Form 4: Byrna CEO Sells 40,000 Shares Under 10b5-1 Plan

Byrna Technologies Inc. President and CEO Bryan Ganz sold 40,000 shares of common stock for approximately $1.196 million under a pre-arranged 10b5-1 trading plan.

Summary

• Bryan Ganz, President and CEO, and a Director of Byrna Technologies Inc. (BYRN), reported the sale of 40,000 shares of common stock.
• The transaction occurred on October 10, 2025, at a weighted average price of $29.90 per share, with prices ranging from $29.40 to $30.40.
• The sale was executed pursuant to a Rule 10b5-1 trading plan, which was adopted on April 14, 2024.
• Following the reported transaction, Bryan Ganz directly beneficially owns 880,406 shares of Byrna Technologies Inc. common stock.
• Indirect beneficial ownership includes 288,059 shares through Northeast Industrial Partners LLC, 3,800 shares through Li Zhang (spouse), and 70,753 shares through the Judith L. Ganz Trust VA 04-23-2015.
• The reporting person disclaims beneficial ownership of the indirectly held securities except to the extent of his pecuniary interest.

Sentiment

Score: 4

Explanation: The sale of shares by a high-ranking insider is typically viewed negatively by the market, suggesting a lack of confidence or a desire to diversify. However, the transaction was executed under a pre-arranged 10b5-1 plan, which indicates the decision to sell was made in advance and not based on immediate, non-public information, thus mitigating some of the negative sentiment.

Positives

• The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, indicating the decision to sell was made in advance and not based on immediate, non-public information, which can mitigate negative market interpretations of insider selling.

Negatives

• The sale of a significant number of shares (40,000) by a high-ranking insider (President and CEO) can be perceived negatively by the market, potentially signaling a lack of confidence or a desire for diversification.

Risks

• Market perception of insider selling could lead to short-term downward pressure on Byrna Technologies Inc.'s stock price, despite the 10b5-1 plan.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide broader industry context or trends. The transaction is specific to Byrna Technologies Inc. and its CEO.

Related Party Transactions

• Indirect beneficial ownership of 288,059 shares through Northeast Industrial Partners LLC.
• Indirect beneficial ownership of 3,800 shares through Li Zhang, who is married to the reporting person.
• Indirect beneficial ownership of 70,753 shares through the Judith L. Ganz Trust VA 04-23-2015.

Stakeholder Impact

• Shareholders may interpret the insider sale as a negative signal, potentially leading to short-term price volatility. However, the context of a 10b5-1 plan may temper this reaction, as it suggests a pre-planned sale rather than a reaction to new information.

Key Dates

Recommendation

While insider selling can be a bearish signal, the transaction was conducted under a Rule 10b5-1 plan, suggesting a pre-scheduled sale rather than a reaction to new negative information. Investors should consider this a neutral event in isolation and look for broader company performance and market trends for investment decisions.

Keywords

Byrna Technologies, BYRN, insider trading, Form 4, stock sale, CEO, Bryan Ganz, 10b5-1 plan, common stock