Hennessy Advisors (HNNA) CFO sells 10,000 shares at $10

Rhea-AI Filing Summary

Hennessy Advisors Inc. senior vice president and CFO Kathryn Fahy reported an open-market sale of 10,000 shares of Common Stock at $10.0000 per share. After this transaction, she directly holds 60,688.93 shares. This filing shows a single sale with no accompanying option exercises or derivative positions.

Insights

Equity analyst

CFO reports a routine-sized open-market share sale.

Hennessy Advisors' SVP and CFO, Kathryn Fahy, executed an open-market sale of 10,000 Common Stock shares at $10.0000 per share. The transaction is coded "S", indicating a standard sale rather than an option exercise or structured derivative event.

Following the sale, Fahy directly holds 60,688.93 shares, and no derivative positions are listed in this filing. With only one sale transaction and no sign of a broader repositioning, this looks like a discrete liquidity event. The filing does not reference any Rule 10b5-1 trading plan or pre-arranged program.

Because the data show a single sale and a continuing share position, this event is best viewed as routine insider activity rather than a thesis-changing move. Subsequent filings from the company will indicate whether similar transactions continue or if this was an isolated disposition.

Insider Trade Summary

Net Seller: 10,000 shares ($100,000)

Net Sell 1 txn

Insider Fahy Kathryn

Role SVP and CFO

Sold 10,000 shs ($100K)

Type	Security	Shares	Price	Value
Sale	Common Stock	10,000	$10.00	$100K

Holdings After Transaction: Common Stock — 60,688.93 shares (Direct, null)

Footnotes (1)

Key Figures

Shares sold: 10,000 shares Sale price: $10.0000 per share Shares held after transaction: 60,688.93 shares +1 more

4 metrics

Shares sold 10,000 shares Open-market sale of Common Stock

Sale price $10.0000 per share Price for reported 10,000-share sale

Shares held after transaction 60,688.93 shares Direct ownership following sale

Net buy/sell shares -10,000 shares Net-sell direction in transaction summary

Key Terms

Common Stock, open-market sale, transaction code "S"

3 terms

Common Stock financial

"The transaction involves 10,000 shares of Common Stock."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

open-market sale financial

"The filing describes the transaction as an open-market sale."

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

transaction code "S" financial

"Transaction code "S" indicates a sale of non-derivative shares."

Form 4 Insider Transactions: What Each Field Means →

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^*

Fahy Kathryn

(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)		Other (specify below)
	SVP and CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/11/2026		S		10,000	D	$10	60,688.93	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 Kathryn Fahy	05/12/2026
	** 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)

FAQ

What insider transaction did Hennessy Advisors (HNNA) report for Kathryn Fahy?

Kathryn Fahy, SVP and CFO of Hennessy Advisors, reported selling 10,000 Common Stock shares in an open-market transaction. The sale was reported at $10.0000 per share and coded as an "S" transaction, indicating a standard sale of non-derivative shares.

At what price did HNNA CFO Kathryn Fahy sell her shares?

The Hennessy Advisors CFO sold 10,000 shares of Common Stock at $10.0000 per share. This price is explicitly disclosed in the Form 4 transaction details and applies to the full share amount reported for the open-market sale on the stated transaction date.

How many Hennessy Advisors (HNNA) shares does Kathryn Fahy hold after the sale?

After the reported transaction, Kathryn Fahy directly holds 60,688.93 Hennessy Advisors Common Stock shares. This post-transaction holding figure comes from the Form 4 and reflects her remaining direct ownership following the 10,000-share open-market sale.

Was the HNNA insider transaction an open-market sale or an option exercise?

The Form 4 shows an open-market sale, not an option exercise. The transaction is coded "S" for a sale of non-derivative Common Stock, with no conversion or exercise price or derivative securities reported in the filing’s transaction or derivative summaries.

Does the Hennessy Advisors (HNNA) Form 4 show any derivative positions for Kathryn Fahy?

No derivative positions are listed for Kathryn Fahy in this Form 4. The derivativeSummary section is empty, and the only reported transaction involves non-derivative Common Stock shares sold in an open-market transaction at the stated per-share price.