Form 4: RSI Director's Spouse Trust Sells $1.96M in Stock

A trust associated with Rush Street Interactive Director Judith Gold's spouse sold 100,000 shares of Class A Common Stock for approximately $1.96 million.

Summary

• On August 4, 2025, the Daniel S. Kotcher Revocable Trust, associated with Judith Gold's spouse, exchanged 100,000 Class A Common Stock Units of Rush Street Interactive, L.P. (RSI LP) for 100,000 shares of Class A Common Stock of Rush Street Interactive, Inc. (RSI).
• Concurrently with the exchange, an equivalent number of Class V Voting Stock (100,000 shares) held by the trust were canceled.
• Immediately following the exchange, the trust sold 100,000 shares of RSI Class A Common Stock at a weighted average price of $19.6075 per share, totaling approximately $1,960,750.
• The sales occurred in multiple transactions with prices ranging from $19.33 to $19.83 per share.
• Following these transactions, the trust indirectly holds 175,083 Class A Common Units of RSI LP and 175,083 shares of Class V Voting Stock.
• Judith Gold directly holds 111,629 shares of Class A Common Stock and disclaims beneficial ownership of the securities held by the Kotcher Trust except to the extent of her actual pecuniary interest.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While a significant insider sale occurred, the indication that it was part of a pre-arranged 10b5-1 plan suggests it is a routine liquidity or diversification event rather than a signal of negative company outlook.

Positives

• The transaction allowed the reporting person's spouse's trust to realize significant liquidity from their holdings in Rush Street Interactive, Inc. Class A Common Stock, totaling approximately $1.96 million.

Negatives

• A significant insider sale, even if pre-planned, can sometimes be perceived by the market as a lack of confidence, potentially leading to negative sentiment or downward pressure on the stock price.

Risks

• The market's perception of insider selling could lead to negative investor sentiment, potentially impacting the company's stock price.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This filing reports an individual insider transaction and does not provide broader industry context or trends.

Related Party Transactions

• The reported transactions were conducted by the Daniel S. Kotcher Revocable Trust, where the reporting person, Judith Gold, is a beneficiary, and her husband, Daniel Kotcher, serves as trustee. This constitutes a related party transaction.

Stakeholder Impact

• Shareholders may observe the insider sale and potentially interpret it as a signal, though the 10b5-1 plan mitigates the negative signaling effect.

Key Dates

Recommendation

The filing details a significant insider sale by a director's spouse's trust. However, the transaction appears to be part of a pre-arranged trading plan under Rule 10b5-1, which typically reduces the negative signaling impact of such sales. Without additional fundamental company news or financial updates, this single transaction does not provide sufficient new information to alter an investment thesis, thus a 'hold' recommendation is appropriate for existing investors.

Keywords

Rush Street Interactive, RSI, Insider Trading, Stock Sale, Director, Form 4, Beneficial Ownership, Class A Common Stock, Class V Voting Stock, 10b5-1 Plan