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[Form 4] Shenandoah Telecom Co Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4
Rhea-AI Filing Summary

Insider purchases reported under Form 4 for Shenandoah Telecommunications Co (SHEN). Multiple affiliated reporting persons executed Rule 10b5-1 plan purchases on August 12鈥�13, 2025, acquiring a total of 31,473 shares at weighted-average prices of approximately $12.5921 and $12.8735 per share. After these transactions, the group beneficially owned 3,283,023 shares held indirectly through related partnerships and GP entities. The filing discloses the 10b5-1 plan adoption date (June 5, 2025) and provides ranges of execution prices for the block purchases; detailed per-trade price breakdowns are available from the reporting persons on request.

Acquisti da insider segnalati con il Modulo 4 per Shenandoah Telecommunications Co (SHEN). Pi霉 soggetti collegati hanno effettuato acquisti tramite piani Rule 10b5-1 il 12鈥�13 agosto 2025, acquisendo in totale 31.473 azioni a prezzi medi ponderati di circa $12,5921 e $12,8735 per azione. Dopo queste operazioni, il gruppo deteneva beneficiariamente 3.283.023 azioni, possedute indirettamente tramite partnership correlate e entit脿 GP. La comunicazione indica la data di adozione del piano 10b5-1 (5 giugno 2025) e fornisce intervalli di prezzo per i blocchi acquistati; i dettagli sui prezzi di ogni singola transazione sono disponibili su richiesta dai soggetti segnalanti.

Compras de insiders notificadas en el Formulario 4 para Shenandoah Telecommunications Co (SHEN). Varias personas informantes afiliadas ejecutaron compras bajo un plan Rule 10b5-1 los d铆as 12 y 13 de agosto de 2025, adquiriendo un total de 31.473 acciones a precios promedio ponderados de aproximadamente $12,5921 y $12,8735 por acci贸n. Tras estas operaciones, el grupo pose铆a de forma beneficiaria 3.283.023 acciones, mantenidas indirectamente a trav茅s de sociedades y entidades GP relacionadas. La presentaci贸n revela la fecha de adopci贸n del plan 10b5-1 (5 de junio de 2025) y aporta rangos de precios de ejecuci贸n para las compras por bloques; los desgloses detallados por operaci贸n est谩n disponibles bajo petici贸n por parte de los informantes.

Shenandoah Telecommunications Co(SHEN)鞐� 雽�頃� 鞏戩嫕 4搿� 氤搓碃霅� 雮措秬鞛� 毵れ垬. 鞐煬 甏�霠� 鞁犼碃鞚胳澊 2025雲� 8鞗� 12鈥�13鞚检棎 Rule 10b5-1 瓿勴殟鞐� 霐半澕 毵れ垬毳� 鞁ろ枆頃橃棳 齑� 31,473欤茧ゼ 韽夑窢臧� 鞎� $12.5921 氚� $12.8735鞐� 鞚胳垬頄堨姷雼堧嫟. 鞚� 瓯半灅霌� 鞚错泟 頃措嫻 攴鸽９鞚� 甏�霠� 韺岉姼雱堨嫮 氚� GP 氩曥澑鞚� 韱淀暣 臧勳爲 氤挫湢 欷戩澑 3,283,023欤茧ゼ 鞁れ鞝侅溂搿� 氤挫湢頃橁矊 霅橃棃鞀惦媹雼�. 頃措嫻 鞝滌稖靹滌棎電� 10b5-1 瓿勴殟鞚� 毂勴儩鞚�(2025雲� 6鞗� 5鞚�)鞚� 旮办灛霅橃柎 鞛堨溂氅�, 敫旊 毵れ垬鞚� 鞁ろ枆 臧�瓴� 氩旍渼臧� 鞝滉车霅╇媹雼�; 臧滊硠 瓯半灅氤� 臧�瓴� 靹鸽秬雮挫棴鞚� 鞁犼碃鞚胳棎瓴� 鞖旍箔頃橂┐ 鞝滉车氚涭潉 靾� 鞛堨姷雼堧嫟.

Achats d'initi茅s d茅clar茅s via le Formulaire 4 pour Shenandoah Telecommunications Co (SHEN). Plusieurs personnes affili茅es d茅clareuses ont ex茅cut茅 des achats dans le cadre d'un plan Rule 10b5-1 les 12 et 13 ao没t 2025, acqu茅rant au total 31 473 actions 脿 des prix moyens pond茅r茅s d'environ 12,5921 $ et 12,8735 $ par action. Apr猫s ces op茅rations, le groupe d茅tenait b茅n茅ficiairement 3 283 023 actions, d茅tenues indirectement via des partenariats et des entit茅s GP li茅s. Le d茅p么t indique la date d'adoption du plan 10b5-1 (5 juin 2025) et fournit des fourchettes de prix d'ex茅cution pour les achats par blocs ; des d茅tails sur les prix par transaction sont disponibles sur demande aupr猫s des personnes d茅clarantes.

