[144] Hennessy Advisors, Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 notice for Hennessy Advisors, Inc. (HNNA) shows a proposed sale of 2,693 common shares through Wells Fargo Clearing Services on 08/14/2025. The shares were acquired on 08/06/2003 as restricted stock units and stock options and have an aggregate market value listed as $28,807.76. The filing reports total shares outstanding of 7,787,560. The filer represents there is no undisclosed material adverse information and includes past sale activity by Thomas Seavey of 7,000 shares on 08/12/2025 for $75,928.26 and 7,704 shares on 08/13/2025 for $82,455.50.

Insights

Securities Analyst

TL;DR Insider filing not material to market given small size relative to outstanding shares.

The Form 144 notifies a planned sale of 2,693 common shares with an aggregate market value of $28,807.76, representing a de minimis fraction of the reported 7,787,560 shares outstanding. Prior sales reported for Thomas Seavey on 08/12/2025 and 08/13/2025 total 14,704 shares; those trades include gross proceeds reported. This filing documents compliance with Rule 144 for a sale of previously acquired RSUs and options and contains the standard insider certification about material nonpublic information. There is no financial performance or new corporate action disclosed that would materially affect valuation.

Corporate Governance Expert

TL;DR Routine insider sale disclosure; governance implication is procedural compliance rather than company-level change.

The filing indicates the seller acquired the securities in 2003 via RSUs and options and is following Rule 144 procedures by notifying the market and using a broker. The statement that the filer is unaware of undisclosed material adverse information is the standard attestation. No departures, new insider arrangements, or governance actions are reported. From a governance perspective this is a routine disclosure documenting arm's-length sale activity by an insider or affiliated person.

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	2693	28807.76	7787560	08/14/2025	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 stock options	Issuer			2693	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 Seavey 7250 Redwood Boulevard, Suite 200 Novato CA 94945	Hennessy Advisors, Inc.	08/12/2025	7000	75928.26
Thomas Seavey 7250 Redwood Boulevard, Suite 200 Novato CA 94945	Hennessy Advisors, Inc.	08/13/2025	7704	82455.50

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 Form 144 filed for HNNA report?

The Form 144 reports a proposed sale of 2,693 common shares of Hennessy Advisors (HNNA) via Wells Fargo on 08/14/2025, with aggregate market value $28,807.76.

When and how were the 2,693 shares being sold acquired?

The shares were acquired on 08/06/2003 as restricted stock units (RSUs) and stock options from the issuer.

What recent sales by related persons are disclosed in the filing?

The filing lists Thomas Seavey sales: 7,000 shares on 08/12/2025 for $75,928.26 and 7,704 shares on 08/13/2025 for $82,455.50.

How many HNNA shares were outstanding according to the filing?

The filing reports 7,787,560 shares outstanding.

Does the filer state any undisclosed material information about Hennessy Advisors?

The filer represents they do not know any material adverse information regarding the issuer that has not been publicly disclosed.