[Form 4] HENNESSY ADVISORS INC Insider Trading Activity

Rhea-AI Filing Summary

Kiera M. Newton, a director of HENNESSY ADVISORS INC (HNNA), reported a sale of 390 shares of the company's common stock on 09/29/2025 at a price of $10.73 per share. Following this transaction she beneficially owns 16,865 shares in a direct ownership form. The Form 4 was executed by an attorney-in-fact and signed on 09/29/2025.

Positive

• Transparent disclosure of insider sale including price ($10.73), quantity (390 shares), and post-transaction holdings (16,865 shares).
• Ownership remains direct and substantial at 16,865 shares after the reported sale.

Negative

• Insider disposition of 390 shares was reported, which reduces the director's stake by that amount.

Insights

Securities Analyst

TL;DR: A routine insider sale of 390 shares by a director; ownership remains material at 16,865 shares.

The transaction is a small-scale disposition relative to typical institutional holdings and does not on its face indicate a material change in insider alignment with shareholders. The sale price of $10.73 is recorded and the remaining direct holding of 16,865 shares is disclosed, providing transparency for market participants. No derivatives or additional transactions are reported.

Corporate Governance Expert

TL;DR: Disclosure complies with Section 16 reporting; signed by attorney-in-fact indicating standard filing practice.

The Form 4 shows timely reporting of a director's sale and a direct ownership position. The presence of an attorney-in-fact signature is common and permissible. There are no indications of unusual transfer mechanisms, related-party transactions, or changes in control arising from this filing.

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)
09/29/2025

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	09/29/2025		S		390	D	$10.73	16,865	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	09/29/2025
	** 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 Kiera M. Newton report on Form 4 for HNNA?

She reported a sale of 390 shares of HENNESSY ADVISORS INC common stock on 09/29/2025 at $10.73 per share and now owns 16,865 shares directly.

What was the sale price per share in the reported transaction (HNNA)?

$10.73 per share is the price reported for the disposition of 390 shares on 09/29/2025.

How many HNNA shares does the reporting director own after this transaction?

16,865 shares are reported as beneficially owned following the transaction.

Was the Form 4 signed directly by the reporting person for HNNA?

No. The Form 4 was signed by an attorney-in-fact, Teresa M. Nilsen, on behalf of Kiera M. Newton on 09/29/2025.

Does the filing show any derivative transactions for HNNA?

No derivatives are reported; Table II for derivative securities contains no entries.