Form 4: Hallador Energy Director Sells $1.97M in Stock

Hallador Energy Director David C. Hardie reported the sale of 100,000 shares of common stock for approximately $1.97 million.

Summary

• David C. Hardie, a Director and 10% Owner of Hallador Energy Co (HNRG), reported the sale of common stock.
• A total of 100,000 shares were disposed of on October 1, 2025.
• The shares were sold at a weighted average price of $19.7596 per share.
• The total value of the shares sold is approximately $1,975,960.
• The sales were conducted indirectly through Hallador Alternative Assets Fund LLC (75,000 shares) and David Hardie Separate Property Trust (25,000 shares).
• Following these transactions, David C. Hardie beneficially owns 1,606,001 shares indirectly (1,584,929 via Hallador Alternative Assets Fund LLC and 21,072 via David Hardie Separate Property Trust).

Sentiment

Score: 5

Explanation: This is a factual report of an insider transaction. While a sale by a director can sometimes be viewed negatively, the filing itself provides no additional context to determine a strong positive or negative sentiment beyond the transaction itself.

Negatives

• A director and 10% owner sold 100,000 shares of common stock, which could be interpreted by the market as a move for personal liquidity or a signal regarding future prospects.

Future Outlook

NA

Management Comments

• The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.40 to $20.05, inclusive.
• The reporting person undertakes to provide to Hallador Energy Company, or any security holder of Hallador Energy Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes to this Form 4.

Industry Context

NA

Related Party Transactions

• The sale of shares was conducted indirectly through Hallador Alternative Assets Fund LLC and David Hardie Separate Property Trust, both associated with the reporting person, David C. Hardie.

Stakeholder Impact

• Shareholders may interpret the director's sale of a significant number of shares as a signal regarding the company's future prospects or the director's personal liquidity needs.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the stated ranges upon request to Hallador Energy Company, security holders, or the SEC staff.

Key Dates

Keywords

Hallador Energy, HNRG, Insider Sale, Director Transaction, Stock Disposal, David C. Hardie, SEC Form 4, Equity Sale