[144] Hennessy Advisors, Inc. SEC Filing

Rhea-AI Filing Summary

Insider sale notice for Hennessy Advisors, Inc. (HNNA): This Form 144 shows a proposed sale of 2,603 common shares through Wells Fargo Clearing with an aggregate market value of $27,661.36, to be sold approximately on 08/15/2025 on NASDAQ. The filing states these shares were acquired on 08/06/2003 as RSUs and stock options and that payment was not applicable. The filer, Thomas Seavey, also reported recent open-market sales over the prior three days totaling 17,397 shares for gross proceeds of $187,191.52 (sales on 08/12/2025, 08/13/2025 and 08/14/2025). The notice includes the standard certification that the seller is not aware of undisclosed material adverse information.

Positive

• Disclosure compliance: The filing provides required Rule 144 details including broker, acquisition date, and certification.
• Long-held shares: Shares were acquired in 2003 as RSUs/options, indicating these are not recent insider grants.

Negative

• Insider selling: The filer sold or plans to sell roughly 20,000 shares, which may be interpreted negatively by some investors despite being small in scale.

Insights

Securities Analyst

TL;DR: Insider reported routine sales totaling ~20,000 shares; amounts are small relative to outstanding shares and likely not material.

The sale notice lists a proposed sale of 2,603 shares valued at $27,661 and prior three-day sales of 17,397 shares for $187,191.52. Combined holdings sold or proposed represent roughly 0.26% of the issuer's ~7.79 million outstanding shares. From a trading-impact perspective, these transactions are small and disclosed under Rule 144 procedures. The filing shows acquisition via RSUs/options in 2003, indicating long-held equity rather than recent grants. No financial results, new agreements, or regulatory issues are disclosed.

Corporate Governance Expert

TL;DR: Filing is a standard Rule 144 disclosure; governance compliance appears intact with required certifications.

The Form 144 provides required broker details, acquisition history (RSUs and stock options dated 08/06/2003), and the seller's certification regarding material undisclosed information. The signature/remarks section reiterates the legal attestation. There are no indications of accelerated or undisclosed insider compensation, related-party transactions, or governance irregularities in this notice. As a compliance document, it fulfills disclosure obligations for proposed restricted/controlled sales.

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	2603	27661.36	7787560	08/15/2025	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			2603	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
Thomas Seavey 7250 Redwood Boulevard, Suite 200 Novato CA 94945	Hennessy Advisors, Inc.	08/14/2025	2693	28807.76

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 did the Form 144 for HNNA report?

The Form 144 reports a proposed sale of 2,603 common shares (aggregate market value $27,661.36) and recent sales of 17,397 shares for $187,191.52.

Who is the seller named on the filing?

The seller is identified as Thomas Seavey with an address in Novato, CA; the broker listed for the proposed sale is Wells Fargo Clearing Services.

When were the securities to be sold acquired?

The shares to be sold were acquired on 08/06/2003 as RSUs and stock options from the issuer.

On which exchange will the sale occur?

The filing specifies the sale is to occur on NASDAQ, approximately on 08/15/2025.

Are these sales material relative to outstanding shares?

Combined sales mentioned (~20,000 shares) represent about 0.26% of the reported 7,787,560 shares outstanding, which is generally immaterial.