CECO Insider Activity: Wallman Purchase at $46.93 and Large Sale Reported

Rhea-AI Filing Summary

Richard F. Wallman, a director of CECO Environmental Corp (CECO), reported insider transactions dated 09/05/2025. The filing shows a purchase of 3,000 shares of common stock at a weighted average price of $46.9333 per share. The explanatory note states the purchase prices ranged from $46.80 to $47.00 and that the reporting person can provide a breakdown of quantities at each price on request. The Form 4 also reports a disposition of 219,909 shares on the filing, and lists total shares beneficially owned following the reported transaction(s) as 80,500, held indirectly by spouse. The form is signed by an attorney-in-fact on behalf of Mr. Wallman on 09/09/2025.

Insights

Financial Analyst

TL;DR: Director-level buy of 3,000 shares at ~$46.93 and a separate large disposition of 219,909 shares; mixed insider activity.

The purchase of 3,000 shares by a director signals a modest insider purchase at a weighted average price of $46.9333, which may indicate limited personal reinvestment or plan-driven activity. The substantially larger reported disposition of 219,909 shares is material in absolute terms and could affect share supply if executed in the market. The Form 4 lists 80,500 shares beneficially owned post-transactions, held indirectly by the reporting person’s spouse, which is relevant to assessing remaining insider exposure.

Corporate Governance Expert

TL;DR: Mixed signals from insider transactions; governance disclosure appears compliant but large sale warrants context.

The Form 4 is properly executed and includes an explanatory note on weighted average purchase pricing, which supports transparency. The coexistence of a small acquisition and a very large disposition in the same filing is notable from a governance perspective because it can reflect portfolio rebalancing, tax planning, or other personal matters; the filing itself does not provide motive. Investors seeking governance clarity may request additional context from the company or the reporting person, though the filing meets disclosure requirements.

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^*

WALLMAN RICHARD F

(Last) (First) (Middle)

5080 SPECTRUM DRIVE

SUITE 800E

(Street)

ADDISON TX 75001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CECO ENVIRONMENTAL CORP [ CECO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

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	09/05/2025		P		3,000	A	$46.9333(1)	80,500	I	By spouse
Common Stock								219,909	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. Price reflects the weighted average purchase price for multiple transactions that ranged from $46.80 to $47.00 per share. The Reporting Person undertakes to provide, upon request by the Commission Staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares purchased at each separate price.

	/s/ Kiril Kovachev as Attorney-in-Fact for Richard F Wallman	09/09/2025
	** 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 CECO director Richard F. Wallman report on Form 4?

The Form 4 reports a purchase of 3,000 shares at a weighted average price of $46.9333 and a separate reported disposition of 219,909 shares, both dated 09/05/2025.

How many shares does Richard F. Wallman beneficially own after the reported transactions?

The filing states 80,500 shares are beneficially owned following the reported transactions, held indirectly by spouse.

What price range was paid for the purchased shares reported by Mr. Wallman?

The explanatory note discloses a purchase price range of $46.80 to $47.00 and a weighted average purchase price of $46.9333.

When was the Form 4 signed and filed for these transactions?

The form is signed by an attorney-in-fact on behalf of Richard F. Wallman on 09/09/2025.

Does the Form 4 state whether the transactions were made under a 10b5-1 plan?

No. The filing does not state that the transactions were made pursuant to a 10b5-1 plan.

Can investors get more detail on the number of shares bought at each price?

Yes. The reporting person offers to provide, upon request by the Commission Staff, the issuer or a security holder, full information regarding the number of shares purchased at each separate price.