Insider-K盲ufe gemeldet in Formular 4 f眉r Shenandoah Telecommunications Co (SHEN). Mehrere zugeh枚rige meldepflichtige Personen f眉hrten am 12.鈥�13. August 2025 K盲ufe im Rahmen eines Rule-10b5-1-Plans durch und erwarben insgesamt 31.473 Aktien zu gewichteten Durchschnittspreisen von etwa $12,5921 und $12,8735 je Aktie. Nach diesen Transaktionen hielt die Gruppe wirtschaftlich 3.283.023 Aktien, die indirekt 眉ber verbundene Partnerschaften und GP-Einheiten gehalten werden. Die Meldung nennt das Datum der Plan-Einf眉hrung (5. Juni 2025) und gibt Ausf眉hrungs-Preisbereiche f眉r die Blockk盲ufe an; detaillierte Einzelhandelspreise sind auf Anfrage bei den meldenden Personen erh盲ltlich.

Positive
  • Insiders purchased shares under a Rule 10b5-1 plan, acquiring 31,473 shares which can signal confidence in the company.
  • Aggregated indirect ownership increased to 3,283,023 shares, demonstrating continued stake retention by affiliated investors.
  • 10b5-1 plan adoption disclosed (June 5, 2025), indicating trades were pre-planned and reducing concerns about opportunistic timing.
Negative
  • Purchases were indirect through complex GP/LP structures, which may obscure immediate individual decision-making and intent.
  • Weighted-average price ranges only are provided; the filing does not list per-trade quantities at each exact price without requester disclosure.

Insights

TL;DR Insiders purchased 31,473 SHEN shares under a 10b5-1 plan, increasing indirect holdings to 3.28 million shares.

The purchases were executed pursuant to a pre-established 10b5-1 plan adopted June 5, 2025, reducing timing-risk for the buyers and signaling preplanned accumulation rather than opportunistic market timing. The weighted-average prices ($12.5921 and $12.8735) and disclosed price ranges indicate execution across multiple fills. For investors, the facts show continued buying by affiliated investment vehicles but do not reveal intent beyond the plan or material changes to company operations.

TL;DR Multiple related entities filed separate Forms 4 showing aggregated indirect ownership and centralized voting/disposition control.

Filing details outline a layered ownership and control structure (GP/LP/management entities) with ECP ControlCo, LLC鈥檚 board sharing voting and disposition power. The report includes customary disclaimers of beneficial ownership by individuals except for pecuniary interests. The use of 10b5-1 plans and separate filings by each affiliated entity complies with disclosure norms but increases the importance of transparency regarding aggregated holdings for governance oversight.

Acquisti da insider segnalati con il Modulo 4 per Shenandoah Telecommunications Co (SHEN). Pi霉 soggetti collegati hanno effettuato acquisti tramite piani Rule 10b5-1 il 12鈥�13 agosto 2025, acquisendo in totale 31.473 azioni a prezzi medi ponderati di circa $12,5921 e $12,8735 per azione. Dopo queste operazioni, il gruppo deteneva beneficiariamente 3.283.023 azioni, possedute indirettamente tramite partnership correlate e entit脿 GP. La comunicazione indica la data di adozione del piano 10b5-1 (5 giugno 2025) e fornisce intervalli di prezzo per i blocchi acquistati; i dettagli sui prezzi di ogni singola transazione sono disponibili su richiesta dai soggetti segnalanti.

Compras de insiders notificadas en el Formulario 4 para Shenandoah Telecommunications Co (SHEN). Varias personas informantes afiliadas ejecutaron compras bajo un plan Rule 10b5-1 los d铆as 12 y 13 de agosto de 2025, adquiriendo un total de 31.473 acciones a precios promedio ponderados de aproximadamente $12,5921 y $12,8735 por acci贸n. Tras estas operaciones, el grupo pose铆a de forma beneficiaria 3.283.023 acciones, mantenidas indirectamente a trav茅s de sociedades y entidades GP relacionadas. La presentaci贸n revela la fecha de adopci贸n del plan 10b5-1 (5 de junio de 2025) y aporta rangos de precios de ejecuci贸n para las compras por bloques; los desgloses detallados por operaci贸n est谩n disponibles bajo petici贸n por parte de los informantes.

