WAY insider sells 3,400 shares after option exercise; NASDAQ trade planned

Rhea-AI Filing Summary

Waystar Holding Corp. (WAY) filed a Form 144 disclosing a proposed sale of 3,400 common shares by a person who acquired the shares on 08/26/2025 through the exercise of stock options. The filing lists the broker as Morgan Stanley Smith Barney LLC and shows an aggregate market value of $122,060.00 with an approximate sale date of 08/26/2025 via the NASDAQ exchange. The filer also reported prior 10b5-1 sales by Melissa Miller totaling 6,072 shares on 06/11/2025 for gross proceeds of $247,197.19. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information.

Insights

Securities Analyst

TL;DR Insiders are exercising options and planning routine sales; reported amounts are modest and likely non-disruptive to market.

The filing shows a 3,400-share sale tied to option exercise and executed through Morgan Stanley Smith Barney, with an indicated market value of $122,060. The disclosure also records a prior 10b5-1 programmed sale of 6,072 shares by Melissa Miller generating $247,197.19. From a trading-flow standpoint, these are typical insider liquidity events; no new operational or financial data about Waystar is provided. Impact on equity value is likely immaterial given the absolute dollar amounts disclosed.

Corporate Governance Expert

TL;DR The filing documents compliance with Rule 144 and notes a 10b5-1 sale, indicating the seller has followed standard insider-disclosure processes.

The notice specifies the share transfer resulted from the exercise of stock options and that a broker will execute the proposed sale on NASDAQ. The form includes the customary signer representation regarding absence of undisclosed material adverse information and references a previously adopted 10b5-1 plan used by Melissa Miller for earlier sales. The disclosure reflects procedural compliance rather than governance changes.

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

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
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	3400	122060.00	174238972	08/26/2025	NASDAQ

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 *
Common	08/26/2025	Exercise of Stock Options	Issuer			3400	08/26/2025	Cash

* 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
10b5-1 Sales for MELISSA MILLER 1550 Digital Drive, #300 Lehi UT 84043	Common	06/11/2025	6072	247197.19

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 did Waystar (WAY) disclose in this Form 144?

The Form 144 discloses a proposed sale of 3,400 common shares acquired on 08/26/2025 by exercise of stock options, with an aggregate market value of $122,060.00.

Who is the broker handling the proposed sale for WAY?

The broker listed is Morgan Stanley Smith Barney LLC, located at 1 New York Plaza, 8th Floor, New York, NY 10004.

When is the approximate date of the proposed sale on the Form 144?

The Form 144 shows an approximate sale date of 08/26/2025 and lists the securities exchange as NASDAQ.

Has the filer sold any Waystar shares recently?

Yes. The filing reports prior 10b5-1 sales by Melissa Miller on 06/11/2025 of 6,072 shares for gross proceeds of $247,197.19.

How were the 3,400 shares acquired according to the filing?

The shares were acquired on 08/26/2025 through the exercise of stock options and payment was made in cash on the same date.