Form 4: Major Shareholder ECP Fiber Holdings Increases Stake in Shenandoah Telecommunications

ECP Fiber Holdings, a significant 10% owner and director, has increased its beneficial ownership in Shenandoah Telecommunications Co/VA/ through recent common stock purchases.

Summary

• ECP Fiber Holdings GP, LLC, along with related entities including ECP Fiber Holdings, LP, Hill City Holdings GP, LLC, and Hill City Holdings, LP, reported an increase in their indirect beneficial ownership of Shenandoah Telecommunications Co/VA/ (SHEN) common stock.
• On June 10, 2025, 13,219 shares of common stock were acquired at a weighted-average price of $13.8424 per share, with prices ranging from $13.72 to $14.06.
• On June 11, 2025, an additional 4,631 shares were purchased at a weighted-average price of $13.9052 per share, with prices ranging from $13.89 to $13.95.
• Following these transactions, the total indirect beneficial ownership by the reporting persons stands at 2,697,271 shares of common stock.
• The ownership is held of record by Hill City Holdings, LP, with a complex indirect structure involving various Energy Capital Partners IV funds and their general partners, ultimately controlled by a board of managers including Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes, and Xavier Robert, who collectively share voting and disposal power.

Sentiment

Score: 8

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

Positives

• A significant 10% owner and director, ECP Fiber Holdings, is increasing its stake in the company, signaling confidence in future performance.
• The purchases were made at market prices, indicating a belief that the current valuation offers an attractive entry point.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future financial performance or operational outlook. It solely reports insider transactions.

Industry Context

The telecommunications industry is characterized by ongoing investment in infrastructure, particularly fiber networks, to meet increasing demand for high-speed internet. Insider purchases by a major investor like ECP Fiber Holdings, which specializes in energy and infrastructure, could suggest a positive long-term view on the company's position within this evolving sector.

Related Party Transactions

• The reported transactions are purchases of common stock by ECP Fiber Holdings GP, LLC and related entities, which are identified as 10% owners and directors of Shenandoah Telecommunications Co/VA/. These are considered related party transactions due to their insider status.

Stakeholder Impact

• Shareholders may view the insider buying as a positive indicator, potentially increasing investor confidence and demand for the stock.
• The increased stake by a major investor could signal stability and long-term strategic alignment for the company's operations.

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

Shenandoah Telecommunications, SHEN, ECP Fiber Holdings, Insider Trading, Stock Purchase, Beneficial Ownership, Form 4, SEC Filing, Telecommunications, Investment Firm