Figma (FIG) Form 144 Selling Filings & Investment Interpretation Key Points

• IPO and First-Day Performance: According to public information, Figma went public on the NYSE on July 31, 2025, with ticker symbol FIG and an IPO price of $33.00; public reports show the closing price on the first day was approximately $115.50, with a significant first-day gain (about +250%) [2][3].
• Current Price and Range: As of the close on January 2, 2026, FIG’s stock price was approximately $37.61, with a 52-week range of about $32.83–$142.92 (Source: Real-time quotes) [0].
• Recent Price Trend: Company overview data shows a cumulative change of approximately -67.44% over the past 6 months (Source: Company overview) [0].

Important Note: The above-mentioned decline is a result of market performance and cannot be attributed to the single factor of ‘Form 144 selling pressure’. Price fluctuations are caused by the combined effects of valuation digestion, industry/macro sentiment, profit-taking, etc.

• Trigger Conditions: When an affiliated party (executive, director, or beneficial owner of more than 10%) plans to sell more than 5,000 shares or more than $50,000 worth of the company’s securities within the next 3 months, they must file Form 144 to declare their intended sale (Source: Investopedia’s explanation of Form 144) [4].
• Common Backgrounds:
  1. Planned reductions after lock-up periods expire;
  2. Arrangements for converting restricted shares to tradable shares and selling after employees/early investors exercise their options;
  3. Existing shareholders plan to sell some shares in the IPO placement (e.g., if the IPO includes an ‘old share sale’ component) [2];
  4. Regular selling arrangements for asset allocation or tax planning;
  5. Selling filings triggered by refinancing/equity incentive exercise, etc.

• Old Share Component in IPO Structure: Public information shows that FIG’s IPO included new shares issued by the company and some shares sold by existing shareholders [2]. Such ‘old shares’ are usually accompanied by lock-up arrangements, and planned sales related to the expiration of lock-up periods may occur later (subject to EDGAR/company announcements).
• Is There Sustained or Recent Form 144 Filings and Selling Pressure?:
  • Current tool results and searches do not provide time-series Form 144 details or evidence of the impact of ‘Form 144 corresponding selling volume’ on prices;
  • Therefore, it cannot be asserted that ‘there has been sustained Form 144-related selling pressure since July 2025’. For confirmation, refer to Form 144 filing records in SEC EDGAR or exchange announcements (verify filing time, intended sale quantity/amount, and whether it was actually completed).
• Prudent Description of Market Status: The stock price has experienced a significant pullback from its high (approximately -67.44% over the past 6 months) [0], which is a result of price performance. Whether it is in an ‘oversold/overbought’ state should be comprehensively verified by technical indicators (RSI, Bollinger Bands, volatility, etc.) combined with volume and price. Relevant technical indicator data is not provided currently, so no ‘oversold’ conclusion is made.

• Form 144 is a pre-disclosure of an intended sale plan, not a confirmation of actual transactions, and is often triggered by lock-up periods/exercise/tax arrangements; it is a compliance and transparent information disclosure (Source: Investopedia’s explanation of Form 144) [4].

• Scale and Proportion: The proportion of the intended sale amount/shares to the corresponding holdings and floating shares;
• Distribution of Selling Entities: Whether it is a single concentrated reduction or scattered reductions by multiple entities;
• Time Distribution: Whether it is concentrated in a short window or smoothly distributed;
• Actual Execution Status: Whether the actual trading volume is consistent with the filing;
• Valuation/Fundamentals Alignment: Whether the valuation is at a high level or a reasonable range when the sale occurs, and whether the company’s operations are normal.

• Valuation and Fundamentals: Company profit/cash flow/growth path (current data shows net profit margin and operating profit margin are negative; need to judge based on subsequent quarterly improvement) [0];
• Technical and Capital Aspects: Turnover rate, order book depth, institutional holdings, and capital flow (data to be supplemented);
• Macro and Industry: Growth, pricing, competition in the software/cloud/design tool industry, and macro interest rate environment.

1. Verify Form 144 Announcements and Completion Status:
   • Search for FIG-related Form 144 records in SEC EDGAR or exchange announcements to confirm the filing entity, intended sale quantity, and time window;
   • Track subsequent Form 4 (actual reduction records) to verify the actual sale situation.
2. Combine Company Announcements and Financial Report Guidance:
   • Pay attention to the company’s disclosure of shareholder sale plans (if any) and management updates on future business and profit guidance.
3. Evaluate Valuation and Fundamentals Alignment:
   • Current data shows the company has not yet achieved sustained profitability; attention should be paid to changes in subsequent revenue growth, positive operating leverage, and customer retention/expansion indicators [0].
4. Technical and Capital Aspect Observation:
   • Use technical analysis tools to observe whether there is a volume-driven decline or changes in support/resistance levels to assist in judging sentiment and capital behavior.
5. Multi-Factor Decision-Making Framework:
   • Treat Form 144 information as a ‘transparency enhancement tool’ rather than a single signal; incorporate valuation, fundamentals, technical aspects, and macro environment into decision-making for comprehensive trade-offs.

• Company: Figma, Inc., ticker symbol FIG, industry: ‘Software-Applications’, market capitalization approximately $18.33 billion (Source: Real-time quotes and company overview) [0];
• Stock Price: Approximately $37.61; 52-week range about $32.83–$142.92; cumulative change of approximately -67.44% over the past 6 months [0];
• Finance: Net profit margin and operating profit margin are currently negative; liquidity indicators such as current ratio show a certain buffer [0];
• Selling Filings and Price Performance: There are potential trigger scenarios for ‘planned selling’ (e.g., IPO old shares, lock-up period expiration, etc.), but currently, there is no tool evidence to directly attribute Form 144 to short-term price fluctuations; it is more likely the result of valuation digestion and combined factors.

• Treat Form 144 as a compliance disclosure and transparency tool, not a single bearish or bullish signal;
• Verify EDGAR/exchange announcements to confirm the time, scale, and actual execution of FIG’s Form 144;
• Make comprehensive judgments based on valuation improvement, rhythm of fundamentals turning positive, technical aspects, and macro environment; avoid over-interpretation based on single information.

[0] Jinling API Data (Real-time quotes, company overview, financial indicators, and price performance)
[2] Yahoo Finance – “Figma Announces Pricing of Initial Public Offering” (2025-07-30), Link: https://finance.yahoo.com/news/figma-announces-pricing-initial-public-223000637.html
[3] Bloomberg – Related report: “Figma IPO brings value near $20 billion from failed Adobe deal”, Link: https://www.bloomberg.com/news/articles/2025-07-31/figma-ipo-brings-value-near-20-billion-from-failed-adobe-deal
[4] Investopedia – “SEC Form 144 Explained: Definition, Filing Rules, and Examples”, Link: https://www.investopedia.com/terms/f/form144.asp