SGA Form 144 shows continued insider selling, 0.28 % of float over 3 months

Rhea-AI Filing Summary

Saga Communications, Inc. (NASDAQ: SGA) – Form 144 filing discloses a proposed insider sale of 1,990 Class A common shares with an aggregate market value of $25,656.67. The seller is Edward K. Christian Agreement of Trust, acting through broker Morgan Stanley Smith Barney. The planned trade date is 26-27 June 2025, and the shares represent roughly 0.03 % of the company’s 6,441,913 outstanding shares.

The filing also details 10 separate sales by the same trust during the last three months, totaling 15,983 shares for gross proceeds of ≈ $201,851. The largest single block was 9,583 shares on 5 June 2025. Including the newly-proposed transaction, cumulative dispositions over the period rise to 17,973 shares, or ~0.28 % of shares outstanding.

No information is given on motives, written trading plans, or remaining ownership levels. The filer certifies that it possesses no undisclosed material adverse information about Saga Communications.

Investment take-away: While the absolute percentage of shares is small, the steady cadence of insider selling may prompt questions about insider sentiment. However, the size relative to float is unlikely to be materially dilutive or to exert significant market pressure on its own.

Positive

• None.

Negative

• Continued insider selling: 17,973 shares disposed of or planned within three months (~0.28 % of shares outstanding) could be interpreted as weakening insider confidence.

Insights

Securities Analyst

TL;DR: Small but persistent insider selling (<0.3% float) signals mild negative sentiment, unlikely to move price materially.

The Form 144 indicates another round of dispositions by Edward K. Christian’s trust. Cumulative sales of nearly 18 k shares over three months equal roughly 0.28 % of outstanding shares and an estimated 0.45 % of the public float, assuming insiders still hold sizable stakes. The proposed block of 1,990 shares is modest, but the pattern—ten prior trades followed by a new notice—can be interpreted as a soft bearish signal on near-term performance or portfolio-driven liquidation. Liquidity impact should be limited given SGA’s average daily volume (~20–25 k shares), yet multiple insider sales in a tight-float media micro-cap often influence investor perception. No earnings, operational updates, or 10b5-1 plan details accompanied the filing, leaving motivations opaque.

Corporate Governance Expert

TL;DR: Filing meets disclosure rules; insider activity appears routine, governance risk low.

From a governance standpoint, the trust followed Rule 144 notice requirements, listing prior sales and certifying absence of non-public adverse information. The staggered sales suggest adherence to compliance windows, possibly under a trading plan, though not explicitly stated. Given Saga’s family-controlled structure, monitoring insider transactions is prudent, but the reported volumes are well below thresholds that would trigger control changes or voting power shifts. Therefore, I classify the governance impact as neutral.

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	1990	25656.67	6441913	06/27/2025	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			1990	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	06/25/2025	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
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 insiders proposing to sell in the latest Form 144?

The trust intends to sell 1,990 Class A common shares valued at about $25,657.

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

The 1,990 shares equal roughly 0.03 % of the 6,441,913 shares outstanding.

How many shares has the same insider sold in the past three months?

Prior sales totaled 15,983 shares, bringing cumulative dispositions to 17,973 shares including the proposed sale.

When is the proposed sale date for the 1,990 shares?

The approximate sale date disclosed is June 27, 2025.

Which broker is handling the transaction according to the filing?

Morgan Stanley Smith Barney LLC, Executive Financial Services, New York, NY.