HNNA Form 4: Exec Sells 2,000 Shares, Retains 31,432 Stake

Daniel B. Steadman, Executive Vice President and officer of Hennessy Advisors, Inc. (HNNA), reported an 08/27/2025 sale of 2,000 shares of the company’s common stock for $0 per share (coded as a sale under Form 4).

Rhea-AI Filing Summary

Daniel B. Steadman, Executive Vice President and officer of Hennessy Advisors, Inc. (HNNA), reported an 08/27/2025 sale of 2,000 shares of the company’s common stock for $0 per share (coded as a sale under Form 4). After that transaction he beneficially owned 31,432 shares directly. The filing also reports an indirect ownership of 1,750 shares held by a child. The Form 4 was signed by an attorney-in-fact.

Positive

• Officer retains significant direct ownership of 31,432 shares after the reported sale, indicating ongoing insider stake.
• No derivative transactions reported, simplifying the ownership picture and reducing complexity for investors.

Negative

• Officer disposed of 2,000 shares, which is a realized sale by an executive and may be perceived negatively by some investors.

Insights

Securities Analyst

TL;DR: Officer sold a small block of shares and still holds a meaningful direct stake; an additional 1,750 shares are indirectly held by a child.

The 2,000-share disposition reported with transaction code "G" indicates a routine sale. Post-transaction direct beneficial ownership is 31,432 shares, which shows continued ownership alignment with the company. The disclosure of 1,750 shares held indirectly by a child is standard insider household reporting and does not itself indicate additional transactions. No options or derivative activity were reported.

Corporate Governance Expert

TL;DR: Disclosure appears complete for the reported non-derivative sale and family-held indirect interest; no governance red flags in the filing text.

The Form 4 lists the reporting person, role (Executive VP), transaction type, and resulting beneficial ownership figures. The signature was provided via attorney-in-fact. There are no amendments or derivative securities reported. All material items present in this short filing are routine officer disclosures required under Section 16.

Insider Trade Summary

2,000 shares gifted

Gift 2 txns

Insider STEADMAN DANIEL B

Role Executive VP

Type	Security	Shares	Price	Value
Gift	Common Stock	2,000	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 31,432 shares (Direct); Common Stock — 1,750 shares (Indirect, By Child)

FAQ

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

What transaction did HNNA insider Daniel B. Steadman report on Form 4?

The filing reports a sale of 2,000 shares of Hennessy Advisors common stock on 08/27/2025, coded as a disposition.

How many HNNA shares does Daniel B. Steadman beneficially own after the reported sale?

He beneficially owns 31,432 shares directly following the reported transaction.

Are there any indirect holdings disclosed for the reporting person in the Form 4?

Yes, the filing reports 1,750 shares indirectly beneficially owned by a child.

Did the Form 4 report any options, warrants, or other derivatives for HNNA?

No. Table II for derivative securities shows no derivative transactions or holdings reported.

Who signed the Form 4 for Daniel B. Steadman?

The Form 4 was signed by Teresa M. Nilsen, Attorney-in-Fact for Daniel B. Steadman.

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

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Accepted by SEC EDGAR 09/03/2025 - 01:16 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).

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 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		G		2,000	D	$0	31,432	D
Common Stock								1,750	I	By 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)
				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 Daniel B. Steadman	09/03/2025
	** 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.