Nasdaq Officer Tal Cohen Files Form 144 to Sell $1.07M in Common Stock

Executive Summary

On October 23, 2026, Tal Cohen, an Officer of Nasdaq, Inc. (NDAQ), filed a Form 144 notice disclosing the intent to sell up to 10,390 shares of common stock through Morgan Stanley Smith Barney LLC. The aggregate market value of the proposed transaction is $1,073,754.55, implying an average price per share of approximately $103.35.

Transaction & Position Details

• Security: Common Stock
• Shares to be Sold: 10,390 shares
• Aggregate Market Value: $1,073,754.55
• Broker: Morgan Stanley Smith Barney LLC Executive Financial Services
• Approximate Sale Date: October 23, 2026
• Origin of Securities: The shares were acquired on April 1, 2025, directly from the issuer as restricted stock compensation across two tranches (973 shares and 9,417 shares).
• Prior 3-Month Activity: The reporting person indicated no sales of securities in the past three months.

Market Impact & Context

With 554,962,751 common shares outstanding, the proposed sale of 10,390 shares represents a negligible fraction (<0.01%) of total float. Given the transaction size relative to Nasdaq's overall market capitalization and trading volume, alongside the origin of the shares as equity compensation, this filing is considered routine and is assessed to have low overall trading significance.