Form 4: David Lubar Reports Change in Beneficial Ownership of Hallador Energy Co. Shares

David Lubar, a director and 10% owner of Hallador Energy Co., reports a change in the form of beneficial ownership due to a distribution of shares between investment funds managed by Lubar & Co.

Summary

• David Lubar, a director and 10% owner of Hallador Energy Co. (HNRG), filed a Form 4 on September 3, 2024, reporting a change in beneficial ownership.
• The change involves a distribution of 271,763 shares of HNRG common stock by Lubar Opportunities Fund I, LLC (LOFI) to SM Opportunities Fund, LLC (SMOF) on August 31, 2024.
• Following the transaction, Mr. Lubar's indirectly held shares through LOFI decreased by 271,763, while his indirectly held shares through SMOF increased by the same amount.
• Mr. Lubar also indirectly owns 2,788,685 shares through Lubar Equity Fund, LLC (LEF).
• Mr. Lubar disclaims beneficial ownership of the shares held by LOFI, SMOF, and LEF, except to the extent of his pecuniary interest therein.
• After the transaction, Mr. Lubar beneficially owns 2,391,571 shares through Lubar Opportunities Fund I, LLC, 271,763 shares through SM Opportunities Fund, LLC, and 2,788,685 shares through Lubar Equity Fund, LLC.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, and the transaction described is a transfer between related entities, so the sentiment is neutral.

Industry Context

Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company insiders. This filing indicates a shift in ownership structure within related investment funds rather than an outright sale or purchase of shares on the open market.

Stakeholder Impact

• The change in beneficial ownership is unlikely to have a significant impact on stakeholders as it represents an internal transfer of shares between related investment funds.

Key Dates