Hallador Energy director buys 13,888 shares in offer

Hallador Energy director Zarrell Gray reported buying additional company stock.

Rhea-AI Filing Summary

Hallador Energy director Zarrell Gray reported buying additional company stock. On January 14, 2026, Gray purchased 13,888 shares of Hallador Energy common stock at $18 per share in connection with a firm commitment underwritten offering. After this transaction, Gray directly owned 76,480 common shares of the company. The filing was made on a Form 4, which discloses changes in insider ownership.

Insider Trade Summary

Other: 13,888 shares

Other 1 txn

Insider Gray Zarrell Thomas

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	13,888	$18.00	$250K

Holdings After Transaction: Common Stock — 76,480 shares (Direct)

Footnotes (1)

1. F1. On January 14, 2026, the Reporting Person purchased 13,888 shares of the Issuer's Common Stock in connection with a firm commitment underwritten offering.

FAQ

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

What insider transaction did HNRG director Zarrell Gray report?

Director Zarrell Gray reported buying 13,888 shares of Hallador Energy common stock in a firm commitment underwritten offering.

At what price were the Hallador Energy (HNRG) shares purchased?

The 13,888 Hallador Energy common shares were purchased at a price of $18 per share.

When did the Hallador Energy insider share purchase occur?

The insider share purchase took place on January 14, 2026, as reported in the Form 4 filing.

How many Hallador Energy shares does Zarrell Gray own after the transaction?

Following the reported transaction, Zarrell Gray directly owned 76,480 shares of Hallador Energy common stock.

What is Zarrell Gray’s relationship to Hallador Energy (HNRG)?

Zarrell Gray is a director of Hallador Energy, as indicated in the Form 4 filing.

What type of offering was involved in this Hallador Energy share purchase?

The 13,888-share purchase was made in connection with a firm commitment underwritten offering of Hallador Energy common stock.

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

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Accepted by SEC EDGAR 01/16/2026 - 06:04 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^*

Gray Zarrell Thomas

(Last) (First) (Middle)

1183 EAST CANVASBACK DRIVE

(Street)

TERRE HAUTE IN 47802

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HALLADOR ENERGY CO [ HNRG ]

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)
01/14/2026

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	01/14/2026		J		13,888(1)	A	$18	76,480	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:

1. On January 14, 2026, the Reporting Person purchased 13,888 shares of the Issuer's Common Stock in connection with a firm commitment underwritten offering.

	/s/ Zarrell Gray	01/16/2026
	** 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.