Form 4: ECP ControlCo Increases Stake in Shenandoah Telecommunications with Recent Share Purchases

ECP ControlCo, LLC and its affiliated entities have expanded their indirect beneficial ownership in Shenandoah Telecommunications Co/VA/ by acquiring 51,354 shares of common stock across two transactions in mid-July 2025.

Summary

• ECP ControlCo, LLC, a 10% owner and director of Shenandoah Telecommunications Co/VA/ (SHEN), along with several affiliated Energy Capital Partners entities, reported two significant purchases of common stock.
• On July 15, 2025, 28,952 shares of common stock were acquired at a weighted-average price of $14.6931 per share, with prices ranging from $14.40 to $15.34.
• On July 16, 2025, an additional 22,402 shares of common stock were purchased at a weighted-average price of $14.5858 per share, with prices ranging from $14.38 to $14.83.
• These purchases were executed pursuant to a Rule 10b5-1 plan adopted by Hill City Holdings, LP on June 5, 2025.
• Following these transactions, the total indirect beneficial ownership of common stock by the reporting persons stands at 2,873,506 shares.
• The securities are held of record by Hill City Holdings, LP, with a complex ownership structure involving ECP ControlCo, LLC as the managing member of Energy Capital Partners IV, LLC, which is the general partner of Energy Capital Partners GP IV, LP, and subsequently various Energy Capital Partners IV LPs and Hill City Holdings GP, LLC.

Sentiment

Score: 7

Explanation: The acquisition of additional shares by a significant 10% owner and director suggests confidence in the company's value and future, which is generally a positive signal for investors.

Positives

• A significant 10% owner and director, ECP ControlCo, LLC, increased its stake in Shenandoah Telecommunications, signaling confidence in the company's future prospects.
• The acquisitions were made through pre-arranged Rule 10b5-1 plans, indicating a structured and deliberate investment strategy.

Future Outlook

The reported share purchases were executed under a Rule 10b5-1 plan, which indicates a pre-scheduled trading arrangement by the reporting person. This suggests a long-term, pre-determined strategy for acquiring shares.

Industry Context

This Form 4 filing details insider trading activity, specifically share acquisitions by a significant institutional investor in a telecommunications company. Such transactions can reflect the investor's view on the company's valuation and future prospects within its industry, though the filing itself does not provide broader industry analysis.

Related Party Transactions

• The reported share purchases are transactions between the issuer and a 10% owner/director, ECP ControlCo, LLC, and its affiliated entities, which are considered related parties.

Stakeholder Impact

• Shareholders may view the increased stake by a significant institutional investor as a positive indicator of confidence in the company's long-term value and strategic direction.
• The transactions do not directly impact employees, customers, suppliers, or creditors, but reflect an investor's perspective on the company's financial health and prospects.

Next Steps

• The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the reported ranges.

Key Dates

Recommendation

Keywords

SHEN, Shenandoah Telecommunications, ECP ControlCo, Energy Capital Partners, Form 4, Insider Trading, Share Purchase, Beneficial Ownership, Equity Acquisition, Telecommunications, Investment, Rule 10b5-1