[Form 4] Hennessy Advisors, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sales by Thomas L. Seavey at Hennessy Advisors (HNNA)

The Form 4 shows that Thomas L. Seavey, a director, reported two open-market sales of Hennessy Advisors common stock. On 08/12/2025 he sold 7,000 shares at a weighted-average price of $10.8516, leaving him with 63,429 shares beneficially owned. On 08/13/2025 he sold 7,704 shares at a weighted-average price of $10.7076, leaving him with 55,725 shares beneficially owned. The form was signed by Teresa M. Nilsen as attorney-in-fact on 08/14/2025. The filing includes explanations that the reported prices are weighted averages and gives the actual price ranges for each transaction.

Positive

• None.

Negative

• Insider sold shares: Director Thomas L. Seavey sold a total of 14,704 shares over two days, reducing his beneficial ownership to 55,725 shares.
• Open-market sales only: The filing shows ordinary open-market dispositions with no disclosed Rule 10b5-1 plan or other affirmative defense noted in the Form 4.

Insights

Securities Analyst

TL;DR Director Thomas Seavey executed two open-market sales totaling 14,704 HNNA shares over two days.

The transactions are routine open-market dispositions reported on a Form 4. The filing discloses exact share counts and weighted-average prices and notes the price ranges for each day. The report shows Seavey retained 55,725 shares after the second sale. There is no information in the Form 4 about the motivation for the sales, any hedging, or any related agreements. For investors, this is a factual disclosure of insider selling activity without additional context on materiality versus total share count or timing rationale.

Corporate Governance Expert

TL;DR Two reported director sales are disclosed clearly; the filing provides weighted-average pricing and signature by attorney-in-fact.

The Form 4 follows Section 16 reporting requirements and includes explanatory notes about weighted-average pricing and ranges. It identifies the reporting person as a director and shows the remaining beneficial ownership after each sale. The filing does not allege any policy-based plan (e.g., Rule 10b5-1) governing these sales, nor does it present any amendment or additional restrictions. From a governance perspective, the disclosure is complete for the specific transactions reported.

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^*

SEAVEY THOMAS L

(Last) (First) (Middle)

7250 REDWOOD BLVD

SUITE 200

(Street)

NOVATO CA 94945

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HENNESSY ADVISORS INC [ HNNA ]

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)
08/12/2025

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	08/12/2025		S		7,000	D	$10.8516(1)	63,429	D
Common Stock	08/13/2025		S		7,704	D	$10.7076(2)	55,725	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 price in Column 4 is a weighted average price. The prices actually ranged from $10.8500 to $10.9600. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

2. The price in Column 4 is a weighted average price. The prices actually ranged from $10.6600 to $10.7700. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Thomas L. Seavey	08/14/2025
	** 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 Thomas L. Seavey report on the HNNA Form 4?

He reported two sales: 7,000 shares on 08/12/2025 at a weighted-average $10.8516 and 7,704 shares on 08/13/2025 at a weighted-average $10.7076.

How many HNNA shares does Seavey beneficially own after these transactions?

55,725 shares beneficially owned following the 08/13/2025 sale reported on the Form 4.

Who signed the Form 4 for Thomas L. Seavey and when?

Teresa M. Nilsen, Attorney-in-Fact signed the Form 4 on 08/14/2025.

Are the reported prices exact for each sale on the HNNA Form 4?

No: The filing states the column price is a weighted average and provides the actual price ranges: 08/12/2025 ranged $10.85–$10.96; 08/13/2025 ranged $10.66–$10.77.

Does the Form 4 indicate the sales were made under a pre-arranged plan?

No: The Form 4 does not indicate these transactions were made pursuant to a Rule 10b5-1 plan or similar written plan.