ASTC Form 4: Director exits holdings totaling 229,576 shares

Rhea-AI Filing Summary

ASTROTECH Corp (ASTC) reported insider dispositions by director Leonard Braden Michael on 10/03/2025. The filing shows the sale of 220,410 shares at an average price of $7.1305 and an additional 9,166 shares at $5.83, reducing the reporting person’s beneficial ownership to 0 shares. The filer clarifies that the shares sold included holdings of BML Investment Partners, L.P., for which Mr. Leonard exercises investment and voting control but disclaims direct beneficial ownership except for pecuniary interest. The form is signed and dated 10/07/2025.

Positive

• Timely disclosure of insider transactions with a filed and signed Form 4 dated 10/07/2025
• Clear ownership explanation linking the sold shares to BML Investment Partners, L.P., clarifying indirect control

Negative

• Large director sale of 220,410 shares at an average of $7.1305, plus 9,166 shares at $5.83, reducing reported beneficial ownership to 0
• Potential signaling risk from a director-controlled fund disposing of 229,576 total shares on 10/03/2025

Insights

Corporate Governance Analyst

Director completed notable share disposals that eliminate reported beneficial holdings.

The filing documents sales totaling 229,576 common shares executed on 10/03/2025, leaving the reporting person with 0 shares reported. The disclosure explains the ownership chain: BML Investment Partners, L.P. directly owned the shares and BML Capital Management, LLC acts as general partner, with the reporting person as managing member exercising voting and investment control.

Key dependencies include the relationship between the director and the Fund and the declared disclaimer of beneficial ownership except for pecuniary interest. Monitor subsequent filings for any additional dispositions, changes in control statements, or Form 5 adjustments within the next reporting cycle.

Equity Trading Analyst

Large block sales occurred at two average prices, indicating executed liquidity events.

Sales recorded show 220,410 shares sold at an average price of $7.1305 and 9,166 shares at $5.83, indicating multiple transactions or tranches during the same date. The average sale price is explicitly disclosed for the larger block.

These disposals are concrete market actions; investors may watch trading volumes and price reaction around 10/03/2025

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

X

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^*

Leonard Braden Michael

(Last) (First) (Middle)

65 E CEDAR - SUITE 2

(Street)

ZIONSVILLE IN 46077

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ASTROTECH Corp [ ASTC ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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	10/03/2025		S		220,410	D	$7.1305(2)	0	I	Holdings of BML Investment Partners, L.P(1)
Common Stock	10/03/2025		S		9,166	D	$5.83	0	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. BML Capital Management, LLC ("BML Capital") serves as the general partner of BML Investment Partners, L.P., a Delaware limited partnership (the "Fund"), which is the direct owner of the subject shares. Mr. Leonard is the managing member of BML Capital, and exercises investment and voting control over the subject shares. Accordingly, shares owned directly by the Fund may be regarded as being beneficially owned by Mr. Leonard. Notwithstanding, Mr. Leonard disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

2. The shares were sold in multiple transactions at an average price of $7.1305.

	Braden Michael Leonard	10/07/2025
	** 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 ASTC director Leonard Braden Michael sell on 10/03/2025?

He sold a total of 229,576 common shares: 220,410 at an average price of $7.1305 and 9,166 at $5.83.

Does Leonard Braden Michael still beneficially own ASTC shares after the sale?

The Form 4 reports 0 shares beneficially owned by the reporting person following the transactions.

Why are some sold shares attributed to a fund rather than directly to the director?

The filing states that BML Investment Partners, L.P. directly owned the shares and that BML Capital Management, LLC is the general partner; Mr. Leonard is the managing member exercising voting and investment control but disclaims direct beneficial ownership except for pecuniary interest.

When was the Form 4 signed and filed?

The signature block shows the form was signed on 10/07/2025.

What prices were reported for the transactions?

The larger block was sold at an average price of $7.1305; the smaller block was sold at $5.83.