SGA Form 144: Trust linked to Edward K Christian to sell $57.7K in shares

Rhea-AI Filing Summary

Form 144 filing – Saga Communications, Inc. (SGA) discloses that the Edward K Christian Agreement of Trust intends to sell up to 4,400 Class A common shares through Morgan Stanley Smith Barney on or after 25 June 2025. The proposed transaction is valued at roughly $57.7 thousand, equal to about 0.07 % of the 6.44 million shares outstanding.

The same trust has already disposed of 11,583 shares during the past three months for aggregate gross proceeds of approximately $147 thousand. The shares being sold were originally received on 19 Aug 2022 via a distribution from a trust or estate. No cash was paid at acquisition, and the seller certifies no undisclosed adverse information.

Because the contemplated sale represents a very small fraction of total equity and does not alter control, the filing is largely procedural. Nonetheless, investors who monitor insider activity may view the continued—though modest—dispositions as a sentiment datapoint.

Insights

Financial Analyst

TL;DR: Small insider sale (0.07 % of float); neutral to share price.

The 4,400-share notice equals roughly one day’s average trading volume and less than one-tenth of one percent of SGA’s shares outstanding. Coupled with prior sales of 11,583 shares, total recent dispositions stay well below Rule 144 volume limits and signal liquidity management rather than a directional view on fundamentals. No valuation metrics or business updates accompany the filing, so the market impact should be negligible barring additional selling.

Corporate Governance Expert

TL;DR: Routine Rule 144 disclosure; governance impact minimal.

The seller is a trust linked to long-time insider Edward K Christian. While continued sales can indicate portfolio rebalancing or estate planning, the quantities are immaterial to control and do not trigger Schedule 13D/G amendments. The certification that no undisclosed adverse information exists reduces litigation risk. Overall, the filing does not raise governance red flags.

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
Class A Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	4400	57713.04	6441913	06/25/2025	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 *
Class A Common	08/19/2022	Distribution from a Trust or an Estate	EDWARD K CHRISTIAN			4400	08/19/2022	Not Applicable

* 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
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	06/17/2025	33	412.83
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	06/16/2025	50	625.08
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	06/12/2025	305	3873.35
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	06/11/2025	70	885.85
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	06/05/2025	9583	121852.64
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	04/04/2025	9	112.59
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	04/03/2025	3	37.94
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	04/02/2025	1500	18834.30
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	04/01/2025	30	379.79

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 Saga Communications (SGA) shares are proposed for sale in this Form 144?

The notice covers 4,400 Class A common shares.

What is the estimated dollar value of the proposed SGA share sale?

The aggregate market value is listed at $57,713.04.

Who is the selling security holder in the SGA Form 144 filing?

The Edward K Christian Agreement of Trust is the seller.

How many SGA shares has the trust already sold in the last three months?

It sold 11,583 shares between 1 April and 17 June 2025.

What percentage of Saga Communications’ outstanding shares does the proposed sale represent?

Approximately 0.07 % of the 6,441,913 shares outstanding.