Pale Fire Capital SE 4

What Happened
Pale Fire Capital SE (part of a >10% beneficial ownership group) purchased a total of 1,275,500 shares of Phreesia, Inc. (PHR) in three open‑market/private transactions (reporting code P). The trades: 1,000,500 shares on 2026-03-31 at an average price reported $8.16 ($8,160,478); 168,764 shares on 2026-04-01 at $8.43 ($1,421,938); and 106,236 shares on 2026-04-02 at $8.31 (~$882,407). Total cash spent across the three transactions is about $10.46 million. These are purchases (acquisitions), not sales.

Key Details

• Transaction dates and reported prices: 2026-03-31 @ $8.16 (1,000,500 sh), 2026-04-01 @ $8.43 (168,764 sh), 2026-04-02 @ $8.31 (106,236 sh). All are recorded as purchases (P).
• Total shares acquired: 1,275,500; total value: approximately $10,464,823.
• Footnotes: The Form 4 is a joint filing by Pale Fire Capital entities and two individuals (see F1). Some purchases were reported as weighted averages with price ranges ($7.7780–$8.3039 and $8.4080–$8.5269); the filers will provide trade‑by‑trade detail on request (F2, F4). F3 explains the ownership structure (PFC SICAV, PFC IS and control persons).
• Shares owned after the transactions: the filing reiterates the group beneficially owns >10% but does not state an exact post‑transaction count in the summary provided.
• Timeliness: Filing date 2026-04-02 for transactions on 3/31–4/2 — the filing does not indicate lateness.

Context

• This activity is by an institutional 10%+ owner (a Section 13(d) group), not an individual company executive; such institutional purchases reflect the fund’s investment decisions rather than insider views on operations.
• Purchases (unlike routine sales or option exercises followed by sales) can be interpreted by investors as increased institutional accumulation, but the filing itself provides only transaction facts, not motives.