Form 4: Spok Director Todd Stein Sells Shares Under 10b5-1 Plan

Spok Holdings Director Todd Stein reported the sale of 38,008 shares of common stock for approximately $18.08 per share, executed under a Rule 10b5-1 trading plan.

Summary

• Todd J. Stein, a Director of Spok Holdings, Inc. (SPOK), reported transactions involving the company's common stock.
• The transactions occurred on September 4, 2025, and were made pursuant to a Rule 10b5-1(c) trading plan.
• Mr. Stein disposed of 17,482 shares indirectly through Braeside Capital, L.P. at a price of $18.0846 per share.
• An additional 20,526 shares were disposed of indirectly through Braeside Capital II, L.P. at the same price of $18.0846 per share.
• The total number of shares sold was 38,008, amounting to approximately $687,300.76.
• Following these transactions, Mr. Stein's beneficial ownership includes 497,560 shares indirectly through Braeside Capital, L.P., 566,912 shares indirectly through Braeside Capital II, L.P., and 42,726 shares held directly.
• Mr. Stein disclaims beneficial ownership of shares held by Braeside Capital, L.P. and Braeside Capital II, L.P. except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can be perceived negatively, the explicit mention of a Rule 10b5-1 plan indicates a pre-scheduled transaction, which typically mitigates concerns about the timing or motivation of the sale.

Positives

• The transaction was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-scheduled sale rather than a reaction to immediate market conditions or new information.

Negatives

• A director's sale of a significant number of shares, even if pre-planned, reduces insider ownership and could be perceived negatively by some investors.

Risks

• Insider selling, even under a 10b5-1 plan, can sometimes be interpreted by the market as a signal of reduced confidence, potentially leading to negative stock price pressure.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide broader industry context or trends. It reflects a specific director's activity within Spok Holdings, Inc.

Related Party Transactions

• The shares disposed of were held indirectly through Braeside Capital, L.P. and Braeside Capital II, L.P., for which Braeside Investments, LLC serves as investment manager. Mr. Stein is a co-manager of Braeside Investments, LLC and disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may note the reduction in insider ownership, although the 10b5-1 plan suggests the sale was not based on new, undisclosed information.

Key Dates

Recommendation

The filing reports a pre-planned insider sale under a Rule 10b5-1 plan. Such transactions are generally considered routine and do not typically signal a fundamental shift in the company's prospects or warrant a strong buy/sell recommendation on their own. Investors should consider this as a data point within a broader analysis of the company's fundamentals and market conditions.

Keywords

Spok Holdings, SPOK, Todd Stein, Director, Insider Sale, Form 4, 10b5-1 Plan, Common Stock, Braeside Capital