Form 4: Rush Street Interactive CEO Sells Shares Under 10b5-1 Plan

Rush Street Interactive's CEO, Richard Todd Schwartz, executed pre-planned sales of Class A Common Stock totaling 193,905 shares.

Summary

• Richard Todd Schwartz, CEO and Director of Rush Street Interactive, Inc. (RSI), reported transactions involving the company's securities.
• On September 8, 2025, Schwartz exchanged 193,905 Class A Common Stock Units of Rush Street Interactive, L.P. (RSI Units) for an equal number of Class A Common Stock shares of the Issuer, resulting in the cancellation of 193,905 Class V Voting Stock shares.
• Subsequently, Schwartz sold 136,738 shares of Class A Common Stock on September 8, 2025, at a weighted average price of $20.8764 per share.
• An additional 57,167 shares of Class A Common Stock were sold on September 9, 2025, at a weighted average price of $20.8682 per share.
• All reported sales were conducted pursuant to a Rule 10b5-1 trading plan established on August 16, 2024.
• Following these transactions, Schwartz beneficially owns 823,566 shares of Class A Common Stock and 5,546,112 Class A Common Units of Rush Street Interactive, L.P., which are convertible into Class A Common Stock.

Sentiment

Score: 5

Explanation: The transactions, while involving significant insider selling, were conducted under a pre-established 10b5-1 plan. This mitigates the negative perception often associated with insider sales, suggesting a planned diversification or liquidity event rather than a reaction to adverse company-specific news.

Positives

• The sales were executed under a pre-arranged Rule 10b5-1 trading plan dated August 16, 2024, indicating a structured and pre-determined approach to stock disposition rather than an opportunistic sale.

Negatives

• The CEO's sale of 193,905 shares of Class A Common Stock represents a reduction in direct equity holdings, which could be interpreted by some investors as a decrease in insider confidence.

Future Outlook

This filing, a Form 4, does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing, detailing insider transactions, does not provide information related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: May perceive a slight decrease in insider confidence due to the sale of shares, although the 10b5-1 plan mitigates this to some extent.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Recommendation

The reported insider sales by the CEO, while substantial, were executed under a pre-arranged 10b5-1 plan. This suggests a planned financial strategy rather than a reactive move based on new information. Without additional company-specific financial or operational updates, these transactions alone do not provide a strong basis for a 'buy' or 'sell' recommendation. Investors should consider these disclosures as part of a broader analysis of Rush Street Interactive's performance and market position.

Keywords

Rush Street Interactive, RSI, Insider Trading, Form 4, Richard Todd Schwartz, CEO, Stock Sale, 10b5-1 Plan, Class A Common Stock, Class V Voting Stock