[Form 4] Spok Holdings, Inc Insider Trading Activity
Spok Holdings director Todd J. Stein reported open-market sales of Spok common stock on 08/18/2025. The filing shows Mr. Stein (filing as one reporting person) disposed of 13,049 shares via Braeside Capital, L.P. at about $18.3686 per share and 15,317 shares via Braeside Capital II, L.P. at about $18.3687 per share, totaling 28,366 shares sold. After these transactions, the Form 4 reports 558,951 shares beneficially owned by Braeside Capital, 643,427 shares by Braeside Capital II, and 42,726 shares directly by Mr. Stein.
The filing includes an explanation that Braeside Investments, LLC serves as investment manager for the two limited partnerships and that Mr. Stein, as co-manager, may be deemed to beneficially own the partnership-held shares, although he disclaims beneficial ownership except to the extent of his pecuniary interest. The Form 4 is signed by Mr. Stein on 08/20/2025.
Il direttore di Spok Holdings, Todd J. Stein, ha dichiarato vendite sul mercato aperto di azioni ordinarie Spok il 18/08/2025. La comunicazione indica che il sig. Stein (come unica persona che dichiara) ha alienato 13.049 azioni tramite Braeside Capital, L.P. a circa $18.3686 per azione e 15.317 azioni tramite Braeside Capital II, L.P. a circa $18.3687 per azione, per un totale di 28.366 azioni vendute. Dopo queste operazioni, il Modulo 4 riporta 558.951 azioni detenute beneficiariamente da Braeside Capital, 643.427 azioni da Braeside Capital II e 42.726 azioni possedute direttamente dal sig. Stein.
La comunicazione spiega inoltre che Braeside Investments, LLC funge da gestore degli investimenti per i due limited partnership e che il sig. Stein, in qualità di co-manager, può essere ritenuto beneficiario delle azioni detenute dalle partnership, pur dichiarando di non rivendicarne la titolarità beneficiaria se non nella misura del suo interesse pecuniario. Il Modulo 4 è firmato dal sig. Stein il 20/08/2025.
El director de Spok Holdings, Todd J. Stein, notificó ventas en el mercado abierto de acciones comunes de Spok el 18/08/2025. El documento muestra que el Sr. Stein (como única persona informante) enajenó 13.049 acciones a través de Braeside Capital, L.P. a aproximadamente $18.3686 por acción y 15.317 acciones a través de Braeside Capital II, L.P. a aproximadamente $18.3687 por acción, sumando 28.366 acciones vendidas. Tras estas operaciones, el Formulario 4 informa de 558.951 acciones beneficiosamente poseídas por Braeside Capital, 643.427 acciones por Braeside Capital II y 42.726 acciones en propiedad directa del Sr. Stein.
El informe aclara que Braeside Investments, LLC actúa como gestor de inversiones de las dos sociedades limitadas y que el Sr. Stein, como co-gerente, puede considerarse beneficiario de las acciones que poseen las sociedades, aunque renuncia a la condición de propietario beneficiario salvo en la medida de su interés pecuniario. El Formulario 4 está firmado por el Sr. Stein el 20/08/2025.
Spok Holdings의 이사 Todd J. Stein은 2025-08-18에 Spok 보통주 공개시장 매도를 보고했습니다. 서류에 따르면 Stein 씨(단일 신고인)는 Braeside Capital, L.P.를 통해 13,049주를 주당 약 $18.3686에 처분했고, Braeside Capital II, L.P.를 통해 15,317주를 주당 약 $18.3687에 처분하여 총 28,366주 매도를 기록했습니다. 이 거래 이후 제출된 Form 4에는 Braeside Capital이 558,951주를, Braeside Capital II가 643,427주를, 그리고 Stein 씨가 직접 42,726주를 실질적으로 보유하고 있는 것으로 기재되어 있습니다.
서류는 또한 Braeside Investments, LLC가 두 유한파트너십의 투자관리자 역할을 하며, Stein 씨는 공동매니저로서 파트너십이 보유한 주식을 실질적으로 소유한 것으로 간주될 수 있지만, 자신의 금전적 이익 범위를 제외하고는 실질적 소유를 부인한다고 설명합니다. Form 4는 2025-08-20에 Stein 씨가 서명했습니다.
Le directeur de Spok Holdings, Todd J. Stein, a déclaré des ventes d'actions ordinaires Spok en marché ouvert le 18/08/2025. Le dépôt indique que M. Stein (en tant que personne déclarant unique) a cédé 13 049 actions via Braeside Capital, L.P. à environ $18.3686 par action et 15 317 actions via Braeside Capital II, L.P. à environ $18.3687 par action, soit au total 28 366 actions vendues. Après ces opérations, le formulaire 4 rapporte 558 951 actions détenues à titre bénéficiaire par Braeside Capital, 643 427 actions par Braeside Capital II et 42 726 actions détenues directement par M. Stein.
