SCHEDULE: Hallador Energy Insiders Adjust Holdings, Director Exits
Beneficial Ownership Update
An Amendment No. 13 to Schedule 13D reveals changes in beneficial ownership for Hallador Energy Company by key insiders and related entities, including a director's resignation.
Summary
- The filing is Amendment No. 13 to Schedule 13D for Hallador Energy Company (HNRG) common stock, updating beneficial ownership information.
- Hallador Alternative Assets Fund LLC (HAAF) beneficially owns 1,584,929 shares, representing 3.62% of the outstanding common stock.
- Hallador Investment Advisors, Inc. (HIA) and Hallador Management LLC each have shared voting and dispositive power over 1,584,929 shares, also 3.62%.
- David C. Hardie beneficially owns an aggregate of 1,607,945 shares, or 3.67%, including shares held directly and through shared powers.
- Kevin Leary beneficially owns an aggregate of 1,591,319 shares, or 3.63%, including shares held directly and through shared powers.
- The percentages are calculated based on 43,825,006 shares of common stock outstanding, as reported in the Issuer's Form 10-Q filed on November 10, 2025.
- David C. Hardie resigned as a member of the Board of Directors of Hallador Energy Company effective January 1, 2026.
- Significant share sales by HAAF and the David Hardie Separate Property Trust occurred in November-December 2024 (168,961 shares), May 2025 (97,837 shares), and September-October 2025 (472,062 shares).
Sentiment
Score: 4
Explanation: StockSavvy.ai views this filing with a slightly negative sentiment due to the consistent pattern of share sales by key reporting persons and the resignation of David C. Hardie from the board, which could signal a reduction in insider commitment or confidence.
Negatives
- Significant aggregate share sales by Hallador Alternative Assets Fund LLC and the David Hardie Separate Property Trust in 2024 and 2025, totaling over 800,000 shares, could indicate a reduction in conviction by these key holders.
- David C. Hardie, a significant beneficial owner and managing member of related entities, resigned from the Board of Directors of Hallador Energy Company.
Future Outlook
The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.
Industry Context
StockSavvy.ai notes that changes in significant insider holdings, particularly by entities and individuals closely associated with management, can be closely watched by the market. While this filing is a routine disclosure of ownership changes, the net selling activity by the Hallador entities and David Hardie, coupled with Mr. Hardie's board resignation, may prompt investors to consider the implications for long-term insider confidence in Hallador Energy Company.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | David C. Hardie | 2026-01-01 | Resignation |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Board Membership | David C. Hardie resigned as a member of the Board of Directors of Hallador Energy Company. | 2026-01-01 | The departure of a long-standing director and significant beneficial owner could impact board dynamics and strategic oversight, potentially signaling a shift in governance or insider involvement. |
Related Party Transactions
- An agreement on July 28, 2015, led to the distribution of 1,422,101 HNRG shares from Hallador Alternative Assets Fund (HAAF) to its beneficial owners, including David Hardie.
- The liquidation of the Robert Hardie QTIP Trust on December 31, 2015, resulted in the David Hardie Separate Property Trust receiving 139,089 HNRG shares.
- HAAF received 338,427 HNRG shares on June 15, 2022, upon conversion of two convertible promissory notes from HNRG.
- HAAF purchased a $1,000,000 unsecured convertible promissory note from HNRG on August 8, 2022.
- HNRG elected to pay interest due under the note in common stock, issuing HAAF 6,396 shares on February 23, 2024.
- The unsecured convertible promissory note was converted into 190,000 HNRG common shares for HAAF on June 28, 2024.
- David Hardie was granted 1,944 HNRG common shares on December 21, 2025, for his services as a director of HNRG.
Stakeholder Impact
- Shareholders: Changes in significant insider ownership and a director's resignation may influence investor perception of management's long-term commitment and confidence in the company.
- Board of Directors: The resignation of David C. Hardie will alter the composition and potentially the strategic direction of the board.
Key Dates
| Date | Description |
|---|---|
| 2015-07-28 | Agreement for distribution of 1,422,101 HNRG common shares from HAAF to beneficial owners. |
| 2015-12-31 | Robert Hardie QTIP Trust liquidated; David Hardie Separate Property Trust received 139,089 HNRG shares. |
| 2016-05-05 | Consummation of share transfers from the July 28, 2015 agreement. |
| 2016-11-10 | Start date for HAAF's sale of 86,747 HNRG shares in the open market (concluded Dec 8, 2016). |
| 2019-10-07 | David Hardie Separate Property Trust purchased 30,380 HNRG shares in the open market. |
| 2022-06-15 | HAAF received 338,427 HNRG shares upon conversion of two convertible promissory notes. |
| 2022-08-08 | HAAF purchased an unsecured convertible promissory note in the principal amount of $1,000,000 from HNRG. |
| 2023-04-11 | Start date for HAAF's sale of 31,166 HNRG shares in the open market (concluded Apr 13, 2023). |
| 2024-02-23 | HNRG issued HAAF 6,396 shares of common stock for interest payment on the convertible note. |
| 2024-06-28 | The unsecured convertible promissory note was converted into 190,000 HNRG common shares for HAAF. |
| 2024-11-01 | Start date for HAAF's sale of 168,961 HNRG shares in the open market (concluded Dec 31, 2024). |
| 2025-05-19 | HAAF sold 67,457 shares and David Hardie Separate Property Trust sold 30,380 shares of HNRG common stock. |
| 2025-09-01 | Start date for HAAF's sale of 354,045 shares and David Hardie Separate Property Trust's sale of 118,017 shares (concluded Oct 31, 2025). |
| 2025-12-21 | David Hardie was granted 1,944 HNRG common shares for director services. |
| 2026-01-01 | David C. Hardie's resignation as a director of Hallador Energy Company became effective. |
| 2026-02-27 | Filing date of this Amendment No. 13 to Schedule 13D. |
Keywords
Hallador Energy Company, HNRG, Schedule 13D, Beneficial Ownership, Insider Holdings, David C. Hardie, Kevin Leary, Hallador Alternative Assets Fund, Director Resignation
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