Hennessy (HNNA) Form 4: Director reports two sales totaling 5,301 shares

Rhea-AI Filing Summary

Thomas L. Seavey, a director of Hennessy Advisors, Inc. (HNNA), reported two open-market sales of company common stock on August 14 and August 15, 2025. The Form 4 shows sales of 2,698 shares on 08/14/2025 at a weighted average price of $10.7036 and 2,603 shares on 08/15/2025 at a weighted average price of $10.6331. After the reported transactions, Mr. Seavey beneficially owned 50,424 shares directly. The Form 4 was signed by Teresa M. Nilsen as attorney-in-fact on 08/18/2025. The filing notes the reported prices are weighted averages with price ranges disclosed for each sale.

Positive

• Transparency: Sales reported with weighted-average prices and disclosed price ranges.
• Ongoing ownership: Reporting person continues to hold a substantial direct stake of 50,424 shares after transactions.

Negative

• Insider selling: Director sold a total of 5,301 shares across two days.
• No 10b5-1 designation indicated: The form does not check the box indicating the transactions were pursuant to a pre-arranged trading plan.

Insights

Securities Analyst

TL;DR: Director executed modest open-market sales totaling 5,301 shares; retains a sizable direct stake of 50,424 shares.

The transactions reported are routine open-market disposals rather than derivative exercises or transfers. Total shares sold were 5,301 across two days at weighted average prices of $10.7036 and $10.6331, with disclosed price ranges. From an investor-impact perspective, these sales do not by themselves indicate company-wide financial change; they reduce the director's direct holdings but he remains a substantial shareholder. Reporting was completed by an attorney-in-fact as required.

Corporate Governance Expert

TL;DR: Insider disclosures appear compliant and timely; sales were reported and signed by an authorized attorney-in-fact.

The Form 4 identifies Mr. Seavey as a director and indicates the filing was made by one reporting person. The inclusion of weighted-average price ranges and an explanatory note supports transparency. No indication of Rule 10b5-1 plan designation is checked on the form. The filings are routine governance disclosures; materiality to investors depends on context not provided in this form.

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)
08/14/2025

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	08/14/2025		S		2,698	D	$10.7036(1)	53,027	D
Common Stock	08/15/2025		S		2,603	D	$10.6331(2)	50,424	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 $10.6300 to $10.8000. 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 $10.6000 to $10.9550. 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	08/18/2025
	** 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 did HNNA director Thomas L. Seavey report on Form 4?

He reported two open-market sales: 2,698 shares on 08/14/2025 and 2,603 shares on 08/15/2025, for a total of 5,301 shares sold.

At what prices were the HNNA shares sold by the director?

The weighted average prices were $10.7036 for the 08/14/2025 sale and $10.6331 for the 08/15/2025 sale; price ranges were disclosed in the filing.

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

He beneficially owned 50,424 shares directly following the reported transactions.

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

The Form 4 was signed by Teresa M. Nilsen, Attorney-in-Fact on 08/18/2025.

Does the Form 4 indicate the sales were under a 10b5-1 trading plan?

No. The form does not indicate that the transactions were made pursuant to a Rule 10b5-1 trading plan.