[144] Hallador Energy Company SEC Filing

Rhea-AI Filing Summary

Hallador Energy Company (HNRG) filed a Form 144 disclosing a proposed Rule 144 sale of 511,000 common shares through National Financial Services LLC on NASDAQ, with an aggregate market value of $12,242,000 and total shares outstanding listed as 42,976,180. The filing lists prior acquisitions of the shares, including purchases and conversions dated 07/23/2006, 06/30/2022 and 08/08/2022.

The notice also reports securities sold in the past three months: 67,457 shares were sold on 05/19/2025 for $1,284,934.43. The filer represents there is no undisclosed material adverse information. The document provides transaction details but no company financial results or forward guidance.

Positive

• Full Rule 144 disclosure filed, providing transparency on a proposed sale of 511,000 shares
• Brokered sale through National Financial Services LLC, indicating use of an established execution channel
• Historical acquisition details are disclosed (dates and nature of acquisitions from 2006 and 2022), aiding clarity on holding history

Negative

• Proposed sale value of $12,242,000 represents about 1.19% of outstanding shares, a potentially meaningful addition to market supply
• Recent disposal in past 3 months: 67,457 shares sold for $1,284,934.43, indicating ongoing sell-side activity from the account
• No disclosure of a 10b5-1 trading plan or whether sales are systematic, leaving investor uncertainty about future selling intentions

Insights

Securities Analyst

TL;DR: Routine Rule 144 disposition of a modest stake; transparency maintained but represents a meaningful issuance to market.

The Form 144 notifies the market of a proposed sale of 511,000 shares valued at $12.24M, equal to approximately 1.19% of outstanding shares based on the reported 42,976,180 shares outstanding. The filing shows the shares were acquired over multiple events from 2006 to 2022 and were to be sold through a major broker, National Financial Services LLC. Recent realized sales of 67,457 shares for $1.284M are disclosed, indicating partial liquidity actions by the account. This disclosure is procedurally important for market transparency but does not include operational or financial performance data.

Corporate Governance Expert

TL;DR: Insider/affiliate selling of a >1% stake is material to monitor for governance and ownership shift, though not necessarily adverse.

The proposed sale equals roughly 1.19% of shares outstanding, which can modestly affect free float and signaling. The form documents prior conversions and purchases as the acquisition sources and confirms compliance representations required under Rule 144. The recent May 2025 sale of 67,457 shares for $1.285M is also disclosed. The filing lacks any statements about trading plans or whether these sales are part of a systematic plan; absent such detail, the filing is a clear compliance disclosure rather than a governance action item with explicit motives.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
COMMON STOCK	NATIONAL FINANCIAL SERVICES LLC 200 SEAPORT BLVD WORLD TRADE CENTER BOSTON MA 02210	511000	12242000.00	42976180	08/13/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
COMMON	07/23/2006	PURCHASE FROM ISSUER	ISSUER			393932	07/23/2006	CHECK/WIRE
COMMON	06/30/2022	CONVERSTON OF NOTES-dated May 2022, $1,750,000 conversion notice dated 06.30.22	ISSUER			108675	06/30/2022	CHECK/WIRE
COMMON	08/08/2022	CONVERSION OF NOTE-dated 08.08.22 $1,000,000. Converted 06.28.24	ISSUER			190000	08/08/2022	CHECK/WIRE

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Hallador Alternative Assets Fund, LLC 5485 Keitzke Lane Reno NV N89511	Hallador Alternative Assets Fund LLC	05/19/2025	67457	1284934.43

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many HNRG shares are proposed for sale under the Form 144?

The Form 144 proposes the sale of 511,000 common shares.

What is the aggregate market value of the proposed HNRG sale?

The aggregate market value is reported as $12,242,000.

When is the approximate date of the proposed sale noted in the filing?

The filing lists the approximate date of sale as 08/13/2025.

How many HNRG shares were sold in the past three months and for how much?

The filing discloses prior sales of 67,457 shares on 05/19/2025 for $1,284,934.43.

What broker is handling the proposed HNRG share sale?

The broker named is National Financial Services LLC (listed address in Boston, MA).