17.8M Class A shares tied to WBI reorg; affiliate sales noted (WBI)

Rhea-AI Filing Summary

WBI filed a Form 144 reporting proposed sales of Class A shares related to a corporate reorganization and initial public offering. The filing lists 17,757,225 Class A shares linked to the reorganization dated 09/18/2025. The excerpt also shows recent restricted‑security sales by affiliates, including sales of 1,430,814 and 3,920,948 Class A shares on 06/22/2026.

The filing identifies broker involvement by J.P. Morgan Securities LLC and records aggregate dollar figures next to the disclosed share counts. The notice documents proposed dispositions by named holders; timing and execution details beyond the listed dates are not included in the provided excerpt.

Insights

Securities Lawyer

Form 144 lists proposed resale of restricted Class A shares tied to an IPO/reorganization.

The filing records a specified quantity of 17,757,225 Class A shares dated 09/18/2025 and identifies broker facilitation by J.P. Morgan Securities LLC. A Form 144 is a regulatory notice of intent to sell restricted securities under Rule 144; it does not itself effectuate sales.

Execution, settlement, and compliance with Rule 144 holding‑period and volume limitations remain necessary before sale; subsequent brokerage or Form 4/5 filings would confirm completed transactions.

Corporate Finance Analyst

Affiliate sales in the excerpt show multi‑million share movements that could affect free float if executed.

The excerpt lists examples of recent dispositions in the past three months: WBR Holdings sold 1,430,814 shares ($42,995,960.70 shown) and NDB Holdings sold 3,920,948 shares ($117,824,487.40). These entries quantify actual recent sales by named holders.

Whether these notices translate into incremental market supply depends on final sale execution methods and timing; further filings would provide concrete proceeds and settlement details.

Key Figures

Proposed shares listed: 17,757,225 shares WBR Holdings recent sale: 1,430,814 shares NDB Holdings recent sale: 3,920,948 shares +1 more

4 metrics

Proposed shares listed 17,757,225 shares Securities to be sold; corporate reorganization and initial public offering dated <date>09/18/2025</date>

WBR Holdings recent sale 1,430,814 shares Securities sold during the past 3 months; date <date>06/22/2026</date>

NDB Holdings recent sale 3,920,948 shares Securities sold during the past 3 months; date <date>06/22/2026</date>

Dollar amount shown for NDB sale $117,824,487.40 Aggregate figure listed next to NDB Holdings' 3,920,948 shares on <date>06/22/2026</date>

Key Terms

Form 144, corporate reorganization and initial public offering, Class A Shares

3 terms

Form 144 regulatory

"Filed notice of proposed sale of restricted securities"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

corporate reorganization and initial public offering financial

"Describes the transaction context for 17,757,225 Class A shares"

Class A Shares financial

"Security class being reported for proposed sales and past transactions"

Class A shares are one of a company’s distinct types of stock that come with a specific set of rights—commonly different voting power, dividend treatment, or transfer rules—defined in the company’s charter. Investors care because those rights affect control, income and resale value; like holding a seat at a table that has different rules or stronger chips than other seats, owning Class A changes how much influence and return you can expect.

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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
Class A shares	J.P. Morgan Securities LLC 270 Park Avenue, 5th Floor New York NY 10179	1755174	58254225.0	47016059	06/22/2026	NYSE / NYSE Texas

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 Shares	09/18/2025	Corporate reorganization and initial public offering	Issuer			17757225	09/18/2025	See Remarks

* 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
WBR Holdings LLC 5555 San Felipe Street, Suite 1200 Houston TX 77056	Class A Shares	06/22/2026	1430814	42995960.70
Desert Environmental Holdings LLC 5555 San Felipe Street, Suite 1200 Houston TX 77056	Class A Shares	06/22/2026	543064	16319073.20
NDB Holdings LLC 5555 San Felipe Street, Suite 1200 Houston TX 77056	Class A Shares	06/22/2026	3920948	117824487.4

144: Remarks and Signature

Remarks

Date of Notice

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)