Hennessy Advisors Executive Sells 5,000 Shares

After the sale, the Executive VP was reported as directly holding 37,768 shares, alongside 2,250 shares held indirectly for a child.

Available on EDGAR 09/25/2026 - 04:04 PM EDT Accepted by SEC EDGAR 09/25/2026 - 04:01 PM EDT

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Form Type

Rhea-AI Filing Summary

HENNESSY ADVISORS INC (HNNA) Executive VP and Advisory Committee Member Daniel B. Steadman sold 5,000 shares on September 24, 2026, at a weighted average price of $10.2626 per share. The reported sale prices ranged from $10.2000 to $10.3200. After the sale, he directly held 37,768 shares; 2,250 shares were also reported indirectly as held for a child. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Seller: 5,000 shares

Net Sell 1 txn

Insider STEADMAN DANIEL B

Role Executive VP

Sold 5,000 shs ($51K)

Type	Security	Shares	Price	Value
Sale	Common Stock ^F1	5,000	$10.2626	$51K
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 37,768 shares (Direct); Common Stock — 2,250 shares (Indirect, FBO Child)

Footnotes (1)

F1. The price in Column 4 is a weighted average price. The prices actually ranged from $10.2000 to $10.3200. 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.

Key Figures

Common shares sold: 5,000 shares Weighted average sale price: $10.2626 per share Sale price range: $10.2000 to $10.3200 per share +2 more

5 metrics

Common shares sold 5,000 shares September 24, 2026

Weighted average sale price $10.2626 per share Sale on September 24, 2026

Sale price range $10.2000 to $10.3200 per share Prices for shares sold

Direct shares following transaction 37,768 shares Reported after the September 24, 2026 sale

Indirect shares held for a child 2,250 shares Reported on September 24, 2026

Key Terms

weighted average price, Rule 10b5-1 plan

2 terms

weighted average price financial

"The price in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Rule 10b5-1 plan regulatory

"No Rule 10b5-1 plan is reported"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many HNNA shares did Daniel B. Steadman sell, and at what price?

Daniel B. Steadman, HENNESSY ADVISORS INC’s Executive VP and Advisory Committee Member, sold 5,000 shares on September 24, 2026, at a weighted average price of $10.2626 per share. The reported sale prices ranged from $10.2000 to $10.3200.

Was the HNNA executive’s sale reported under a Rule 10b5-1 plan?

No Rule 10b5-1 plan is reported for Daniel B. Steadman’s sale.

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

Form 4 Insider Transactions: What Each Field Means →

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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^*

STEADMAN DANIEL B

(Last)

(First)

(Middle)

7250 REDWOOD BLVD

SUITE 200

(Street)

NOVATO

CALIFORNIA

94945

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Executive VP		Advisory Committee Member

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	09/24/2026		S		5,000	D	$10.2626⁽¹⁾	37,768	D
Common Stock								2,250	I	FBO Child

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The price in Column 4 is a weighted average price. The prices actually ranged from $10.2000 to $10.3200. 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 Daniel B. Steadman	09/25/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR