SGA insider filing: 629 Class A shares sale via Morgan Stanley

Rhea-AI Filing Summary

SAGA Communications, Inc. (SGA) submitted a Form 144 notice reporting a proposed sale of 629 Class A Common shares through Morgan Stanley Smith Barney on 10/06/2025 with an aggregate market value of $8,202.16. The shares were acquired on 08/19/2022 as a distribution from a trust related to Edward K. Christian. The filing lists aggregated recent sales by the same trust totaling 15,178 shares across multiple dates from 07/09/2025 to 10/02/2025, producing combined gross proceeds of $197,784.89.

The filer attests there is no undisclosed material adverse information and notes standard Rule 144 disclosures about trading plans. This is a routine insider liquidity notice rather than an operational or financial performance disclosure.

Positive

• Compliance with Rule 144 procedures: brokered sale through Morgan Stanley Smith Barney
• Full acquisition disclosure: acquisition date 08/19/2022 and source (trust distribution) provided

Negative

• Insider selling activity: aggregated 15,178 shares sold in the past three months
• Potential dilution pressure—sales equal a small but ongoing share supply into the market

Insights

Securities Counsel

Routine Rule 144 liquidity filing tied to trust distributions.

The notice documents a proposed sale of 629 shares through a broker on 10/06/2025 and confirms the securities were acquired as a distribution from a trust on 08/19/2022. This aligns with standard Rule 144 mechanics allowing restricted holders to resell under resale conditions.

Key dependencies are the accuracy of the acquisition date and the filer’s attestation that no material nonpublic information exists. If those statements are accurate, the form supports compliant secondary sales; monitor any future filings that modify sale amounts or disclose a trading plan date.

Equity Analyst

Modest insider selling; materiality limited relative to outstanding shares.

The proposed 629-share sale and the recent aggregated disposals of 15,178 shares produced gross proceeds of $197,784.89. Relative to the reported 6,439,921 shares outstanding, these transactions represent a small percentage of the float.

Investors should view this as low-impact liquidity activity rather than a signal about company fundamentals; watch for continued regular disposal patterns over the next 30-90 days if further Form 144 notices appear.

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	629	8202.16	6439921	10/06/2025	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			629	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	10/02/2025	1678	20975.00
EDWARD K CHRISTIAN AGREEMENT OF TRUST 73 Kercheval Avenue Grosse Pointe Farms MI 48236	Class A Common	10/01/2025	546	6883.80
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

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 SGA Form 144 filed on 10/06/2025 report?

It reports a proposed sale of 629 Class A Common shares via Morgan Stanley Smith Barney with an aggregate market value of $8,202.16 proposed for 10/06/2025.

Who acquired the shares being sold according to the Form 144?

The 629 shares were acquired on 08/19/2022 as a distribution from a trust linked to Edward K. Christian.

How many shares were sold by the trust in the past three months and for how much?

The filing lists sales totaling 15,178 shares from 07/09/2025 to 10/02/2025, with combined gross proceeds of $197,784.89.

Does the filer attest to the absence of material nonpublic information?

Yes, the signer represents they do not know any material adverse information about the issuer that has not been publicly disclosed.

Which broker is handling the proposed sale?

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