[Form 4] HENNESSY ADVISORS INC Insider Trading Activity

Hennessy Advisors Inc. (HNNA) Form 4: Director Kiera M. Newton reported a sale on 09/23/2025 of 3 shares of the issuer's common stock at a price of $11 per share.

Rhea-AI Filing Summary

Hennessy Advisors Inc. (HNNA) Form 4: Director Kiera M. Newton reported a sale on 09/23/2025 of 3 shares of the issuer's common stock at a price of $11 per share. After the transaction, the reporting person beneficially owned 17,255 shares, held directly. The form was signed on behalf of Ms. Newton by an attorney-in-fact on 09/25/2025. No derivative transactions or other changes are reported.

Insights

Securities Analyst

TL;DR: Small open-market sale reported by a director; holding remains substantial at 17,255 shares.

The filing discloses a routine sale of 3 common shares by Director Kiera M. Newton on 09/23/2025 at $11 per share. The position after the sale is 17,255 shares held directly. This is a straightforward Section 16 disclosure showing a minor disposition with no derivatives or additional arrangements disclosed. No material change to ownership stake is evident from the reported figures.

Corporate Governance Expert

TL;DR: Disclosure is complete for the reported trade; filing follows Section 16 formatting and includes a signed attorney-in-fact certification.

The Form 4 shows the reporter's relationship to the issuer as a Director and provides the necessary transaction detail: sale code S, amount 3 shares, price $11, and resulting beneficial ownership of 17,255 shares. The document includes a dated signature by an attorney-in-fact, fulfilling signature requirements. There are no amendments, derivative transactions, or additional notes recorded.

Insider Trade Summary

Net Seller: 3 shares

Net Sell 1 txn

Insider Newton Kiera

Role Director

Sold 3 shs ($33.00)

Type	Security	Shares	Price	Value
Sale	Common Stock	3	$11.00	$33.00

Holdings After Transaction: Common Stock — 17,255 shares (Direct)

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 09/25/2025 - 06:06 PM Learn about SEC filing dates

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).

1. Name and Address of Reporting Person^*

Newton Kiera

(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)
09/23/2025

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	09/23/2025		S		3	D	$11	17,255	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:

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Kiera M. Newton	09/25/2025
	** 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.