Reformation (REF) 10% Owner Yael Aflalo Sells 1.2M Shares

What Happened
Yael Aflalo, listed as a 10% owner of Reformation Inc. (REF), sold 1,204,029 shares on July 29, 2026. The shares were sold at $13.95 per share for a total proceeds of $16,796,205. This was a sale (not a purchase) and the filing indicates the shares were sold as a selling stockholder in the issuer’s initial public offering.

Key Details

• Transaction date: 2026-07-29; Price: $13.95 per share; Shares sold: 1,204,029; Total proceeds: $16,796,205.
• Transaction code: S (Sale).
• Footnote: The shares were sold as a selling stockholder in the IPO; $13.95 reflects the public offering price less underwriting discount/commission.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Filing date: 2026-07-31 — filed within the normal two-business-day Form 4 window (no late filing indicated).

Context
As a 10% owner, Aflalo is a significant shareholder; sales by large holders in an IPO are typically pre-arranged allocations for selling stockholders and are different from open-market trading by officers. This Form 4 reports a disposition tied to the company’s IPO rather than a routine secondary market trade.