[Form 4] Spok Holdings, Inc Insider Trading Activity

Rhea-AI Filing Summary

Todd J. Stein, a director of Spok Holdings, Inc. (SPOK), reported multiple open-market sales of common stock on September 2 and 3, 2025. The Form 4 shows four sale transactions totaling 66,046 shares disposed at prices around $18.02 per share. After those transactions, the filing reports Mr. Stein's indirect beneficial ownership through affiliated investment vehicles: Braeside Capital, L.P. holds 515,042 shares and 532,932 shares are also reported in related lines, while Braeside Capital II, L.P. holds 587,438 and 612,883 shares in the related lines, and Mr. Stein directly holds 42,726 shares. The filing explains these holdings arise because Braeside Investments, LLC serves as investment manager and Mr. Stein is a co-manager, and he disclaims direct beneficial ownership except to the extent of his pecuniary interest.

Insights

Financial Analyst

TL;DR: Director sold 66,046 shares at ~ $18.02; substantial indirect holdings remain via Braeside entities.

The reported disposals on September 2-3, 2025 total 66,046 shares sold in multiple transactions with prices clustered at approximately $18.02 per share, indicating routine monetization rather than an option exercise or derivative activity (no derivative holdings reported). While the sales reduce the reporting line items shown on the Form 4, the filing simultaneously documents significant indirect ownership positions held by Braeside Capital and Braeside Capital II, and Mr. Stein disclaims direct ownership except for pecuniary interest. For investors, the key datapoints are the absolute sale size and the retained economic exposure through affiliated funds; the transactions alone do not by themselves indicate a change to corporate strategy or an extraordinary liquidity event.

Corporate Governance Expert

TL;DR: Multiple open-market sales by a director were disclosed; governance disclosure properly notes indirect ownership via management roles.

The Form 4 meets Section 16 disclosure requirements by reporting the director-level sales and clarifying the nature of indirect beneficial ownership through Braeside Investments, LLC. The signature and explanatory footnotes explicitly state that Mr. Stein may be deemed to beneficially own shares held by the Braeside funds but disclaims ownership except for his pecuniary interest, which is standard language for investment managers and co-managers. From a governance perspective, these disclosures are complete and transparent for stakeholders assessing insider trading activity and potential conflicts arising from manager-held positions.

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^*

Stein Todd J

(Last) (First) (Middle)

C/O SPOK HOLDINGS, INC.

3000 TECHNOLOGY DRIVE, STE 400

(Street)

PLANO TX 75074

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Spok Holdings, Inc [ SPOK ]

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)
09/02/2025

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	09/02/2025		S		10,447	D	$18.0524	532,932	I	Braeside Capital, L.P.(1)
Common Stock	09/03/2025		S		17,890	D	$18.0198	515,042	I	Braeside Capital, L.P.(1)
Common Stock	09/02/2025		S		12,264	D	$18.0524	612,883	I	Braeside Capital II, L.P.(2)
Common Stock	09/03/2025		S		25,445	D	$18.0211	587,438	I	Braeside Capital II, L.P.(2)
Common Stock	09/03/2025		S		0	D	$0.00	42,726	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 beneficially owned directly by Braeside Capital, L.P. ("Braeside Capital"). Braeside Investments, LLC ("Braeside Investments") serves as the investment manager of Braeside Capital. As a co-manager of Braeside Investments, Mr. Stein may be deemed to beneficially own the shares beneficially owned directly by Braeside Capital. Mr. Stein disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

2. Shares beneficially owned directly by Braeside Capital II, L.P. ("Braeside Capital II"). Braeside Investments serves as the investment manager of Braeside Capital II. As a co-manager of Braeside Investments, Mr. Stein may be deemed to beneficially own the shares beneficially owned directly by Braeside Capital II. Mr. Stein disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

	/Todd Stein/	09/04/2025
	** 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.