Shenandoah Telecom Co Insider Trading Activity

Shenandoah Telecommunications (SHEN) – Form 4 insider filing dated 08/04/2025 Director Leigh Ann Schultz reported an open-market acquisition (Code A) of 45.4135 common shares at an average price of $14.68 per share, valued at roughly $0.7 thousand.

Rhea-AI Filing Summary

Shenandoah Telecommunications (SHEN) – Form 4 insider filing dated 08/04/2025

Director Leigh Ann Schultz reported an open-market acquisition (Code A) of 45.4135 common shares at an average price of $14.68 per share, valued at roughly $0.7 thousand. The shares were received in lieu of director fees. After the transaction, Schultz’s direct holdings rise to 25,860.1988 shares, with an additional 38 shares owned indirectly through a spouse.

No derivative securities were reported and there were no dispositions. The purchase is modest relative to SHEN’s average daily volume and does not alter control dynamics; however, continued accumulation by board members can be viewed as a vote of confidence.

Insights

Equity Analyst

TL;DR: Minor insider buy; signal positive but immaterial to valuation.

The director’s sub-$1k purchase marginally increases insider ownership to ~25.9k shares. While insider buys often indicate optimism, the size represents <0.01% of shares outstanding and will not affect liquidity or earnings outlook. Investors may see incremental confidence, but the filing carries neutral fundamental impact on SHEN’s valuation models.

Insider Trade Summary

Grant/Award: 45.4135 shares

Grant/Award 2 txns

Insider SCHULTZ LEIGH ANN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	45.4135	$14.68	$666.67
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 25,860.1988 shares (Direct); Common Stock — 38 shares (Indirect, Spouse)

Footnotes (1)

1. F1. Shares received in lieu of director fees.

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Accepted by SEC EDGAR 08/04/2025 - 05:54 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SCHULTZ LEIGH ANN

(Last) (First) (Middle)

PO BOX 459

(Street)

EDINBURG VA 22824

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SHENANDOAH TELECOMMUNICATIONS CO/VA/ [ SHEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/04/2025		A(1)		45.4135	A	$14.68	25,860.1988	D
Common Stock								38	I	Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares received in lieu of director fees.

	/s/ Christopher E French Attorney in Fact for Leigh Ann Schultz	08/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.