Form 4: Spok Director Sells Over 28,000 Shares Under 10b5-1 Plan

Spok Holdings Director Todd J. Stein reported the sale of 28,366 shares of common stock for approximately $520,980 through affiliated entities under a Rule 10b5-1 plan.

Summary

• Todd J. Stein, a Director and 10% owner of Spok Holdings, Inc. (SPOK), reported transactions involving the sale of common stock.
• On August 18, 2025, a total of 28,366 shares of Spok Holdings common stock were sold.
• 13,049 shares were sold at a price of $18.3686 per share, totaling approximately $239,690.00.
• 15,317 shares were sold at a price of $18.3687 per share, totaling approximately $281,290.09.
• The sales were conducted through Braeside Capital, L.P. and Braeside Capital II, L.P., entities for which Mr. Stein serves as a co-manager of the investment manager, Braeside Investments, LLC.
• The transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Following these transactions, Mr. Stein's deemed beneficial ownership includes 558,951 shares indirectly through Braeside Capital, L.P., 643,427 shares indirectly through Braeside Capital II, L.P., and 42,726 shares directly.
• Mr. Stein disclaims beneficial ownership of the indirectly held shares except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: A routine insider transaction report (Form 4) detailing a sale of shares by a director, made pursuant to a Rule 10b5-1 plan. This indicates a pre-scheduled transaction and does not inherently signal a change in company performance or outlook.

Negatives

• Director Todd J. Stein reported the sale of 28,366 shares of Spok Holdings common stock through affiliated entities, executed under a pre-arranged Rule 10b5-1 plan, representing a reduction in insider holdings.

Related Party Transactions

• Sale of shares conducted through Braeside Capital, L.P. and Braeside Capital II, L.P., entities for which Mr. Stein serves as a co-manager of the investment manager, Braeside Investments, LLC.

Stakeholder Impact

• Shareholders may note a reduction in insider holdings, which could be interpreted in various ways depending on individual investment strategies, though the Rule 10b5-1 plan suggests a pre-scheduled transaction rather than a discretionary one.

Key Dates

Recommendation

The filing is a routine Form 4 disclosing an insider sale of shares by a director, executed under a Rule 10b5-1 plan. While insider sales can sometimes be a bearish signal, this transaction alone, without additional context on the company's performance, strategic direction, or broader market conditions, is insufficient to warrant a change from a 'hold' recommendation. It represents a standard portfolio management activity for the reporting person.

Keywords

Spok Holdings, SPOK, insider trading, Form 4, stock sale, director, beneficial ownership, Todd Stein, Rule 10b5-1