Shenandoah Telecommunications Co(SHEN)鞐� 雽�頃� 鞏戩嫕 4搿� 氤搓碃霅� 雮措秬鞛� 毵れ垬. 鞐煬 甏�霠� 鞁犼碃鞚胳澊 2025雲� 8鞗� 12鈥�13鞚检棎 Rule 10b5-1 瓿勴殟鞐� 霐半澕 毵れ垬毳� 鞁ろ枆頃橃棳 齑� 31,473欤茧ゼ 韽夑窢臧� 鞎� $12.5921 氚� $12.8735鞐� 鞚胳垬頄堨姷雼堧嫟. 鞚� 瓯半灅霌� 鞚错泟 頃措嫻 攴鸽９鞚� 甏�霠� 韺岉姼雱堨嫮 氚� GP 氩曥澑鞚� 韱淀暣 臧勳爲 氤挫湢 欷戩澑 3,283,023欤茧ゼ 鞁れ鞝侅溂搿� 氤挫湢頃橁矊 霅橃棃鞀惦媹雼�. 頃措嫻 鞝滌稖靹滌棎電� 10b5-1 瓿勴殟鞚� 毂勴儩鞚�(2025雲� 6鞗� 5鞚�)鞚� 旮办灛霅橃柎 鞛堨溂氅�, 敫旊 毵れ垬鞚� 鞁ろ枆 臧�瓴� 氩旍渼臧� 鞝滉车霅╇媹雼�; 臧滊硠 瓯半灅氤� 臧�瓴� 靹鸽秬雮挫棴鞚� 鞁犼碃鞚胳棎瓴� 鞖旍箔頃橂┐ 鞝滉车氚涭潉 靾� 鞛堨姷雼堧嫟.

Achats d'initi茅s d茅clar茅s via le Formulaire 4 pour Shenandoah Telecommunications Co (SHEN). Plusieurs personnes affili茅es d茅clareuses ont ex茅cut茅 des achats dans le cadre d'un plan Rule 10b5-1 les 12 et 13 ao没t 2025, acqu茅rant au total 31 473 actions 脿 des prix moyens pond茅r茅s d'environ 12,5921 $ et 12,8735 $ par action. Apr猫s ces op茅rations, le groupe d茅tenait b茅n茅ficiairement 3 283 023 actions, d茅tenues indirectement via des partenariats et des entit茅s GP li茅s. Le d茅p么t indique la date d'adoption du plan 10b5-1 (5 juin 2025) et fournit des fourchettes de prix d'ex茅cution pour les achats par blocs ; des d茅tails sur les prix par transaction sont disponibles sur demande aupr猫s des personnes d茅clarantes.

Insider-K盲ufe gemeldet in Formular 4 f眉r Shenandoah Telecommunications Co (SHEN). Mehrere zugeh枚rige meldepflichtige Personen f眉hrten am 12.鈥�13. August 2025 K盲ufe im Rahmen eines Rule-10b5-1-Plans durch und erwarben insgesamt 31.473 Aktien zu gewichteten Durchschnittspreisen von etwa $12,5921 und $12,8735 je Aktie. Nach diesen Transaktionen hielt die Gruppe wirtschaftlich 3.283.023 Aktien, die indirekt 眉ber verbundene Partnerschaften und GP-Einheiten gehalten werden. Die Meldung nennt das Datum der Plan-Einf眉hrung (5. Juni 2025) und gibt Ausf眉hrungs-Preisbereiche f眉r die Blockk盲ufe an; detaillierte Einzelhandelspreise sind auf Anfrage bei den meldenden Personen erh盲ltlich.

