REF

Reformation Inc.

One filing signal, as this feed published it.

REF Reformation Inc. BEARISH conviction 2

2026-07-31: Refo SCSp (insider) — OFF-MARKET SELL (initial public offering) — $41.7M of REF (initial public offering, Form 4, code S) [CLASS DISCLOSURE 2026-08-30: this row predates the trade-date convention and no single trade date is stored for it. Its leading date is BOTH the day this filing entered the feed AND one of the filing's own transaction dates — the document was filed on a day it reports, so the two readings name the same day and neither is wrong. This is a class statement — nothing in this line has been recomputed and no figure is being called wrong.] [CORRECTION 2026-09-01: round 13 — this row published “2026-07-31: Refo SCSp (insider) — OFF-MARKET SELL (secondary offering) — $41.7M of REF (secondary offering, Form 4, code S)”, and its own filing names a venue that is not the open market. 0001104659-26-089348's footnote F1, cited by the disposal leg this row counts, reads: “Represents shares of common stock sold as a selling stockholder in the Issuer's initial public offering at $13.95 per share, which reflects the price to the public less the underwriting discount and commission.” AN IPO IS NOT A SECONDARY, and this row named the wrong one. A secondary is a holder selling into a market that already exists; an initial public offering is the day that market opens, and these shares went to the underwriters at the offering price. The venue was never in doubt — what was wrong is the deal's NAME. The leg routed on a phrase true of any underwritten deal and the label then printed the family's only offering word. SEC transaction code S means securities DISPOSED OF and says nothing about where, so the letter never licensed the word "open-market" that this row asserted. NO DOLLAR FIGURE, DATE, SHARE COUNT, ACTOR OR DIRECTION CHANGES: $41.7M really did leave and the direction stays BEARISH — what is withdrawn is the claim about WHERE it went, and with it the open-market conviction a fill implies. The sentence above is what today's emitters produce from this filing re-read on 2026-09-01. This row was published on 2026-08-01; the arm that reads its footnote shipped today, and it is being applied to the whole live population in the same pass that shipped it rather than to the one row an audit happened to name — which is the correction this round's part A exists to make possible. Original text in signal_events]

Trade date
2026-07-31
Flagged
2026-08-01

SEC Form 4 on EDGAR permalink 0001104659-26-089348

Everything sibyl flagged on 2026-08-01

What these fields mean

Direction
Direction (BULLISH/BEARISH) classifies the event, not the price. It is not a forecast, and no scout's direction has been validated as predictive.
Conviction
Confidence is a heuristic conviction score, not a calibrated probability. On a single filing it is the scout's own 1-5 grade; on a row that rolls several filings together it is their SUM and has no ceiling, so it can read above 5. The stored number is published as it stands — never clamped, never hidden.
Dates
Dates are rendered exactly as filed. A sibyl row leads with the TRADE date the Form 4 reports; a pelosi row shows the member's trade date and the date the disclosure was filed, which are rarely the same day. "Flagged" is the day this feed first published the row.
Backfilled rows
A row marked "already old news when flagged" reached the feed after the fact. It is a record of a filing, not of a timely catch.
Sources
Every row links to the filing it was read from — an SEC Form 4 on EDGAR, or the disclosure document filed with the House Clerk or the Senate. A row whose source document this feed cannot link to is left off it.

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