Butler National (BUKS) director Zeff Capital LP discloses share sales

Rhea-AI Filing Summary

Zeff Capital LP, a director and 10% owner of Butler National Corp (BUKS), reported open-market sales of common stock. On December 22, 2025, it sold 33,500 shares at a weighted average price of $3.10 per share. On December 23, 2025, it sold 400 shares at a weighted average price of $3.06. On December 29, 2025, it sold 72,788 shares at a weighted average price of $3.12. After these transactions, Zeff Capital LP beneficially owned 7,393,312 Butler National common shares directly. The filing notes that each sale was executed in multiple trades within the disclosed price ranges and that full trade details will be provided on request.

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

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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^*

Zeff Capital, LP

(Last) (First) (Middle)

C/O ZEFF HOLDING COMPANY, LLC

405 LEXINGTON AVE, 8TH FL

(Street)

NEW YORK NY 10174

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/22/2025

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	12/22/2025		S		33,500	D	$3.1(1)	7,466,500	D(2)(3)
Common Stock	12/23/2025		S		400	D	$3.06(4)	7,466,100	D(2)(3)
Common Stock	12/29/2025		S		72,788	D	$3.12(5)	7,393,312	D(2)(3)

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. This transaction was executed in multiple trades at prices ranging from $3.10 to $3.16. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

2. In addition to Zeff Capital LP, a Delaware limited partnership ("Zeff Capital"), this Form 4 is being filed jointly by Zeff Holding Company, LLC, a Delaware limited liability company ("Zeff Holding"), and Daniel Zeff, a citizen of the United States of America, each of whom has the same business address as Zeff Capital

3. (Continued from footnote 2) Zeff Holding, as the general partner of Zeff Capital, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Zeff Holding disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein. Mr. Zeff, as the manager of Zeff Holding, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock beneficially owned by Zeff Capital, and may be deemed to be the indirect beneficial owner of such shares. Mr. Zeff disclaims beneficial ownership of such shares for all other purposes, except to the extent of his pecuniary interest therein.

4. This transaction was executed in multiple trades at prices ranging from $3.06 to $3.07. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

5. This transaction was executed in multiple trades at prices ranging from $3.09 to $3.18. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

	Zeff Capital LP, By: /s/ Daniel Zeff, Daniel Zeff Manager	12/29/2025
	Zeff Holding Company LLC, By: /s/ Daniel Zeff, Daniel Zeff, Manager	12/29/2025
	/s/ Daniel Zeff	12/29/2025
	** 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).
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FAQ

What insider activity did BUKS disclose in this Form 4?

The filing reports that Zeff Capital LP, a director and 10% owner of Butler National Corp (BUKS), sold common stock in three open-market transactions on December 22, 23, and 29, 2025.

How many Butler National (BUKS) shares were sold by Zeff Capital LP?

Zeff Capital LP sold 33,500 shares on December 22, 400 shares on December 23, and 72,788 shares on December 29, 2025.

What prices did the Butler National (BUKS) insider sales occur at?

The reported weighted average sale prices were $3.10 on December 22, $3.06 on December 23, and $3.12 on December 29, 2025. Each was executed in multiple trades within narrow price ranges.

How many Butler National (BUKS) shares does Zeff Capital LP still hold after these sales?

After the reported transactions, Zeff Capital LP beneficially owned 7,393,312 shares of Butler National common stock in direct form.

What is the relationship of Zeff Capital LP and Daniel Zeff to Butler National Corp (BUKS)?

The filing identifies Zeff Capital LP as a director and 10% owner of Butler National. Footnotes state that Zeff Holding Company, LLC is Zeff Capital's general partner and Daniel Zeff is the manager of Zeff Holding, and they may be deemed indirect beneficial owners of the shares held by Zeff Capital.

Were the Butler National (BUKS) insider sales done in single or multiple trades?

Each sale date’s transaction was executed in multiple trades within stated price ranges, with the Form 4 reporting weighted average sale prices and offering full trade details upon request.