NOVATO, CA—Daniel B. Steadman, Executive Vice President and Advisory Committee Member at Hennessy Advisors Inc. (NASDAQ:HNNA), a $91.42 million market cap investment management firm that has maintained dividend payments for 20 consecutive years, has sold shares of the company's common stock totaling $73,082, according to a recent SEC filing. The transactions occurred on December 18 and December 20, with prices ranging from $11.75 to $12.35 per share.
The first transaction involved the sale of 3,200 shares at a weighted average price of $12.1874, while the second transaction saw 2,900 shares sold at a weighted average price of $11.7528. Following these sales, Steadman directly owns 44,342 shares of Hennessy Advisors, and indirectly owns 1,500 shares through a child.
The sales were executed as part of Steadman's direct ownership in the company, and the weighted average prices reflect a range of transaction prices, detailed in the footnotes of the SEC filing.
In other recent news, Hennessy Advisors Inc. has seen a series of significant developments. The company recently announced a change in its independent registered public accounting firm, transitioning from Marcum LLP to CBIZ (NYSE:CBZ) CPAs P.C. for the fiscal year ending September 30, 2025. This change comes after Marcum LLP decided not to stand for reelection, and the company's Audit Committee subsequently approved the engagement of CBIZ CPAs P.C.
In addition, Hennessy Advisors has made notable adjustments to its executive compensation structure. Neil J. Hennessy, a key figure in the company's leadership, has seen a decrease in his quarterly incentive-based bonus from 6.5% to 5.0% of the firm's pre-tax profits. Concurrently, Teresa M. Nilsen, another executive, received an increase in her quarterly bonus to 5.0% and a raise in annual base salary to $375,000. Furthermore, Kathryn R. Fahy, the company's Chief Financial Officer and Senior Vice President, will see an increase in her annual base salary to $275,000.
These recent developments reflect Hennessy Advisors' ongoing efforts to maintain strong financial health and effective leadership structure.
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