Form 4: TUCOWS CEO Elliot Noss Executes Pre-Planned Stock Sales Totaling 5,600 Shares

Elliot Noss, CEO and Director of TUCOWS INC, reported the sale of 5,600 shares of common stock over three days in July 2025, executed under a pre-established Rule 10b5-1 trading plan.

Summary

• Elliot Noss, the Chief Executive Officer and a Director of TUCOWS INC (TCX), reported the sale of 5,600 shares of the company's common stock.
• On July 7, 2025, 2,600 shares were sold at an average price of $20.51 per share, with prices ranging from $20.48 to $20.52.
• On July 8, 2025, an additional 2,500 shares were sold at an average price of $20.81 per share, with prices ranging from $20.66 to $20.91.
• On July 9, 2025, 500 shares were sold at a price of $21.21 per share.
• All reported transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Noss on September 15, 2023.
• Following these transactions, Mr. Noss directly beneficially owns 446,498 shares of common stock.
• Indirect beneficial ownership includes 114,670 shares via an EN RRSP, 1,639 shares via an EN TFSA, 6,000 shares via an EN US Retirement Savings Account, and 2,470 shares held by his spouse, for which beneficial ownership is disclaimed.

Sentiment

Score: 5

Explanation: The sentiment is neutral. This is a routine Form 4 filing disclosing pre-planned insider stock sales under a Rule 10b5-1 plan, which typically does not indicate new positive or negative information about the company's performance or outlook.

Future Outlook

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

Management Comments

• The transaction reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 15, 2023, at least ninety days prior to the trading date.
• The reporting person will provide to the Commission, the Issuer, and any stockholder, upon request, full information regarding the number of shares purchased or sold at each separate price.
• The reporting person disclaims beneficial ownership of securities held by spouse, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions. It does not provide information directly related to broader industry trends or competitive landscape within the internet services or domain registration sectors where TUCOWS operates.

Stakeholder Impact

• Shareholders: The sale of shares by a key executive, even if pre-planned, can sometimes be perceived negatively, though the Rule 10b5-1 plan mitigates this. The total shares sold represent a small fraction of the executive's overall holdings.

Key Dates

Keywords

TUCOWS INC, TCX, Elliot Noss, Insider Trading, Form 4, Stock Sale, Rule 10b5-1 Plan, CEO, Director, Common Stock