[Form 4] Shenandoah Telecom Co Insider Trading Activity

Rhea-AI Filing Summary

Artisan Partners Asset Management Inc. (APAM) – Form 144 insider sale notice.

An unnamed affiliate intends to sell up to 2,500 Class A common shares through Charles Schwab & Co. on or about 04 Aug 2025. Based on the reference price in the filing, the transaction is valued at $116,250. With 70.47 million shares outstanding, the proposed sale represents only ≈0.0035 % of total equity, signalling a negligible change in float.

The shares were obtained on 15 Feb 2021 via the lapse of restricted-stock conditions granted as equity compensation. The filer reports no other sales during the past three months and certifies there is no undisclosed adverse information regarding the issuer.

This filing merely discloses a small potential insider disposition permitted under Rule 144 and is unlikely to have a material impact on APAM’s share price or fundamentals.

Insights

Securities Analyst

TL;DR: De-minimis Form 144; 2,500-share insider sale worth $116k, immaterial versus 70 m float.

The notice signals routine liquidity management rather than strategic intent. The stake is microscopic relative to market cap and does not alter governance or float meaningfully. No red flags such as clustered insider selling, option expiration pressure, or financing needs are evident. Impact on valuation, earnings outlook, or capital structure is nil; therefore, the event should be viewed as informational only. Market reaction, if any, is expected to be muted.

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).

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^*

Beckett Thomas

(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	08/04/2025		A(1)		27.248	A	$14.69	22,679.5703	D

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 Thomas Beckett	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.

FAQ

How many APAM shares are being registered for sale under this Form 144?

The notice covers 2,500 Class A common shares.

What is the approximate dollar value of the proposed APAM share sale?

The aggregate market value stated is $116,250.

When is the insider planning to sell the APAM shares?

The approximate sale date listed is 08/04/2025.

What percentage of Artisan Partners’ outstanding shares does 2,500 shares represent?

It equals roughly 0.0035 % of the 70.47 million shares outstanding.

How were the shares originally acquired by the filer?

They were received on 02/15/2021 via restricted-stock lapse as equity compensation.