Large LEE holder Hoffmann adds 26,800 shares in open-market buys

Rhea-AI Filing Summary

LEE ENTERPRISES, Inc director and 10% owner David Henry Hoffmann reported a series of open-market purchases of the company’s common stock. He bought a total of 26,800 shares across three days at prices between $7.78 and $8.93 per share.

After these transactions, his direct holdings rose to 11,308,749 shares of common stock. The filing also shows an additional 618,900 shares held indirectly by a trust, reflecting a separate block of beneficial ownership. One of the purchases was executed in multiple trades, with the reported price disclosed as a weighted average.

Insights

Insider trading analyst

Large shareholder added 26,800 LEE shares in open-market buys.

Director and 10% owner David Henry Hoffmann executed three open-market purchases of Lee Enterprises common stock, totaling 26,800 shares at prices from $7.78 to $8.93. These are discretionary buys, not option exercises or tax-related movements.

Following the trades, his directly held position increased to 11,308,749 shares, alongside 618,900 shares held indirectly by a trust. The filing notes one transaction used multiple executions with a weighted-average price, a common pattern for larger orders spread across the market.

Insider Trade Summary

Net Buyer: 26,800 shares ($228,227)

Net Buy 4 txns

Insider Hoffmann David Henry

Role null

Bought 26,800 shs ($228K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	10,600	$8.93	$95K
Purchase	Common Stock	8,100	$8.71	$71K
Purchase	Common Stock	8,100	$7.78	$63K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 11,308,749 shares (Direct, null); Common Stock — 618,900 shares (Indirect, By Trust)

Footnotes (1)

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Key Figures

Total shares bought: 26,800 shares Purchase price 1: $8.93 per share Purchase price 2: $8.71 per share +3 more

6 metrics

Total shares bought 26,800 shares Open-market purchases of common stock

Purchase price 1 $8.93 per share Common stock buy on 2026-05-18 (weighted-average)

Purchase price 2 $8.71 per share Common stock buy on 2026-05-15

Purchase price 3 $7.78 per share Common stock buy on 2026-05-14

Direct holdings after trades 11,308,749 shares Common stock directly owned after 2026-05-18 purchase

Indirect trust holdings 618,900 shares Common stock held indirectly by trust as of 2026-05-14

Key Terms

open-market purchase, indirect ownership, weighted average purchase price, 10% owner, +1 more

5 terms

open-market purchase financial

"transaction_action: "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

indirect ownership financial

"ownership_type: "indirect" with nature_of_ownership "By Trust""

weighted average purchase price financial

"price reported reflects the weighted average purchase price"

The weighted average purchase price is the average cost per share you paid across multiple buys, calculated so larger purchases count more than smaller ones. Imagine buying apples at different prices: the overall price you effectively paid depends on how many apples you bought at each price. Investors use it to measure true cost basis, calculate gains or losses, decide when to sell, and manage taxes and portfolio performance.

10% owner financial

"is_ten_percent_owner: 1 for the reporting person"

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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^*

Hoffmann David Henry

(Last) (First) (Middle)

C/O LEE ENTERPRISES, INCORPORATED

4600 E. 53RD STREET

(Street)

DAVENPORT IOWA 52807

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
LEE ENTERPRISES, Inc [ LEE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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	05/14/2026		P		8,100	A	$7.78	11,290,049(1)	D
Common Stock	05/15/2026		P		8,100	A	$8.71	11,298,149(1)	D
Common Stock	05/18/2026		P		10,600	A	$8.93	11,308,749(1)	D
Common Stock								618,900	I	By Trust

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. This transaction was executed in multiple trades and the price reported reflects the weighted average purchase price. The reporting person hereby undertakes to provide, upon request, to the SEC staff, the issuer, or security holder of the issuer, full information regarding the number of shares and prices at which the transaction as effected.

	/s/ Timothy B. Gulbranson, Limited POA, Attorney-in-Fact	05/18/2026
	/s/ Patricia Garinger-Strickland, Limited POA, Attorney-in-Fact for The Jerrilyn M. Hoffmann Revocable Trust dated May 30, 2001	05/18/2026
	** 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 transactions did David Henry Hoffmann report in LEE stock?

He reported three open-market purchases of Lee Enterprises common stock. Across these trades, he bought a total of 26,800 shares at prices ranging from $7.78 to $8.93 per share, increasing his direct ownership stake.

How many Lee Enterprises (LEE) shares did Hoffmann buy and at what prices?

Hoffmann bought 26,800 shares of Lee Enterprises common stock. The purchases occurred at per-share prices of $7.78, $8.71, and $8.93, reflecting open-market transactions executed over three consecutive trading days.

What are David Henry Hoffmann’s holdings in LEE after these transactions?

After the reported trades, Hoffmann directly owns 11,308,749 shares of Lee Enterprises common stock. The filing also shows an additional 618,900 shares held indirectly by a trust, representing a separate block of beneficial ownership.

Were the recent LEE insider trades open-market purchases or option exercises?

The transactions were open-market purchases of common stock, identified with code “P” for purchase. There were no option exercises or derivative transactions reported, and no tax-withholding or gift-related movements in this Form 4.

Does the LEE Form 4 show any trades executed through multiple fills?

Yes. A footnote explains that one transaction was executed in multiple trades and that the reported $8.93 price is a weighted-average purchase price. Full trade details are available upon request from the reporting person.

Does the LEE Form 4 indicate any indirect ownership by trust for Hoffmann?

Yes. The filing discloses 618,900 shares of Lee Enterprises common stock held indirectly “By Trust”. This entry is separate from Hoffmann’s direct holdings and reflects shares attributed through a trust structure.