A Reformation director bought 200,000 shares through the IPO's directed share program
October 12, 2026 | prices as of the October 9 close
On October 9, three directors of Reformation, the womenswear brand, filed amendments to their Form 4 ownership reports with the SEC. At the July IPO, each had bought shares through the pool the underwriters set aside, at the company's request, for people connected to it. The amendments say those purchases were inadvertently omitted from the Form 4s filed on July 31.
In short, part of the answer to something the prospectus said it did not know became visible in last week's filings, a little over two months after the listing.
The prospectus described the pool, a directed share program, this way. The underwriters reserved up to 421,875 shares, 3% of the shares being offered, for sale at the IPO price to certain directors and employees and to certain family and friends of employees. The program would not limit the ability of directors to buy more than $120,000 worth of stock. And the company did not currently know to what extent these related persons would participate, if at all, or to what extent they would buy more than $120,000 worth.
According to the amended filings, the three bought through that program at $15 a share, the same as the IPO price. The transaction date is July 31. John Coyle bought 200,000 shares, Zipporah Allen 3,500 and Brigitte Kleine 200. At $15, 200,000 shares works out to $3.0 million. Together the three bought 203,700 shares, about 48% of the program's maximum.
These filings do not show whether other directors or officers bought through the program, or how much employees or their family and friends bought. We checked one paragraph at one company, and we chose which paragraph to look at.
What a prospectus says it does not know can be partly filled in by filings made after the listing. This time it came as an amendment, a little over two months after the original filing.
Our read of the Reformation S-1
How the scoreboard moved
On our scoreboard, $1,000 put into each of the eleven companies in the Recent listings group at its first-day closing price comes to $10,178 as of the October 9 close. For Freenome, we count from the day its SPAC merger closed. A week earlier, at the October 2 close, the total was $10,236. The same amount put into the S&P 500 on each of those listing days would be $11,825 as of the October 9 close.
Reformation is one of the eleven. The table says only what the number became. It does not show who bought shares at the IPO.
Last week's filings
Filings made from October 5 to October 9 by the companies we follow in our articles, answer checks and scoreboard. None of them filed an 8-K or a 10-Q.
Reformation
Oct. 9, three Form 4 amendments: the directors' purchases described above.
Andersen Group
Oct. 7, amended Schedule 13G: Brown Advisory and its affiliates reported holding 1,459,256 shares of the Class A common stock as of September 30, which the filing puts at 10.72%. Their filing as of June 30 showed 2,241,090 shares, or 16.64%.
Pricings and listings
None among the companies we follow. Bamboo, SB Energy, Oura, Syntiant and CoVolt Power, which have filed but not yet priced, made no filings during the week.
New S-1 and F-1 filings
We read two as possible article subjects. We set aside SPACs, filings by already-listed companies and small offerings from the start.
DayOne Data Centers: Oct. 5, F-1. A data center company headquartered in Singapore. It has applied to list on Nasdaq, and the price range is still blank. We published our read of it on Oct. 10.
Our read of the DayOne Data Centers F-1 (the first question is free)
OPay: Oct. 9, F-1. A company that started in Nigeria and offers financial services through an app. It is headquartered in Singapore, and most of its revenue comes from Nigeria. It has applied to list on the New York Stock Exchange, and the price range is still blank. A candidate for an article.
Iambic Therapeutics, which we named as a possible subject in issue No. 6, filed an amended S-1 on October 8. It gives a price range of $15 to $17 a share and an offering of 9,375,000 shares for the first time.
Other
Listed companies we follow, namely Cerebras, Figma, Snowflake and Meta, had filings on officers' and directors' holdings, changes in them and planned sales. We do not list them one by one.
Get S-1 Journal Weekly in your inbox.
Free. We do not send much. Reply "unsubscribe" to any issue to stop.
See the full scoreboard →Read past issues →S-1 Journal home →