Dawson Geophysical EVP reports multiple stock purchases at $1.28–$1.40

Rhea-AI Filing Summary

Ray Mays, EVP & Chief Operating Officer of Dawson Geophysical Company (DWSN), reported a series of open-market purchases of the issuer's common stock. The Form 4 shows purchases executed on August 15 and August 18 totaling 4,050 shares acquired, increasing his reported beneficial ownership to 8,500 shares held directly. The filings list weighted-average purchase prices of $1.29, $1.28, $1.38, $1.39, and $1.40 for the individual transactions and note the reported prices are weighted averages. The reporting person certifies availability of further breakdowns on request. The disclosure is a routine insider acquisition by an executive and documents the updated direct ownership position.

Insights

Financial Analyst

Insider purchases are bullish in principle but appear modest in scale relative to a public company.

The reported transactions show the EVP and COO acquiring incremental positions in open market trades at prices ranging from $1.28 to $1.40, bringing direct ownership to 8,500 shares. The Form 4 states the prices are weighted averages and offers to provide per-lot detail on request. These purchases signal management accumulation, which can be a positive governance signal; however, the filing does not disclose the total value or percentage ownership relative to outstanding shares, so materiality to valuation cannot be assessed from this document alone.

Corporate Governance Expert

Document is a standard Section 16 disclosure showing timely reporting of executive purchases.

The form identifies the reporting person as an officer (EVP & COO) and records multiple non-derivative acquisitions executed over two trading dates. The statement includes an explanatory footnote that reported prices are weighted averages and affirms willingness to provide granular purchase details. The filing appears complete for a Form 4: it lists transaction codes, amounts acquired, post-transaction beneficial ownership, and direct ownership designation. No amendments or additional arrangements are disclosed.

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
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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^*

Mays Ray L

(Last) (First) (Middle)

508 W. WALL SUITE 800

(Street)

MIDLAND TX 79701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DAWSON GEOPHYSICAL CO [ DWSN ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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
Dawson Geophysical Company-Common Stock $0.01 par value	08/15/2025		A		500	A	$1.29(1)	4,950	D
Dawson Geophysical Company-Common Stock $0.01 par value	08/15/2025		A		500	A	$1.28(1)	5,450	D
Dawson Geophysical Company-Common Stock $0.01 par value	08/18/2025		A		1,000	A	$1.38(1)	6,450	D
Dawson Geophysical Company-Common Stock $0.01 par value	08/18/2025		A		1,000	A	$1.39(1)	7,450	D
Dawson Geophysical Company-Common Stock $0.01 par value	08/18/2025		A		1,050	A	$1.4(1)	8,500	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. The reported price is a weighted average purchase price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.

	/s/ Ray Mays	08/18/2025
	** 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 trades did Dawson Geophysical (DWSN) insider Ray Mays report on Form 4?

The Form 4 reports Ray Mays executed open-market purchases on two dates totaling 4,050 shares acquired, increasing his direct beneficial ownership to 8,500 shares.

What prices did the insider pay for DWSN shares?

The filing lists weighted-average purchase prices of $1.29, $1.28, $1.38, $1.39, and $1.40 for the reported transactions.

What is Ray Mays' role at Dawson Geophysical reported on the Form 4?

The Form 4 identifies the reporting person as an officer with the title EVP & Chief Operating Officer.

Does the Form 4 show indirect ownership or derivative transactions for DWSN?

No. The Form 4 lists only non-derivative common stock acquisitions and reports the post-transaction position as direct ownership.

Can I get a breakdown of how many shares were bought at each price?

Yes. The filing includes a note that the reported prices are weighted averages and the reporting person offers to provide per-lot purchase details to the issuer, shareholders, or SEC staff upon request.