Form 4: Zeff Capital Sells BUKS Shares

Zeff Capital, a 10% owner and director of Butler National Corp, reported selling 106,688 shares of common stock in late December 2025.

Summary

• Zeff Capital, LP, a 10% owner and director of Butler National Corp (BUKS), reported multiple sales of common stock.
• On December 22, 2025, Zeff Capital sold 33,500 shares at a weighted average price of $3.10 per share (ranging from $3.10 to $3.16).
• On December 23, 2025, an additional 400 shares were sold at a weighted average price of $3.06 per share (ranging from $3.06 to $3.07).
• On December 29, 2025, Zeff Capital sold 72,788 shares at a weighted average price of $3.12 per share (ranging from $3.09 to $3.18).
• Following these transactions, Zeff Capital's direct beneficial ownership decreased to 7,393,312 shares of Common Stock.
• Zeff Holding Company, LLC, as general partner of Zeff Capital, and Daniel Zeff, as manager of Zeff Holding, may be deemed indirect beneficial owners, disclaiming ownership except for their pecuniary interest.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant insider selling by a 10% owner and director, which typically signals a lack of confidence in the company's current valuation or future prospects.

Negatives

• Significant insider selling by Zeff Capital, LP, a 10% owner and director of Butler National Corp.
• A total of 106,688 shares of common stock were sold across three transactions in late December 2025.
• The sales occurred at prices ranging from $3.06 to $3.18, indicating a lack of confidence at these price levels from a major stakeholder.

Risks

• Insider selling by a significant shareholder and director can signal a lack of confidence in the company's future prospects or valuation.
• Such sales could potentially exert downward pressure on the stock price.

Future Outlook

NA

Management Comments

• The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

Industry Context

This filing is specific to insider trading activity for Butler National Corp and does not provide broader industry context. However, significant insider selling can sometimes precede negative industry-specific news or a general market downturn, though this filing alone does not provide that context.

Stakeholder Impact

• Shareholders: Existing shareholders may interpret the insider selling as a negative signal, potentially leading to decreased confidence and downward pressure on the stock price.
• Potential Investors: May be deterred from investing or may demand a higher risk premium due to the perceived lack of confidence from a major insider.

Key Dates

Recommendation

The significant selling by a 10% owner and director, Zeff Capital, LP, suggests that a key insider with deep knowledge of Butler National Corp's operations and prospects believes the current stock price is at or above fair value, or that future performance may be challenged. This insider activity typically serves as a strong negative signal for seasoned investors, prompting a 'sell' recommendation to avoid potential downside or reallocate capital to more promising opportunities.

Keywords

Butler National Corp, BUKS, Zeff Capital, insider selling, Form 4, beneficial ownership, stock sale, director transaction, 10% owner