Saga Communications (SGA) Trustee Files Form 144 for 546-Share Sale via Morgan Stanley

Rhea-AI Filing Summary

Saga Communications, Inc. (SGA) filing a Form 144 discloses a proposed sale of 546 shares of Class A Common stock through Morgan Stanley Smith Barney LLC on or about 10/01/2025 on the NASDAQ. The shares were acquired on 08/19/2022 as a distribution from a trust or an estate (from Edward K. Christian). The filing includes a record of numerous prior sales by the same trust during the past three months, with individual sale amounts and gross proceeds listed for dates from 07/01/2025 through 09/30/2025. The filer attests there is no undisclosed material adverse information and signs the statutory attestation required by the form.

Positive

• Compliance disclosure: Form 144 filed to disclose proposed sale, meeting Rule 144 requirements
• Transaction provenance provided: Acquisition date (08/19/2022) and source (distribution from a trust/estate) are stated
• Broker identified: Morgan Stanley Smith Barney LLC named as broker for the proposed sale

Negative

• Insider-related selling: Filing and prior sales show multiple dispositions by the Edward K. Christian trust in recent months
• Potential market pressure: Although magnitude relative to float is not calculated here, recurring sales may increase share supply near-term

Insights

Securities Analyst

TL;DR Insider-related trust plans to sell 546 shares; several prior sales are listed, but this is a routine Rule 144 disclosure.

The Form 144 notifies the market that 546 Class A shares of Saga Communications will be offered through Morgan Stanley Smith Barney on or about October 1, 2025. The shares originated from a trust distribution on August 19, 2022, attributed to Edward K. Christian. The filing transparently lists numerous prior sales by the same trust over the past three months with dates, share amounts, and gross proceeds. From an investor-impact perspective, this is a compliance disclosure of insider-related selling rather than an operational development. Materiality depends on context relative to total float, but the form itself contains no financial performance data or forward guidance.

Corporate Governance Expert

TL;DR Proper Rule 144 procedure appears followed; the filing documents provenance and broker, meeting disclosure obligations.

The notice identifies the broker (Morgan Stanley Smith Barney LLC) and provides acquisition details showing the securities were distributed from a trust. The filer makes the required representation regarding absence of undisclosed material adverse information. This filing fulfills regulatory disclosure requirements for proposed insider-related sales; it does not indicate any governance action, change in control, or breach of policy. Any governance assessment should consider the pattern of recent sales listed, but the filing itself is a routine disclosure.

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	546	6883.80	6439921	10/01/2025	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			546	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	09/30/2025	48	603.27
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	09/26/2025	316	3952.24
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	09/19/2025	581	7338.15
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	08/25/2025	1054	14058.46
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

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 does the Form 144 for SGA disclose about the upcoming sale?

The filing discloses a proposed sale of 546 Class A common shares through Morgan Stanley Smith Barney LLC on or about 10/01/2025 on NASDAQ.

Who originally acquired the shares being sold in the SGA Form 144?

The shares were acquired on 08/19/2022 as a distribution from a trust or an estate, attributed to Edward K. Christian.

Does the filing list prior sales of SGA shares by the same party?

Yes. The Form 144 lists multiple sales by the Edward K. Christian Agreement of Trust dated between 07/01/2025 and 09/30/2025, with individual share amounts and gross proceeds shown in the table.

Which broker is handling the proposed SGA sale?

The named broker is Morgan Stanley Smith Barney LLC, located at 1 New York Plaza, 8th Floor, New York, NY 10004.

What attestation does the filer make in the Form 144?

The filer represents by signing that they do not know any material adverse information about the issuer that has not been publicly disclosed, and the form includes the standard statutory warning about misstatements.