Nasdaq Officer Tal Cohen Files Form 144 for Proposed $250K Share Sale

Executive Summary

On November 4, 2026, Tal Cohen, an Officer of NASDAQ, INC. ($NDAQ), filed a Form 144 notice of proposed sale covering 2,286 shares of Common Stock with an estimated aggregate market value of $250,088.40 (approx. $109.40 per share). The proposed sale is being handled through Morgan Stanley Smith Barney LLC.

Transaction Details

• Securities Offered: 2,286 Common shares
• Aggregate Market Value: $250,088.40
• Source of Shares: Restricted stock awards granted by the issuer on April 1, 2025 (787 shares) and April 3, 2025 (1,499 shares).
• Dilution / Float Context: Total shares outstanding stand at 554,962,751. The proposed sale represents approximately 0.0004% of outstanding shares.

Past 3-Month Activity

Mr. Cohen reported the following transactions within the preceding three months:

• November 3, 2026: Sold 2,289 Common shares for gross proceeds of $247,326.45 (~$108.05/share).
• October 23, 2026: Sold 10,390 Common shares for gross proceeds of $1,073,754.55 (~$103.35/share).

Significance Assessment

Trading significance is rated as Low. The volume of 2,286 shares is negligible relative to Nasdaq's overall equity base of over 554 million shares. The shares originate from vested restricted stock units and follow routine partial liquidity events executed over recent weeks.