Shenandoah Telecommunications SEC Filings

Insider acquisition of Shenandoah Telecommunications (SHEN) common stock by director Richard L. Koontz Jr. The filing reports a transaction dated 10/01/2025 in which 37.2578 shares of common stock were acquired at a price of $13.42 per share. The filing states the shares were received in lieu of director fees, and it lists 59,921.4053 as the amount of securities beneficially owned following the reported transaction. The Form 4 was signed by Christopher E. French as attorney-in-fact for Richard L. Koontz Jr.

The report is a routine Section 16 disclosure documenting compensation-paid-in-stock to a director. It does not include other transactions, changes in control, or derivative activity beyond this non-derivative share acquisition noted on the form.

Victor Christopher Barnes, a director of Shenandoah Telecommunications Co. (SHEN), received 60.8547 shares of Common Stock on 10/01/2025 at a reported price of $13.42. Following the transaction the filing shows total beneficial ownership of 16,091.1177 shares. The form notes the shares were received in lieu of director fees. The Form 4 was filed as a single reporting person filing and signed on behalf of Mr. Barnes by an attorney-in-fact.

ECP-related entities reported purchases of Shenandoah Telecommunications Co. (SHEN) common stock on September 8 and 9, 2025. The filings show acquisitions of 147 shares on 09/08/2025 at a weighted-average price of $13.4649 and 362 shares on 09/09/2025 at a weighted-average price of $13.3855. After these transactions, the reporting group beneficially owned 3,441,761 shares (reported indirectly through Hill City and affiliated entities). Multiple ECP affiliates and individuals are identified as sharing voting and dispositive power, and weighted-average price ranges for the trades are disclosed in footnotes.

Insiders purchased common stock of Shenandoah Telecommunications Co. (SHEN) on 09/08/2025 and 09/09/2025 at weighted-average prices of $13.4649 and $13.3855 respectively. The Form 4 shows 147 shares bought on 09/08/2025 and 362 shares bought on 09/09/2025, with total indirect beneficial ownership after the transactions reported as 3,441,399 and 3,441,761 shares. The reporting parties include ECP Fiber Holdings GP, LLC; ECP Fiber Holdings, LP; Hill City Holdings GP, LLC; and Hill City Holdings, LP, each indicating indirect ownership through a chain of Energy Capital Partners entities described in the footnotes. The filings are signed and dated 09/10/2025.

Insiders affiliated with Energy Capital Partners increased their indirect stake in Shenandoah Telecommunications Co (SHEN) through two small open-market purchases. On 09/04/2025 the reporting group purchased 2,068 shares at a weighted-average price of $12.9588 and on 09/05/2025 they bought 3,000 shares at $13.45. After these transactions the reporting persons collectively beneficially own 3,441,252 shares, held of record by Hill City, and reported as indirect ownership. The filing discloses the complex ownership chain through ECP ControlCo, Energy Capital Partners entities and related funds and names the board-level managers who share voting and dispositive power.

Form 4 summary: Reporting persons filed purchases of Shenandoah Telecommunications Co. (SHEN) common stock on 09/04/2025 and 09/05/2025. On 09/04/2025 a P transaction shows 2,068 shares acquired at a weighted-average price of $12.9588, resulting in 3,438,252 shares beneficially owned after that purchase. On 09/05/2025 a P transaction shows 3,000 shares acquired at $13.45, resulting in 3,441,252 shares beneficially owned after that purchase. The filings list multiple related entities (ECP Fiber Holdings GP, LLC; ECP Fiber Holdings, LP; Hill City Holdings GP, LLC; Hill City Holdings, LP) and footnotes describe record ownership by Hill City and indirect ownership relationships through Energy Capital Partners entities and ECP ControlCo, LLC, whose board members are named.

The filing reports that affiliated reporting persons purchased a total of 58,951 shares of Shenandoah Telecommunications Co. (SHEN) on September 2-3, 2025 through multiple transactions at weighted-average prices of $13.0079 and $12.7934. After these purchases the group beneficially owns 3,436,184 shares indirectly, held of record by Hill City, with ownership routed through a series of Energy Capital Partners entities and ECP ControlCo, LLC as managing member. Footnotes state the reported prices are weighted averages across price ranges and offer to provide breakdowns on request. Multiple related entities signed the Form 4 and the filing was executed on September 4, 2025.

Leigh Ann Schultz, a director of Shenandoah Telecommunications Co. (SHEN), reported acquiring 50.3147 shares of the issuer's common stock on 09/02/2025 at a price of $13.25 per share. The filing shows those shares were received in lieu of director fees under a written plan. After the transaction, Ms. Schultz beneficially owned 25,910.5135 shares directly. The Form 4 was signed by an attorney-in-fact, Christopher E. French. No options, derivatives, sales, or other changes were reported.

Michael Anthony Rhymes, a director of Shenandoah Telecommunications Co (SHEN), received 37.7358 shares of the company's common stock on 09/02/2025 at an effective price of $13.25 per share. The transaction is reported as shares issued in lieu of director fees. Following the grant, Mr. Rhymes is shown as beneficially owning 2,979.1472 shares directly. The filing was submitted on the same date and executed by an attorney-in-fact on his behalf.