA 02116	Class A	10/28/2025	11000	1100000.00
Niraj S. Shah 4 Copley Place Boston MA 02116	Class A	10/28/2025	30000	3152949.80
Shah Charitable Foundation 4 Copley Place Boston MA 02116	Class A	11/10/2025	6000	647640.00
Niraj S. Shah 4 Copley Place Boston MA 02116	Class A	11/24/2025	150000	15886889.60
Shah Charitable Foundation 4 Copley Place Boston MA 02216	Class A	12/10/2025	5000	470500.00
Shah Charitable Foundation 4 Copley Place Boston MA 02116	Class A	12/11/2025	1000	100000.00
Niraj S. Shah 4 Copley Place Boston MA 02116	Class A	12/23/2025	120000	12033247.33
Niraj S. Shah 4 Copley Place Boston MA 02116	Class A	12/26/2025	30000	3069663.79

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

What does the Form 144 filing for ticker W disclose?

It discloses that Niraj S. Shah plans to sell 6,000 shares of Class A stock of the issuer with ticker W, with an aggregate market value of $686,280.00, through Fidelity Brokerage Services on or about 01/12/2026 on the NYSE.

How and when were the 6,000 Class A shares for ticker W originally acquired?

The 6,000 Class A shares were acquired on 01/01/2002 as founder shares from the issuer and are described as received as compensation.

Which broker is handling the planned sale in this Form 144 for W?

The planned sale of 6,000 Class A shares for issuer W will be handled by Fidelity Brokerage Services LLC, located at 900 Salem Street, Smithfield, RI 02917, with the shares to be sold on the NYSE.

What recent share sales by Niraj S. Shah are listed in the Form 144 for W?

The filing lists several recent Class A share sales by Niraj S. Shah, including transactions such as 85,000 shares on 10/20/2025 for $7,042,070.36, 120,000 shares on 10/23/2025 for $9,860,055.10, and 150,000 shares on 11/24/2025 for $15,886,889.60.

What sales by the Shah Charitable Foundation are disclosed for issuer W?

The Shah Charitable Foundation is shown selling Class A shares of issuer W in several transactions, including 11,000 shares on 10/28/2025 for $1,100,000.00, 6,000 shares on 11/10/2025 for $647,640.00, 5,000 shares on 12/10/2025 for $470,500.00, and 1,000 shares on 12/11/2025 for $100,000.00.

How many Class A shares of issuer W are stated as outstanding in the Form 144?

The Form 144 lists 106,879,786 Class A shares of the issuer as outstanding in the section describing the securities to be sold.

What representation does the seller make about non-public information in this Form 144?

The person for whose account the securities are to be sold represents by signing that they do not know any material adverse information regarding the issuer’s current and prospective operations that has not been publicly disclosed.