[Form 4] Spok Holdings, Inc Insider Trading Activity

Rhea-AI Filing Summary

Todd J. Stein, a director of Spok Holdings, Inc. (SPOK), reported multiple sales of common stock in mid-August 2025. On 08/14/2025 and 08/15/2025 Mr. Stein (through his capacity as co-manager of Braeside Investments) reported dispositions across holdings tied to two investment vehicles: Braeside Capital, L.P. and Braeside Capital II, L.P. The filings show total reported disposals by or attributable to Mr. Stein including sales of 18,957 and 15,372 shares for Braeside Capital, and 44,213 and 18,044 shares for Braeside Capital II, at prices around $18.44–$18.50 per share. The reports list remaining beneficial ownership positions of 572,000 shares (Braeside Capital), 658,744 shares (Braeside Capital II) and a direct holding of 42,726 shares. Explanations state Braeside Investments serves as the investment manager and Mr. Stein disclaims beneficial ownership except to the extent of his pecuniary interest.

Positive

• Timely disclosure of insider transactions filed and signed on 08/18/2025
• Substantial retained ownership remains: combined Braeside positions exceed 1.23 million shares

Negative

• Material share disposals reported in mid-August 2025 totaling over 96,000 shares across affiliated funds
• Concentrated selling over consecutive days may raise investor concern about near-term sentiment

Insights

Financial Analyst

TL;DR: Significant insider sales by affiliated funds reduce concentrated ownership but reflect managed portfolio activity, not direct executive cashing out.

The Form 4 reports material share dispositions from two Braeside-managed partnerships at prices near $18.45–$18.50 on 08/14–08/15/2025. Aggregate reported disposals exceed 96,000 shares across the two funds, which is notable relative to public float for smaller-cap names but consistent with fund rebalancing or liquidity management. Remaining reported beneficial stakes remain substantial, with combined Braeside positions totaling over 1.23 million shares, indicating continued significant exposure. For valuation impact, investors should compare these sale sizes to SPOK's outstanding shares and recent trading volume; the filing itself shows managed-account activity rather than personal direct sales by the director.

Corporate Governance Expert

TL;DR: Multiple sales by affiliated investment vehicles raise governance questions but disclosures include standard disclaimers and manager relationships.

The reporting clarifies that Braeside Investments is the manager and Mr. Stein, as co-manager, may be deemed to beneficially own the reported shares while disclaiming ownership except for pecuniary interest. This is standard language where funds transact; however, clustered sales over consecutive days may prompt investor queries about timing and the existence of written trading plans. The Form 4 shows timely disclosure and signatures, satisfying Section 16 reporting obligations.

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

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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)
08/14/2025

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	08/14/2025		S		18,957	D	$18.4988	587,372	I	Braeside Capital, L.P.(1)
Common Stock	08/15/2025		S		15,372	D	$18.4357	572,000	I	Braeside Capital, L.P.(1)
Common Stock	08/14/2025		S		44,213	D	$18.4988	676,788	I	Braeside Capital II, L.P.(2)
Common Stock	08/15/2025		S		18,044	D	$18.4357	658,744	I	Braeside Capital II, L.P.(2)
Common Stock	08/15/2025		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/	08/18/2025
	** 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.
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FAQ

What did Todd J. Stein report on Form 4 for Spok Holdings (SPOK)?

He reported multiple sales by Braeside-managed funds on 08/14/2025 and 08/15/2025, with reported sale prices around $18.44–$18.50 per share.

How many shares remain beneficially owned by Braeside entities after the reported transactions?

Braeside Capital reported 572,000 shares and Braeside Capital II reported 658,744 shares; a direct holding of 42,726 shares is also listed.

Were the transactions by Mr. Stein direct personal sales?

No. The filing shows sales by Braeside Capital and Braeside Capital II, with Mr. Stein identified as a co-manager of Braeside Investments and disclaiming beneficial ownership except to his pecuniary interest.

When were the transactions executed and when was the Form 4 signed?

Transactions executed on 08/14/2025 and 08/15/2025; the Form 4 was signed by Todd Stein on 08/18/2025.

What prices were reported for the sales on the Form 4?

Reported sale prices were approximately $18.4988 and $18.4357 per share for the listed transactions.