REF

Reformation Inc.

One filing signal, as this feed published it.

REF Reformation Inc. BEARISH conviction 2

2026-07-29: Aflalo Yael (Director) — OFF-MARKET SELL (initial public offering) — $16.8M of REF (initial public offering, Form 4, code S) [CLASS DISCLOSURE 2026-08-28: this row predates the trade-date convention and no single trade date is stored for it; the leading date is the filing's earliest transaction date for this side — not the day the filing entered the feed, which was 2026-07-31. 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 named the wrong deal, twice in one sentence. It published “2026-07-29: Aflalo Yael (Director) — OFF-MARKET SELL (secondary offering) — $16.8M of REF (secondary offering, Form 4, code S)” over F1 of 0001104659-26-089201, which 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 INITIAL public offering, not a secondary. The venue was never in doubt and is unchanged: these shares went to the underwriters at the offering price and did not cross a market. What was wrong is the deal's NAME. The leg routed on the phrase “underwriting discount”, which is true of any underwritten deal and identifies none, and the label then printed the sell-venue family's only offering word. A secondary is a holder selling into a market that already exists; an IPO is the day that market opens, and this feed has told the two apart on the BUY side since the new-issue kinds were written. FORWARD: an `ipo` sell-venue kind, asked above `offering` because it is the more specific statement of the same fact. No dollar figure, date, share count, actor or direction changes. Original text in signal_events]

Filed
2026-07-31
Flagged
2026-08-01

SEC Form 4 on EDGAR permalink 0001104659-26-089201

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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