Shenandoah Telecom (SHEN) insiders file Form 4 for 47.2k share purchases
Rhea-AI Filing Summary
ECP Fiber Holdings GP, LLC and related ECP/Hill City entities reported purchases of Shenandoah Telecommunications Co. (SHEN) common stock on August 6 and August 7, 2025. The filing shows an acquisition of 22,085 shares on August 6 at a weighted-average price of $13.0112 and 25,104 shares on August 7 at a weighted-average price of $12.7104, for a combined 47,189 shares. After these transactions the reporting entities beneficially own 3,191,550 shares indirectly.
The filing notes the August 6 purchases were made at prices ranging from $12.88 to $13.35 and the August 7 purchases at prices ranging from $12.43 to $13.055. Hill City Holdings, LP adopted a Rule 10b5-1 plan on June 5, 2025, and footnotes describe a layered ownership structure through several ECP entities and named managers. The Form 4s were signed and dated August 8, 2025.
Positive
- Total purchases of 47,189 shares were reported, increasing disclosed indirect holdings to 3,191,550 shares
- Purchases are explicitly disclosed as executed under a Rule 10b5-1 plan adopted June 5, 2025, with price ranges and weighted-average prices provided
Negative
- None.
Insights
TL;DR: Affiliated ECP entities purchased 47,189 SHEN shares, boosting indirect holdings to 3.19M; purchases executed at ~$12.43–$13.35.
The transactions are documented as non-derivative common stock purchases on August 6 and 7, 2025, with weighted-average prices of $13.0112 and $12.7104 respectively. The combined 47,189-share acquisition increases the reported indirect stake to 3,191,550 shares. The filing discloses execution under a Rule 10b5-1 plan adopted June 5, 2025, and a multi-entity ownership chain that allocates record ownership to Hill City. From a capital-structure view, these are straightforward buy transactions recorded on Form 4 with clear pricing ranges provided in footnotes.
TL;DR: Purchases documented under a disclosed 10b5-1 plan with layered entity relationships; signatures and disclaimers accompany the report.
The Form 4s identify ECP Fiber Holdings GP, LLC and affiliated ECP and Hill City entities as reporting persons and include explanatory footnotes clarifying that shares are held of record by Hill City and that multiple ECP entities and named managers may be deemed to share beneficial ownership. The filing includes the required signatures dated August 8, 2025, and contains the customary disclaimers of beneficial ownership except for pecuniary interest. Governance disclosures are present and appear to meet Form 4 reporting norms.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 25,104 | $12.7104 | $319K |
| Purchase | Common Stock | 22,085 | $13.0112 | $287K |
Footnotes (1)
- The purchases reported herein were effected pursuant to a Rule 10b5-1 plan adopted by Hill City Holdings, LP ("Hill City") on June 5, 2025. The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $12.88 to $13.35. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. The securities are held of record by Hill City. ECP ControlCo, LLC is the managing member of Energy Capital Partners IV, LLC, which is the general partner of Energy Capital Partners GP IV, LP, which is the general partner of each of (i) Energy Capital Partners IV-A, LP, (ii) Energy Capital Partners IV-B, LP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP (the "Funds"). Energy Capital Partners GP IV, LP is also the general partner of Energy Capital Partners IV-B (Hill City IP), LP ("Hill City IP"). Each of (i) Energy Capital Partners IV-A, LP, (ii) Hill City IP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP are the members of Hill City Holdings GP, LLC, which is the general partner of Hill City. ECP ControlCo, LLC is controlled by its board of managers, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC. As a result of these relationships, each of the foregoing entities and individuals may be deemed to share beneficial ownership of the securities held of record by Hill City. Each such entity and individual disclaims beneficial ownership of these securities except to the extent of their pecuniary interest therein. The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $12.43 to $13.055. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
