Insider Purchases at $1.65–$1.82 Increase BUKS Holdings

Rhea-AI Filing Summary

Butler National Corp director and >10% owner Joseph Patrick Daly reported multiple purchases of Common Stock on 09/22/2025 and 09/23/2025. Transactions include purchases at prices between $1.65 and $1.82, with incremental acquisitions totaling reported beneficial ownership of 4,460,000 shares (direct) and an indirect holding of 4,350,000 shares via EssigPR, Inc., following the reported transactions.

Positive

• Insider purchases reported: Multiple acquisitions on 09/22/2025 and 09/23/2025 show the reporting person increased direct holdings.
• Transparent reporting: Transactions are disclosed with prices ($1.65–$1.82), dates, and signature, satisfying Form 4 requirements.

Negative

• None.

Insights

Financial Analyst

TL;DR: A senior insider increased direct holdings through multiple small purchases over two days at low single-dollar prices.

This Form 4 shows concentrated insider buying activity by a director and >10% owner over 09/22–09/23/2025, executed at prices from $1.65 to $1.82. The filings report a direct beneficial ownership level reaching 4,460,000 shares and an indirect position of 4,350,000 shares through EssigPR, Inc. For analysts, the key facts are the timing, price range, and the accumulation pattern rather than a single large block trade.

Corporate Governance Expert

TL;DR: Director and >10% owner disclosed multiple purchases, properly reported on Form 4 with manual signature.

The disclosure identifies Joseph Patrick Daly as both a director and a greater-than-10% owner, with timely Form 4 reporting dated 09/23/2025 and signature present. Transactions are reported as direct and indirect holdings (via EssigPR, Inc.). From a governance perspective, the filing meets reporting requirements and shows insider accumulation, which stakeholders can verify against outstanding share counts and related filings.

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^*

Daly Joseph Patrick

(Last) (First) (Middle)

497 CIRCLE FREEWAY

(Street)

CINCINNATI OH 45246

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BUTLER NATIONAL CORP [ BUKS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

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	09/22/2025		P		100	A	$1.8	4,425,100	D
Common Stock	09/23/2025		P		9,900	A	$1.8	4,435,000	D
Common Stock	09/23/2025		A		7,575	A	$1.65	4,442,575	D
Common Stock	09/23/2025		P		10,000	A	$1.75	4,452,575	D
Common Stock	09/23/2025		P		2,425	A	$1.77	4,455,000	D
Common Stock	09/23/2025		P		5,000	A	$1.78	4,460,000	D
Common Stock	09/22/2025		P		20,000	A	$1.82	4,350,000	I	EssigPR, Inc.

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:

	Joseph Patrick Daly	09/23/2025
	** 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 transactions did Joseph Patrick Daly report on Form 4 for BUKS?

He reported multiple purchases of Common Stock on 09/22/2025 and 09/23/2025, at prices between $1.65 and $1.82.

How many BUKS shares does the filing show beneficially owned after the transactions?

The filing shows direct beneficial ownership reaching 4,460,000 shares and an indirect holding of 4,350,000 shares via EssigPR, Inc.

What is Joseph Patrick Daly's relationship to Butler National Corp (BUKS)?

He is reported as a Director and a greater-than-10% owner of the issuer.

On which dates were the earliest and latest transactions reported?

The earliest transaction date listed is 09/22/2025 and additional transactions are on 09/23/2025.

Are derivative securities reported in this Form 4?

No derivative securities are reported; Table II (derivatives) contains no entries.