Business First (NASDAQ: BFST) director plans new sale after $560K stock trade

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) received an amended Form 144 notice from director George W. Cummings III covering a proposed sale of common stock under Rule 144. The notice lists a planned sale of 10,000 BFST common shares through Raymond James & Associates with an aggregate market value of $280,000.00. The filing states that there were 29,615,370 BFST common shares outstanding as of 03/02/2026; this is a baseline figure, not the amount being sold. Cummings reports that he holds 358,775 BFST shares acquired on 01/01/2026 in exchange for 54,114 Progressive Bancorp, Inc. shares in connection with the merger of Progressive with and into Business First Bancshares. Over the prior three months, he sold 20,000 BFST shares on 02/25/2026 for total proceeds of $560,056.00. The amendment states that Table 1 (Securities to be Sold) has been revised and that this filing supersedes the earlier notice filed on March 2, 2026.

Key Figures

Planned shares to be sold: 10,000 shares of common stock Aggregate market value of planned sale: $280,000.00 Shares outstanding: 29,615,370 shares +4 more

7 metrics

Planned shares to be sold 10,000 shares of common stock Proposed Rule 144 sale through Raymond James & Associates

Aggregate market value of planned sale $280,000.00 Value of 10,000 BFST shares to be sold under Rule 144

Shares outstanding 29,615,370 shares BFST common shares outstanding as of 03/02/2026

Shares acquired in merger 358,775 shares BFST shares received on 01/01/2026 in merger with Progressive Bancorp, Inc.

Progressive Bancorp shares exchanged 54,114 shares Progressive Bancorp, Inc. shares exchanged for BFST shares in merger

Shares sold in past 3 months 20,000 shares BFST shares sold on 02/25/2026 by George W. Cummings III

Proceeds from recent sale $560,056.00 Aggregate proceeds from 20,000 BFST shares sold on 02/25/2026

Key Terms

Rule 144, Form 144, aggregate market value, merger, +1 more

5 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Form 144 regulatory

"144/A: Filer Information"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

aggregate market value financial

"Common | Raymond James & Associates ... | 10000 | 280000.00"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

merger financial

"Merger with Progressive Bancorp, Inc. | Issuer |"

A merger is when two companies combine into a single business, with ownership and control reorganized so they operate as one entity. For investors it matters because mergers can change the value and risk of holdings—shares may be exchanged, diluted, or rise if the combined company saves costs or gains market power, and the deal often depends on regulatory approval and successful integration like two households joining resources and routines.

Securities to be Sold regulatory

"144/A: Securities To Be Sold"

FAQ

What does the amended Form 144/A filed for BFST disclose about planned share sales?

The amended Form 144/A discloses that director George W. Cummings III plans to sell 10,000 Business First Bancshares (BFST) common shares under Rule 144 through Raymond James & Associates, with an aggregate market value of $280,000.00, and that this amendment revises Table 1 of the prior notice.

How many BFST shares does George W. Cummings III report acquiring in the Progressive Bancorp merger?

He reports acquiring 358,775 Business First Bancshares shares on 01/01/2026, received in exchange for 54,114 shares of Progressive Bancorp, Inc. as part of the merger of Progressive with and into Business First Bancshares.

What BFST share sales has George W. Cummings III made in the past three months?

In the past three months, George W. Cummings III sold 20,000 BFST common shares on 02/25/2026 for total proceeds of $560,056.00, as disclosed in the “Securities Sold During The Past 3 Months” section.

How many BFST shares are stated as outstanding in the amended Form 144/A?

The filing states that 29,615,370 Business First Bancshares common shares were outstanding as of 03/02/2026. This figure provides context for the size of the planned Rule 144 sale relative to total outstanding shares.

Which broker is named in connection with the planned BFST share sale under Rule 144?

The amended Form 144/A names Raymond James & Associates, located in St. Petersburg, Florida, as the broker in connection with the planned sale of 10,000 Business First Bancshares common shares on the NASDAQ market.

Who is the person filing the amended Form 144/A in relation to BFST?

The person is George W. Cummings III, identified as a director of Business First Bancshares, Inc. He signed the amended Form 144/A notice dated 08/28/2026 describing his Rule 144 share sale plans and prior merger-related share acquisition.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/28/2026 - 03:53 PM Accepted by SEC EDGAR 08/28/2026 - 03:52 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144/A

144/A: Filer Information

Filer CIK	0002106698
Filer CCC	XXXXXXXX
Previous Accession Number Of The Filing	0001974078-26-000085
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144/A: Issuer Information

Name of Issuer	Business First Bancshares, Inc.
SEC File Number	001-38447
Address of Issuer	500 LAUREL STREET SUITE 101 BATON ROUGE LOUISIANA 70801
Phone	225-248-7600
Name of Person for Whose Account the Securities are To Be Sold	Cummings George W. III
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Director

144/A: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Raymond James & Associates 880 Carillon Parkway St. Petersburg FL 33716	10000	280000.00	29615370	03/02/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144/A: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	01/01/2026	Merger with Progressive Bancorp, Inc.	Issuer			358775	01/01/2026	Acquired in exchange for 54,114 shares of Progressive Bancorp, Inc. in connection with the merger of Progressive with and into the Issuer.

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144/A: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
George W. Cummings III 3269 Deborah Dr Monroe LA 71201	Common	02/25/2026	20000	560056.00

144/A: Remarks and Signature

Remarks	This Form 144/A amends and supersedes the Form 144 filed on March 2, 2026. Table 1 (Securities to be Sold) has been amended.
Date of Notice	08/28/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ George W. Cummings III
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)