Form 4: Major Shareholder ECP ControlCo Increases Stake in Shenandoah Telecommunications

ECP ControlCo, a significant 10% owner and director, has increased its beneficial ownership in Shenandoah Telecommunications Co. through recent common stock purchases totaling 29,137 shares.

Summary

• ECP ControlCo, LLC, along with several affiliated Energy Capital Partners entities, reported an increase in their beneficial ownership of Shenandoah Telecommunications Co. (SHEN) common stock.
• On July 11, 2025, 8,000 shares of common stock were acquired at a weighted-average price of $14.76 per share, with prices ranging from $14.57 to $14.815.
• On July 14, 2025, an additional 21,137 shares of common stock were acquired at a weighted-average price of $15.2777 per share, with prices ranging from $14.98 to $15.835.
• 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 through Hill City Holdings, LP, increased to 2,822,152 shares.
• The reporting persons, including ECP ControlCo, LLC, Energy Capital Partners IV, LLC, Energy Capital Partners GP IV, LP, and various Energy Capital Partners IV LPs, are identified as 10% owners and have a director relationship with the issuer.

Sentiment

Score: 8

Explanation: The significant purchases of common stock by a major 10% owner and director, ECP ControlCo, indicate strong insider confidence in the company's valuation and future performance.

Positives

• Significant insider buying by a 10% owner and director, ECP ControlCo, LLC, signals strong confidence in the company's current valuation and future prospects.
• The purchases were made under a Rule 10b5-1 plan, indicating a pre-planned investment strategy rather than opportunistic trading.

Negatives

• None identified in this filing.

Risks

• No specific risks related to company operations or financial health are disclosed in this beneficial ownership filing.

Future Outlook

No forward-looking statements or guidance are provided in this beneficial ownership filing.

Industry Context

This Form 4 filing reports specific insider transactions and does not provide broader industry context or trends.

Comparison to Industry Standards

• This filing pertains to insider share purchases and does not offer data for comparison to industry-specific financial or operational benchmarks.

Management Changes

Corporate Governance

Legal Proceedings

• No litigation or regulatory matters are disclosed in this filing.

Related Party Transactions

• The reported transactions involve a 10% owner and director, ECP ControlCo, LLC, and its affiliated entities, which are considered related parties. The purchases were executed through Hill City Holdings, LP, under a pre-arranged Rule 10b5-1 plan.

Stakeholder Impact

• Shareholders may view the significant insider purchases as a positive indicator of management and major investor confidence, potentially bolstering investor sentiment.

Next Steps

• No specific future actions, events, or milestones are mentioned in this beneficial ownership filing.

Key Dates

Recommendation

Keywords

SHEN, Shenandoah Telecommunications, ECP ControlCo, insider buying, Form 4, beneficial ownership, 10b5-1 plan, equity purchase, telecommunications