[144] TOWNSQUARE MEDIA, INC. SEC Filing

Rhea-AI Filing Summary

Townsquare Media, Inc. (TSQ) has filed a Form 144 to disclose a planned insider sale under Rule 144 of the Securities Act.

• Seller: Erik Hellum (address provided in filing).
• Planned sale: 10,000 Class A shares through Fidelity Brokerage Services on or about 06/23/2025 via the NYSE.
• Aggregate market value: US $70,862.15 (≈ $7.09 per share).
• Shares outstanding: 15,036,210; proposed sale equals 0.07 % of the float.

The shares were acquired on 04/29/2024 via restricted stock vesting granted as compensation.

Recent insider activity:

• 17,305 shares sold on 06/03/2025 for $121,202.80
• 3,104 shares sold on 06/05/2025 for $21,733.29
• 4,591 shares sold on 06/06/2025 for $32,515.33

Total of 25,000 shares (gross proceeds ≈ $175,451.42) were disposed of in the last three months. Including the newly-notified batch, cumulative dispositions reach 35,000 shares, or roughly 0.23 % of shares outstanding.

The signer attests that no undisclosed material adverse information is known. No earnings or operational data accompany this form; the filing strictly concerns share disposition compliance under Rule 144.

Positive

• Filing affirms compliance with Rule 144 and certification of no undisclosed adverse information.
• Planned sale represents only 0.07 % of shares outstanding, limiting dilution and market impact.

Negative

• Insider has already sold 25,000 shares this month and plans to sell 10,000 more, a potential negative sentiment signal.
• Cumulative insider dispositions now reach 0.23 % of total shares, which some investors may view cautiously.

Insights

Financial Analyst

TL;DR: Minor insider sale (0.07 % O/S) follows earlier disposals; unlikely to move TSQ fundamentals but may signal portfolio rebalancing.

The 10,000-share Form 144 equals about one trading day’s volume for TSQ and <0.1 % of shares outstanding, so immediate price impact should be limited. Because the shares stem from restricted-stock vesting, monetisation is routine. Nevertheless, the same insider has already liquidated 25,000 shares this month, raising cumulative sales to 35,000 shares (0.23 % O/S). While still modest, the pattern can be interpreted as a continued desire to trim exposure. Investors should monitor whether additional Form 4 or 144 filings emerge, but absent fundamental news, the transaction looks largely administrative.

Corporate Governance Expert

TL;DR: Rule 144 filing appears procedural; cumulative sales bear watching for governance optics.

The issuer’s compliance posture is intact: the seller certifies no material non-public information and discloses a clear vesting-to-sale pipeline, aligning with SEC guidance. Sales are staggered across several days, suggesting orderly execution. Although the quantum is immaterial to control (well below 1 %), persistent selling by the same insider can attract scrutiny from governance-focused investors who equate insider buying with confidence and selling with caution. Still, no red flags (e.g., clustered executive departures or litigation) accompany the filing, so governance risk remains low.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	10000	70862.15	15036210	06/23/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A	04/29/2024	Restricted Stock Vesting	Issuer			10000	04/29/2024	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Erik Hellum One Manhattanville Road Suite 202 Purchase NY 10577	Class A	06/03/2025	17305	121202.80
Erik Hellum One Manhattanville Road Suite 202 Purchase NY 10577	Class A	06/05/2025	3104	21733.29
Erik Hellum One Manhattanville Road Suite 202 Purchase NY 10577	Class A	06/06/2025	4591	32515.33

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Townsquare Media (TSQ) shares are being sold under this Form 144?

10,000 Class A shares are scheduled for sale.

What is the approximate market value of the proposed TSQ share sale?

The filing lists an aggregate value of $70,862.15.

When is the planned sale date for the TSQ shares?

Approximately 06/23/2025 via the NYSE.

How many TSQ shares has the insider sold in the last three months?

The insider already disposed of 25,000 shares between 06/03 and 06/06/2025.

What percentage of Townsquare Media's outstanding shares does the new sale represent?

Roughly 0.07 % of the 15,036,210 shares outstanding.

How were the shares to be sold originally acquired?

They vested on 04/29/2024 as restricted stock compensation from the issuer.