Le dépôt précise que Braeside Investments, LLC joue le rôle de gestionnaire d'investissement pour les deux limited partnerships et que M. Stein, en tant que co-manager, peut être considéré comme bénéficiaire des actions détenues par les partnerships, bien qu'il décline la qualité de propriétaire bénéficiaire sauf dans la mesure de son intérêt pécuniaire. Le formulaire 4 est signé par M. Stein le 20/08/2025.
Der Direktor von Spok Holdings, Todd J. Stein, meldete am 18.08.2025 Verkäufe von Spok-Stammaktien am offenen Markt. Die Einreichung zeigt, dass Herr Stein (als eine meldende Person) 13.049 Aktien über Braeside Capital, L.P. zu etwa $18.3686 je Aktie und 15.317 Aktien über Braeside Capital II, L.P. zu etwa $18.3687 je Aktie veräußerte – insgesamt 28.366 verkaufte Aktien. Nach diesen Transaktionen weist Formular 4 558.951 Aktien aus, die von Braeside Capital wirtschaftlich gehalten werden, 643.427 Aktien von Braeside Capital II und 42.726 Aktien im direkten Besitz von Herrn Stein.
Die Einreichung erläutert ferner, dass Braeside Investments, LLC als Investmentmanager der beiden Limited Partnerships fungiert und dass Herr Stein als Co-Manager als wirtschaftlicher Eigentümer der von den Partnerschaften gehaltenen Aktien angesehen werden kann, obwohl er den wirtschaftlichen Eigentumsvorbehalt außer im Umfang seines pecuniären Interesses bestreitet. Formular 4 ist von Herrn Stein am 20.08.2025 unterzeichnet.
- None.
- Director sale of 28,366 shares on 08/18/2025 could be perceived negatively by some investors even though substantial holdings remain
- Sales executed at approximately $18.37 per share, representing realized insider liquidity that may slightly increase public float
Insights
TL;DR: A director sold 28,366 Spok shares across two Braeside entities at ~$18.37, but continues to have substantial indirect holdings.
These sales are disclosed as Section 16 transactions by Director Todd J. Stein and appear to be routine dispositions rather than derivative exercises or company repurchases. The prices reported (~$18.3686–$18.3687) indicate open-market sales executed on a single date. Despite the sales, the reported indirect holdings remain sizeable (558,951 and 643,427 shares), which suggests continued economic interest via the Braeside funds. For investors, the filing documents insider liquidity but does not by itself indicate reduced alignment with shareholders due to the large remaining holdings.
TL;DR: Director sold shares through affiliated investment vehicles while retaining significant beneficial ownership; disclosure and disclaimers are standard.
The explanatory footnotes state Braeside Investments, LLC manages both Braeside Capital funds and that Mr. Stein, as co-manager, may be deemed to beneficially own the partnership-held shares while disclaiming actual beneficial ownership beyond pecuniary interest. This is a typical governance disclosure clarifying indirect ownership via managed funds. The filing contains clear timestamps and manual signature, meeting Form 4 requirements. No options, grants, or derivative transactions are reported, and no amendment history is indicated.
Il direttore di Spok Holdings, Todd J. Stein, ha dichiarato vendite sul mercato aperto di azioni ordinarie Spok il 18/08/2025. La comunicazione indica che il sig. Stein (come unica persona che dichiara) ha alienato 13.049 azioni tramite Braeside Capital, L.P. a circa $18.3686 per azione e 15.317 azioni tramite Braeside Capital II, L.P. a circa $18.3687 per azione, per un totale di 28.366 azioni vendute. Dopo queste operazioni, il Modulo 4 riporta 558.951 azioni detenute beneficiariamente da Braeside Capital, 643.427 azioni da Braeside Capital II e 42.726 azioni possedute direttamente dal sig. Stein.
La comunicazione spiega inoltre che Braeside Investments, LLC funge da gestore degli investimenti per i due limited partnership e che il sig. Stein, in qualità di co-manager, può essere ritenuto beneficiario delle azioni detenute dalle partnership, pur dichiarando di non rivendicarne la titolarità beneficiaria se non nella misura del suo interesse pecuniario. Il Modulo 4 è firmato dal sig. Stein il 20/08/2025.
