Reformation (REF) 10% Owner Refo SCSp Sells 149,596 Shares

What Happened

• Refo SCSp (identified as a 10% owner) sold 149,596 shares of Reformation Inc. common stock on 2026-09-01 at $13.95 per share, generating proceeds of $2,086,864. The Form 4 reports this as a sale (code S).

Key Details

• Transaction date and price: 2026-09-01, 149,596 shares at $13.95/share.
• Total proceeds: $2,086,864.
• Shares owned after transaction: not specified in the filing.
• Footnote F1: Shares were sold as a selling stockholder in the Issuer’s initial public offering; the $13.95 price reflects the public IPO price less underwriting discount/commission and is related to an underwriter’s exercise of its over-allotment option.
• Footnote F2: Refo SCSp holds the shares directly; P6 GP Sarl is its general partner and Permira entities are disclosed as related parties but disclaim beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Transaction reported on Form 4 filed 2026-09-03 (transaction 9/1), which is within the usual 2-business-day reporting window (timely).

Context

• This sale was executed as part of the company’s IPO over-allotment (secondary shares sold by a selling stockholder), not an open-market trade by an executive. Sales tied to IPO allocations or underwriter overallotments are common and do not necessarily reflect management sentiment.