Form 4: ECP Fiber Holdings and Affiliates Boost Stake in Shenandoah Telecommunications with Recent Stock Purchases

ECP Fiber Holdings GP, LLC and its affiliated entities, significant shareholders and directors of Shenandoah Telecommunications Co., have increased their beneficial ownership in the company through recent open market purchases.

Summary

• ECP Fiber Holdings GP, LLC, ECP Fiber Holdings, LP, Hill City Holdings GP, LLC, and Hill City Holdings, LP, all entities with a 10% ownership stake and director representation in Shenandoah Telecommunications Co. (SHEN), reported recent acquisitions of common stock.
• On May 27, 2025, 28,268 shares of common stock were purchased at a weighted-average price of $11.9144 per share, with prices ranging from $11.34 to $12.25.
• On May 28, 2025, an additional 20,045 shares of common stock were acquired at a weighted-average price of $12.305 per share, with prices ranging from $11.93 to $12.52.
• Following these transactions, the reporting persons collectively beneficially own 2,500,697 shares of Shenandoah Telecommunications Co. common stock.
• The securities are held of record by Hill City Holdings, LP, with beneficial ownership attributed through a complex structure involving Energy Capital Partners entities and their managing members/general partners, including ECP ControlCo, LLC and its board of managers.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to substantial insider buying by a major shareholder and director, indicating strong confidence in the company's value and future prospects.

Positives

• Significant insider buying by a 10% owner and director group signals strong confidence in the company's future prospects and valuation.
• The accumulation of an additional 48,313 shares by key stakeholders demonstrates a commitment to increasing their investment in SHEN.

Future Outlook

This Form 4 filing is a transactional report and does not contain forward-looking statements or guidance from the issuer.

Industry Context

The telecommunications industry, particularly the fiber sector, continues to attract significant investment, as evidenced by the increased stake of ECP Fiber Holdings, an entity focused on energy and infrastructure investments, in Shenandoah Telecommunications.

Related Party Transactions

• The reported transactions are purchases of common stock by entities (ECP Fiber Holdings GP, LLC, ECP Fiber Holdings, LP, Hill City Holdings GP, LLC, and Hill City Holdings, LP) that are 10% owners and have director representation in Shenandoah Telecommunications Co., classifying them as related party transactions under SEC rules.

Stakeholder Impact

• Shareholders: The insider buying can be interpreted as a positive signal of confidence from a major investor and director, potentially boosting investor sentiment and share price.
• Company Management: The increased stake by a significant shareholder group may reinforce alignment of interests between management and large investors.

Next Steps

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

Key Dates

Recommendation

Keywords

Shenandoah Telecommunications, SHEN, ECP Fiber Holdings, Hill City Holdings, Insider Buying, Beneficial Ownership, Form 4, Equity Purchase, Telecommunications, Investment