El director de Spok Holdings, Todd J. Stein, notificó ventas en el mercado abierto de acciones comunes de Spok el 18/08/2025. El documento muestra que el Sr. Stein (como única persona informante) enajenó 13.049 acciones a través de Braeside Capital, L.P. a aproximadamente $18.3686 por acción y 15.317 acciones a través de Braeside Capital II, L.P. a aproximadamente $18.3687 por acción, sumando 28.366 acciones vendidas. Tras estas operaciones, el Formulario 4 informa de 558.951 acciones beneficiosamente poseídas por Braeside Capital, 643.427 acciones por Braeside Capital II y 42.726 acciones en propiedad directa del Sr. Stein.
El informe aclara que Braeside Investments, LLC actúa como gestor de inversiones de las dos sociedades limitadas y que el Sr. Stein, como co-gerente, puede considerarse beneficiario de las acciones que poseen las sociedades, aunque renuncia a la condición de propietario beneficiario salvo en la medida de su interés pecuniario. El Formulario 4 está firmado por el Sr. Stein el 20/08/2025.
Spok Holdings의 이사 Todd J. Stein은 2025-08-18에 Spok 보통주 공개시장 매도를 보고했습니다. 서류에 따르면 Stein 씨(단일 신고인)는 Braeside Capital, L.P.를 통해 13,049주를 주당 약 $18.3686에 처분했고, Braeside Capital II, L.P.를 통해 15,317주를 주당 약 $18.3687에 처분하여 총 28,366주 매도를 기록했습니다. 이 거래 이후 제출된 Form 4에는 Braeside Capital이 558,951주를, Braeside Capital II가 643,427주를, 그리고 Stein 씨가 직접 42,726주를 실질적으로 보유하고 있는 것으로 기재되어 있습니다.
서류는 또한 Braeside Investments, LLC가 두 유한파트너십의 투자관리자 역할을 하며, Stein 씨는 공동매니저로서 파트너십이 보유한 주식을 실질적으로 소유한 것으로 간주될 수 있지만, 자신의 금전적 이익 범위를 제외하고는 실질적 소유를 부인한다고 설명합니다. Form 4는 2025-08-20에 Stein 씨가 서명했습니다.
Le directeur de Spok Holdings, Todd J. Stein, a déclaré des ventes d'actions ordinaires Spok en marché ouvert le 18/08/2025. Le dépôt indique que M. Stein (en tant que personne déclarant unique) a cédé 13 049 actions via Braeside Capital, L.P. à environ $18.3686 par action et 15 317 actions via Braeside Capital II, L.P. à environ $18.3687 par action, soit au total 28 366 actions vendues. Après ces opérations, le formulaire 4 rapporte 558 951 actions détenues à titre bénéficiaire par Braeside Capital, 643 427 actions par Braeside Capital II et 42 726 actions détenues directement par M. Stein.
Le dépôt précise que Braeside Investments, LLC joue le rôle de gestionnaire d'investissement pour les deux limited partnerships et que M. Stein, en tant que co-manager, peut être considéré comme bénéficiaire des actions détenues par les partnerships, bien qu'il décline la qualité de propriétaire bénéficiaire sauf dans la mesure de son intérêt pécuniaire. Le formulaire 4 est signé par M. Stein le 20/08/2025.
Der Direktor von Spok Holdings, Todd J. Stein, meldete am 18.08.2025 Verkäufe von Spok-Stammaktien am offenen Markt. Die Einreichung zeigt, dass Herr Stein (als eine meldende Person) 13.049 Aktien über Braeside Capital, L.P. zu etwa $18.3686 je Aktie und 15.317 Aktien über Braeside Capital II, L.P. zu etwa $18.3687 je Aktie veräußerte – insgesamt 28.366 verkaufte Aktien. Nach diesen Transaktionen weist Formular 4 558.951 Aktien aus, die von Braeside Capital wirtschaftlich gehalten werden, 643.427 Aktien von Braeside Capital II und 42.726 Aktien im direkten Besitz von Herrn Stein.
Die Einreichung erläutert ferner, dass Braeside Investments, LLC als Investmentmanager der beiden Limited Partnerships fungiert und dass Herr Stein als Co-Manager als wirtschaftlicher Eigentümer der von den Partnerschaften gehaltenen Aktien angesehen werden kann, obwohl er den wirtschaftlichen Eigentumsvorbehalt außer im Umfang seines pecuniären Interesses bestreitet. Formular 4 ist von Herrn Stein am 20.08.2025 unterzeichnet.
FAQ
What did Todd J. Stein disclose in the SPOK Form 4?
How many Spok shares does Mr. Stein still beneficially own after the reported transactions?
Are the reported transactions direct sales or through funds for SPOK?
Did the Form 4 report any derivative transactions or option exercises for SPOK?
When was the Form 4 signed and filed for the SPOK transactions?
