[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

ARGAN, Inc. director Cynthia A. Flanders reported a sale of 15,000 shares of common stock on 10/08/2025 at an average price of $271.96 per share. After the sale she beneficially owned 16,428 shares, held directly. The transaction was an open-market sale and reduced her direct stake but left a meaningful retained holding. The Form 4 is a routine Section 16 disclosure showing the timing, price, and remaining ownership following the sale.

Positive

• Director retains meaningful ownership of 16,428 shares after the sale, maintaining alignment with shareholders
• Clear, complete Section 16 disclosure showing date, quantity, and average sale price supports transparency

Negative

• Director sold a sizeable block of 15,000 shares, which could be interpreted by some investors as reduced insider conviction
• No 10b5-1 plan disclosure is indicated, so the sale appears to be an open-market transaction rather than pre-arranged liquidity

Insights

Corporate Governance Analyst

Insider sold shares but retained a direct holding; interpret as routine liquidity.

The sale of 15,000 shares on 10/08/2025 at an average price of $271.96 appears as a straightforward open-market transaction by a director. Such filings are standard disclosures required under Section 16 and document the exact quantity, price, and post-sale ownership of 16,428 shares.

This transaction reduces the director's direct stake but does not eliminate ownership; monitor subsequent Form 4 filings for any trend of larger or repeated disposals over a 90‑day horizon if assessing governance signals. No derivative activity or 10b5-1 plan is indicated in the disclosed text.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Flanders Cynthia

(Last) (First) (Middle)

10006 WILDWOOD ROAD

(Street)

KENSINGTON MD 20895

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARGAN INC [ AGX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/08/2025		S		15,000(1)	D	$271.96	16,428	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On October 8, 2025, the Reporting Person sold 15,000 shares of the Issuer's common stock on the open market at an average price of $271.96 per share.

	/s/ Cynthia A. Flanders	10/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did ARGAN director Cynthia Flanders sell (AGX)?

She sold 15,000 shares of ARGAN common stock on 10/08/2025 at an average price of $271.96 per share.

How many ARGAN (AGX) shares does Cynthia Flanders own after the sale?

Following the reported transaction she beneficially owned 16,428 shares, held directly.

Was the sale by the ARGAN director part of a 10b5-1 plan?

The Form 4 does not indicate that the transaction was made pursuant to a 10b5-1 plan; it is presented as an open-market sale.

Where can investors find the official disclosure for this insider sale (AGX)?

The transaction is disclosed on a SEC Form 4 filed under Section 16; the form lists the sale date, quantity, average price, and post-sale ownership.

Does the Form 4 show any option exercises or derivative trades for AGX?

No. Table II for derivative securities shows no entries; the filing only reports a non-derivative open-market sale.