Butler National Update: 8.81M Shares Reported by Daly/Essig (13.6%)

Rhea-AI Filing Summary

Butler National Corp (BUKS) received a Schedule 13D/A reporting that Joseph P. Daly and Essig PR Inc. together beneficially own 8,810,000 shares, representing 13.6% of the outstanding common stock. Mr. Daly is identified as owner of Essig Research Inc.; Essig PR Inc. reports Mr. Daly as President. The filing breaks ownership between the reporting persons: Joseph P. Daly: 4,460,000 shares (6.9%); Essig PR Inc.: 4,350,000 shares (6.7%). The purchasers state the shares were acquired for investment purposes but explicitly note they may consider a range of alternatives, including acquiring additional securities, selling shares, or pursuing extraordinary corporate transactions or changes in management or the board. No contracts, arrangements, or pending legal proceedings are disclosed.

Positive

• Material, transparent disclosure: Reporting persons filed a Schedule 13D/A detailing holdings and intentions.
• Significant stake: Combined ownership of 13.6% provides the reporting persons with meaningful influence potential.
• No disclosed legal issues or contracts: Item 6 and Item 7 state None, reducing near-term procedural risk from agreements or litigation.

Negative

• Potential for corporate action: Reporting persons reserve the right to seek changes in board/management or pursue extraordinary transactions, introducing strategic uncertainty.
• Open-ended intentions: While purchases were "for investment purposes," the filing explicitly contemplates additional acquisitions or dispositions, which could increase volatility in the stock.

Insights

Financial Analyst

TL;DR: A combined 13.6% stake is material and could influence strategic outcomes; reporting shows intent to review options but no firm plans.

The filing discloses a significant minority position: 8.81 million shares equal to 13.6% of common stock. That level of ownership is large enough to draw management attention and could affect voting outcomes on key corporate matters. The reporting persons explicitly reserve the right to pursue additional purchases, dispositions, or extraordinary corporate transactions, which introduces potential strategic uncertainty for other shareholders. There are no disclosed agreements or pending litigation. For analysts, the key takeaways are the size of the stake, the stated investment purpose, and open-ended intent to evaluate alternatives that could be material.

Corporate Governance Expert

TL;DR: Ownership and public notice of possible board/management changes make this a governance-event risk to monitor.

The Schedule 13D/A explicitly lists potential actions the reporting persons may explore, including changes to the board or management and other extraordinary corporate transactions. While the filing also states no current plan to effect those changes, the disclosure itself signals that the reporting persons may pursue activist-like measures. No contracts, arrangements, or voting agreements are disclosed, and all transactions were previously reported on Form 4s. From a governance perspective, the company should prepare for engagement related to strategic or leadership issues given the stake size and stated considerations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

BUTLER NATIONAL CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

123720104

(CUSIP Number)

Joseph Patrick Daly
497 Circle Freeway,
Cincinnati, OH, 45246
513-910-1967

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/23/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 123720104

1

Name of reporting person

Daly Joseph Patrick

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,460,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,460,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,460,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 123720104

1

Name of reporting person

Essig PR Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,350,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,350,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,350,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.7 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: BUTLER NATIONAL CORP
(c)	Address of Issuer's Principal Executive Offices: ONE AERO PLAZA, NEW CENTURY, KANSAS , 66031.
Item 2.	Identity and Background
(a)	Joseph P. Daly
(b)	497 Circle Freeway, Cincinnati, OH 45246
(c)	Owner, Essig Research Inc.
(d)	No
(e)	No
(f)	USA
Item 3.	Source and Amount of Funds or Other Consideration
	Joseph P. Daly 2,190,672 EssigPR Inc. 2,132,085
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the Shares for investment purposes. The Reporting Persons are continuing to review the performance of their investment and their investment alternatives. As part of their ongoing review of their investment in the Shares, the Reporting Persons may explore from time to time a variety of alternatives, including the acquisition of additional securities of the Issuer or the disposition of securities of the Issuer in the open market or in privately negotiated transactions. The Reporting Persons may explore other alternatives with respect to their investment in the Shares, including but not limited to an extraordinary corporate transaction involving the Issuer, changes in the present board of directors or management of the Issuer, or changes in the Issuer's business or corporate structure. Although the foregoing reflects activities presently contemplated by the Reporting Person with respect to the Issuer, the foregoing is subject to change at any time, and there can be no assurance that the Reporting Person will take any of the actions referred to above. Except as set forth in the preceding paragraphs, as of the date hereof, the Reporting Persons do not have any plan or proposal that relates to or would result in: (a) The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) An extraordinary corporate transaction, such as a merger, reorganization, or liquidation, involving the Issuer or any of its subsidiaries; (c) A sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) Any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) Any material change in the present capitalization or dividend policy of the Issuer; (f) Any other material change in the Issuer's business or corporate structure; (g) Changes in the Issuer's charter, bylaws, or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) Causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) A class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) Any action similar to any of those enumerated above. Notwithstanding the foregoing, the Reporting Persons reserve the right to effect any such actions as they may deem necessary or appropriate in the future.
Item 5.	Interest in Securities of the Issuer
(a)	Joseph P. Daly 6.9% EssigPR Inc. 6.7% Total 13.6%
(b)	Joseph P. Daly 4,460,000 EssigPR Inc. 4,350,000 Total 8,810,000
(c)	All transactions have been reported in previous Form 4 filings.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	None.
Item 7.	Material to be Filed as Exhibits.
	None.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Daly Joseph Patrick

Signature:	Joseph P. Daly
Name/Title:	Joseph P. Daly
Date:	09/24/2025

Essig PR Inc.

Signature:	Joseph P. Daly
Name/Title:	President
Date:	09/24/2025

FAQ

How many BUKS shares does Joseph P. Daly and affiliated entities own?

The filing discloses Joseph P. Daly: 4,460,000 shares (6.9%) and Essig PR Inc.: 4,350,000 shares (6.7%), totaling 8,810,000 shares (13.6%).

What is the stated purpose for the purchases reported in the Schedule 13D/A for BUKS?

The reporting persons state the shares were acquired for investment purposes and that they are reviewing their investment and alternatives.

Does the filing indicate the reporting persons plan to change Butler National's management or board?

The filing does not state a current plan but explicitly says the reporting persons may explore alternatives including changes in the present board of directors or management.

Are there any contracts, arrangements, or legal proceedings disclosed related to these holdings?

No. Item 6 lists None for contracts or arrangements, and Item 5(c) notes transactions were reported previously on Form 4s; no legal proceedings are disclosed.

Who signed the Schedule 13D/A and when was it signed?

The statement is signed by Joseph P. Daly as an individual and as President of Essig PR Inc., dated 09/24/2025.