[Form 4] Shenandoah Telecom Co Insider Trading Activity

Rhea-AI Filing Summary

Director Tracy Fitzsimmons filed a Form 4 for Shenandoah Telecommunications (SHEN) covering an 8 Aug 2025 transaction. Fitzsimmons received 70.9584 common shares in lieu of director fees at a reference price of $14.69. Post-transaction direct holdings rise to 44,638.5757 shares. No derivative securities were involved. The filing reflects routine board compensation rather than market-driven buying; monetary value is roughly $1,042, immaterial relative to SHEN’s market cap. No dispositions, option exercises or 10b5-1 plan indications were disclosed.

Positive

• Director increased direct shareholding (now 44,639 shares), which, though small, avoids negative optics associated with insider selling.

Negative

• None.

Insights

Corporate Governance Analyst

TL;DR: Routine director stock-for-fee grant; minor, neutral signal for investors.

The acquisition is administrative—shares issued instead of cash for board service. At ~$1k, it is far below thresholds that would suggest changing insider sentiment or materially alter ownership concentration. Still, insider accumulation—albeit small—leans marginally positive versus a sale. No new risk factors, derivative positions, or trading plans were noted, so overall impact on valuation, liquidity, or governance practices is neutral.

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^*

Fitzsimmons Tracy

(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)		70.9584	A	$14.69	44,638.5757	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 Tracy Fitzsimmons	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 SHEN shares did Director Tracy Fitzsimmons acquire?

Fitzsimmons received 70.9584 common shares on 08/04/2025.

What was the transaction price reported on the Form 4?

The reference price listed for the shares is $14.69.

How many SHEN shares does Fitzsimmons own after the transaction?

Post-transaction, the director directly owns 44,638.5757 shares.

Was the transaction part of a Rule 10b5-1 trading plan?

The filing does not indicate that the shares were acquired under a 10b5-1 plan.

Does this filing include any derivative securities activity?

No. Table II shows no derivative securities acquired or disposed of.