[144] Hennessy Advisors, Inc. SEC Filing

Rhea-AI Filing Summary

Hennessy Advisors filed a Form 144 disclosing a proposed sale of 7,704 common shares with an aggregate market value of $82,455.50, to be sold on NASDAQ approximately on 08/13/2025 through Wells Fargo Clearing Services. The filing lists 7,787,560 shares outstanding, indicating the notice covers a small fraction of the company’s outstanding common stock.

The securities were acquired on 08/06/2003 as RSUs and options and the filing notes a recent sale of 7,000 shares on 08/12/2025 for gross proceeds of $75,928.26 by Thomas L. Seavey. The filer certifies there is no undisclosed material adverse information about the issuer.

Insights

Securities Analyst

TL;DR: Routine insider sale notice; size is small relative to outstanding shares, so limited market impact.

The Form 144 documents a proposed sale of 7,704 common shares valued at $82,455.50 and a recent related sale of 7,000 shares for $75,928.26. Relative to 7,787,560 shares outstanding, the quantities disclosed are immaterial on a percentage basis and likely reflect routine monetization of long-held RSUs/options purchased in 2003. The use of a broker (Wells Fargo Clearing Services) and the insider’s certification of no undisclosed material information are standard compliance details. Investors should view this as a disclosure of insider selling rather than a material corporate development.

Corporate Governance Expert

TL;DR: Disclosure follows Rule 144 mechanics; repeated small sales signal compliance rather than governance concerns.

The filing shows the seller acquired the shares via RSUs and options on 08/06/2003 and is transmitting a sale notice under Rule 144. A near-term prior sale of 7,000 shares is reported, which together with the current 7,704-share notice indicates periodic disposition activity by an insider. Because the amounts are modest relative to total outstanding shares and the filing contains the standard certification regarding material information, this is a routine governance disclosure with neutral implications for investors.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Wells Fargo Clearing Services One North Jefferson Avenue St. Louis MO 63103	7704	82455.50	7787560	08/13/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/06/2003	RSU's and Options	Issuer			7704	08/06/2003	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Thomas L Seavey 7250 Redwood Boulevard, Suite 200 Novato CA 94945	Hennessy Advisors, Inc.	08/12/2025	7000	75928.26

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the HNNA Form 144 disclose?

The filing discloses a proposed sale of 7,704 common shares valued at $82,455.50, to be sold on NASDAQ approximately on 08/13/2025.

Who acted as broker for the proposed sale in the HNNA Form 144?

The broker listed is Wells Fargo Clearing Services at One North Jefferson Avenue, St. Louis, MO.

When and how were the shares being sold acquired?

The securities were acquired on 08/06/2003 through RSUs and options, totaling 7,704 shares.

Were any HNNA shares sold recently by the same person?

Yes, the filing reports a sale of 7,000 shares on 08/12/2025 by Thomas L. Seavey for gross proceeds of $75,928.26.

How large is the proposed sale relative to outstanding shares?

The filing lists 7,787,560 shares outstanding; the proposed 7,704-share sale represents a very small fraction of that total.