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).
X
 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*
ECP Fiber Holdings GP, LLC
(Last) (First) (Middle)
40 BEECHWOOD ROAD
(Street)
SUMMIT, NJ 07901
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SHENANDOAH TELECOMMUNICATIONS CO/VA/ [ SHEN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X 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 08/12/2025 P(1) 30,000 A $12.5921(2) 3,281,550 I See Footnotes(3)(4)
Common Stock 08/13/2025 P(1) 1,473 A $12.8735(5) 3,283,023 I See Footnotes(3)(4)
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
1. Name and Address of Reporting Person*
ECP Fiber Holdings GP, LLC
(Last) (First) (Middle)
40 BEECHWOOD ROAD
(Street)
SUMMIT, NJ 07901
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ECP Fiber Holdings, LP
(Last) (First) (Middle)
40 BEECHWOOD ROAD
(Street)
SUMMIT, NJ 07901
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Hill City Holdings GP, LLC
(Last) (First) (Middle)
40 BEECHWOOD ROAD
(Street)
SUMMIT, NJ 07901
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Hill City Holdings, LP
(Last) (First) (Middle)
40 BEECHWOOD ROAD
(Street)
SUMMIT, NJ 07901
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The purchases reported herein were effected pursuant to a Rule 10b5-1 plan adopted by Hill City Holdings, LP ("Hill City") on June 5, 2025.
2. The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $12.27 to $12.755. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
3. The securities are held of record by Hill City. ECP ControlCo, LLC is the managing member of Energy Capital Partners IV, LLC, which is the general partner of Energy Capital Partners GP IV, LP, which is the general partner of each of (i) Energy Capital Partners IV-A, LP, (ii) Energy Capital Partners IV-B, LP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP (the "Funds"). Energy Capital Partners GP IV, LP is also the general partner of Energy Capital Partners IV-B (Hill City IP), LP ("Hill City IP"). Each of (i) Energy Capital Partners IV-A, LP, (ii) Hill City IP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP are the members of Hill City Holdings GP, LLC, which is the general partner of Hill City.
4. ECP ControlCo, LLC is controlled by its board of managers, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC. As a result of these relationships, each of the foregoing entities and individuals may be deemed to share beneficial ownership of the securities held of record by Hill City. Each such entity and individual disclaims beneficial ownership of these securities except to the extent of their pecuniary interest therein.
5. The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $12.8041 to $13.12. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
Remarks:
Due to filing limitations of the electronic filing system, each of ECP ControlCo, LLC, Energy Capital Partners IV, LLC, Energy Capital Partners GP IV, LP, Energy Capital Partners IV-A, LP, Energy Capital Partners IV-B, LP, Energy Capital Partners IV-C, LP, Energy Capital Partners IV-D, LP and Energy Capital Partners IV-B (Hill City IP), LP are filing a separate Form 4.
ECP Fiber Holdings GP, LLC, By: /s/ Matthew DeNichilo, Chief Executive Officer 08/14/2025
ECP Fiber Holdings, LP, By: ECP Fiber Holdings GP, LLC, its general partner, By: /s/ Matthew DeNichilo, Chief Executive Officer 08/14/2025
Hill City Holdings GP, LLC, By: /s/ Jennifer Gray, Executive Vice President and Secretary 08/14/2025
Hill City Holdings, LP, By: Hill City Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray, Executive Vice President and Secretary 08/14/2025
** 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.

Source:

FAQ

What insider transactions were reported for SHEN on this Form 4?

Affiliated reporting persons executed purchases of 30,000 shares on 08/12/2025 and 1,473 shares on 08/13/2025, totaling 31,473 shares acquired.

At what prices were the SHEN shares purchased according to the filing?

The filing reports weighted-average prices of $12.5921 (08/12/2025) and $12.8735 (08/13/2025), with execution price ranges disclosed in footnotes.

How many SHEN shares are beneficially owned after these transactions?

Following the reported transactions, the group beneficially owned 3,283,023 shares held indirectly.

Were the purchases part of a trading plan?

Yes. The purchases were effected pursuant to a Rule 10b5-1 plan adopted June 5, 2025 (as disclosed in the filing).

Who controls the voting and disposition of the reported shares?

The filing states ECP ControlCo, LLC is managed by a board of managers (named individuals) who collectively share voting and disposition power over the securities held of record by Hill City.
Stock SHEN logo
Shenandoah Telecommunications

NASDAQ:SHEN

SHEN Rankings

#2945 Ranked by Market Cap
#2108 Ranked by Dividends

SHEN Latest News

Aug 12, 2025
Shenandoah Telecommunications Wins Prestigious CableFax Top Ops Work Culture Award
Jul 31, 2025
Shenandoah Telecommunications Appoints Edward H. 鈥淓d鈥� McKay as President & CEO,聽Christopher E. French Transitions to New Role as Executive Chairman
Jul 31, 2025
Shenandoah Telecommunications Company Reports Second Quarter 2025 Results
Jul 17, 2025
Shenandoah Telecommunications Company to Hold its Second Quarter 2025 Earnings Call at 4:30 p.m. on Thursday, July 31, 2025.
Jul 15, 2025
Glo Fiber Expands High-Speed Fiber Optic Internet in York County, PA

SHEN Latest SEC Filings

Aug 14, 2025
[Form 4] Shenandoah Telecom Co Insider Trading Activity
Aug 12, 2025
[Form 4] Shenandoah Telecom Co Insider Trading Activity
Aug 12, 2025
[SCHEDULE 13D/A] Shenandoah Telecom Co SEC Filing
Aug 12, 2025
[Form 4] Shenandoah Telecom Co Insider Trading Activity
Aug 8, 2025
[Form 4] Shenandoah Telecom Co Insider Trading Activity

SHEN Stock Data

707.62M
49.34M
4.45%
76.22%
4.26%
Telecom Services
Telephone Communications (no Radiotelephone)
United States
EDINBURG