Saga Communications (SGA) insider trust plans sale; recent disposals disclosed

Rhea-AI Filing Summary

Saga Communications, Inc. (SGA) Form 144 reports a proposed sale of 1,054 Class A common shares through Morgan Stanley Smith Barney LLC on 08/25/2025, with an aggregate market value of $14,058.46. The shares were acquired on 08/19/2022 as a distribution from a trust originating from Edward K. Christian. The issuer shows 6,439,921 shares outstanding for this class.

The filing also discloses multiple sales by the same trust during the prior three months, with transactions dated between 06/05/2025 and 08/22/2025. Notable single past sales include 9,583 shares on 06/05/2025 (gross proceeds $121,852.64) and 6,269 shares on 07/01/2025 (gross proceeds $81,791.64). The filer attests there is no undisclosed material adverse information.

Positive

• Complete Rule 144 fields provided including acquisition date, nature of acquisition, broker and proposed sale date
• Detailed three-month sale history is disclosed with dates, share counts and gross proceeds enabling transparent inspection of recent insider activity

Negative

• Insider sales are frequent for the listed trust across June–August 2025, which increases share supply from insider-related holders
• No trading-plan date disclosed in the visible content to indicate whether sales were made under a pre-established 10b5-1 arrangement

Insights

Financial Analyst

TL;DR: Routine Form 144 reporting a trust distribution sale; transactions are disclosed and not unusually large relative to single-sale figures shown.

The filing documents a proposed sale of 1,054 Class A shares and a string of recent disposals by the Edward K. Christian agreement of trust across June–August 2025. The filing provides clear trade dates, share counts, and gross proceeds for each transaction, enabling investors to track insider-related supply into the market. There is no earnings or operational information here; the impact is primarily on share supply visibility rather than company fundamentals. Given the absence of additional context, treat this as a disclosure of insider selling activity rather than a signal about company performance.

Compliance/Risk Analyst

TL;DR: The submission appears to meet Rule 144 disclosure requirements and includes required historical sales detail.

The form lists acquisition details showing the securities were received via trust distribution and indicates the broker and proposed sale date, fulfilling key Rule 144 notice elements. The signer affirms no undisclosed material adverse information. From a compliance standpoint the document contains the necessary fields: class, broker, amounts, acquisition date and nature, and three-month sales history. No explicit trading plan date or 10b5-1 plan is indicated in the visible fields.

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	1054	14058.46	6439921	08/25/2025	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			1054	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	08/22/2025	1727	22954.42
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	08/07/2025	1027	12925.41
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/31/2025	400	5222.72
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/30/2025	689	9026.86
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/25/2025	1799	24106.78
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/23/2025	608	7918.71
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/15/2025	704	9537.44
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/14/2025	3017	40733.42
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/11/2025	3300	44967.12
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/09/2025	5	67.50
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/03/2025	5300	70037.91
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	07/01/2025	6269	81791.64
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	06/27/2025	1990	25656.67
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	06/25/2025	4400	57713.04
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

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

What is being sold in the SGA Form 144?

1,054 Class A common shares proposed to be sold through Morgan Stanley Smith Barney LLC on 08/25/2025 with an aggregate market value of $14,058.46

Who acquired the shares and how were they acquired?

The shares were acquired on 08/19/2022 as a distribution from a trust from Edward K. Christian

How many Class A shares are outstanding according to the filing?

6,439,921 Class A shares outstanding are reported in the filing

Does the filing show prior sales by the same holder?

Yes; multiple sales between 06/05/2025 and 08/22/2025 are listed with share counts and gross proceeds for each transaction

Did the filer state there is undisclosed material information?

The filer signed a representation that they do not know any material adverse information about the issuer that has not been publicly disclosed