Form 4: RSI CEO Sells Shares Under 10b5-1 Plan

Rush Street Interactive CEO Richard Todd Schwartz sold a significant number of Class A Common Stock shares under a pre-arranged 10b5-1 trading plan.

Summary

• Richard Todd Schwartz, CEO of Rush Street Interactive, Inc. (RSI), reported the sale of 90,482 shares of Class A Common Stock.
• The transactions occurred on April 1, 2026, with a weighted average sale price of $22.0431 per share.
• The shares were sold in multiple transactions at prices ranging from $21.73 to $22.35.
• These sales were executed as part of a Rule 10b5-1 trading plan, designed to comply with affirmative defense conditions.
• Following these transactions, Mr. Schwartz beneficially owns 435,801 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. While a significant sale by the CEO can be a concern, the execution under a 10b5-1 plan mitigates concerns about immediate insider selling based on non-public information.

Positives

• The sale was conducted under a Rule 10b5-1 plan, indicating pre-planned and potentially non-insider-driven trading activity.
• The CEO continues to hold a substantial number of shares (435,801) after the sale, suggesting ongoing confidence in the company.

Negatives

• A significant number of shares were sold by the CEO, which could be perceived negatively by the market.
• The sale represents a reduction in the CEO's direct beneficial ownership.

Risks

• Potential for negative market perception due to the CEO's share sale.
• The weighted average sale price indicates a range of prices, with some sales occurring at lower than the average.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing, which solely reports on past transactions.

Management Comments

• The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Industry Context

StockSavvy.ai notes that Form 4 filings are routine disclosures for insider transactions. The use of a 10b5-1 plan by a CEO is a common strategy to diversify or monetize holdings while adhering to insider trading regulations, especially in the online gaming and sports betting sector where stock performance can be volatile.

Stakeholder Impact

• Shareholders: May interpret the sale as a signal of reduced confidence or a need for liquidity, potentially impacting share price. However, the 10b5-1 plan may temper negative sentiment.
• Employees: Similar to shareholders, may view the sale with concern, but the structured nature of the sale might alleviate immediate worries.
• Creditors/Suppliers: Unlikely to be directly impacted by this specific transaction.

Next Steps

• The CEO may continue to sell shares under the 10b5-1 plan if it remains active.
• Investors will monitor future filings for any further changes in beneficial ownership by key insiders.

Key Dates

Recommendation

The sale was executed under a pre-established 10b5-1 plan, which is a standard and regulated method for insiders to sell shares. While the volume of shares sold is notable, the plan's existence suggests it's not a reaction to immediate negative non-public information. The CEO retains a significant stake, indicating continued commitment. Therefore, a 'hold' recommendation is appropriate, pending further company performance and strategic updates.

Keywords

SEC Form 4, Insider Trading, Share Sale, 10b5-1 Plan, Rush Street Interactive, RSI, Class A Common Stock, CEO, Richard Todd Schwartz, Beneficial Ownership