Lee Enterprises (LEE) director and major holder buys 31,800 shares

Filing Impact

(Moderate)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Lee Enterprises director and 10% owner David Henry Hoffmann increased his stake through a series of open-market purchases of common stock. On May 19, 20 and 21, 2026, he bought 10,600 shares on each day at prices of $8.94, $9.79 and $9.96 per share, totaling 31,800 shares. After these transactions, his directly held position rose to 11,340,549 shares of Lee Enterprises common stock. The filing also reports 618,900 shares held indirectly by a trust. One transaction was executed in multiple trades, with the reported price representing the weighted average purchase price.

Insider Trade Summary

Net Buyer: 31,800 shares ($304,114)

Net Buy 4 txns

Insider Hoffmann David Henry

Role null

Bought 31,800 shs ($304K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	10,600	$9.96	$106K
Purchase	Common Stock	10,600	$9.79	$104K
Purchase	Common Stock	10,600	$8.94	$95K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 11,340,549 shares (Direct, null); Common Stock — 618,900 shares (Indirect, By Trust)

Footnotes (1)

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Key Figures

Total shares bought: 31,800 shares Purchase price May 21: $9.96 per share Purchase price May 20: $9.79 per share +4 more

7 metrics

Total shares bought 31,800 shares Three open-market purchases on May 19–21, 2026

Purchase price May 21 $9.96 per share 10,600 common shares bought on May 21, 2026

Purchase price May 20 $9.79 per share 10,600 common shares bought on May 20, 2026

Purchase price May 19 $8.94 per share 10,600 common shares bought on May 19, 2026

Direct holdings after trades 11,340,549 shares Common stock directly owned following May 21, 2026 purchase

Indirect holdings by trust 618,900 shares Common stock reported as indirectly owned "By Trust"

Net buy shares 31,800 shares Net-buy direction per transaction summary

Key Terms

open-market purchase, indirect ownership, weighted average purchase price

3 terms

open-market purchase financial

"transaction_action: "open-market purchase" for each common stock buy"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

indirect ownership financial

"ownership_type: "indirect" with nature_of_ownership noted as "By Trust""

weighted average purchase price financial

"price reported reflects the weighted average purchase price"

The weighted average purchase price is the average cost per share you paid across multiple buys, calculated so larger purchases count more than smaller ones. Imagine buying apples at different prices: the overall price you effectively paid depends on how many apples you bought at each price. Investors use it to measure true cost basis, calculate gains or losses, decide when to sell, and manage taxes and portfolio performance.

Form 4 Insider Transactions: What Each Field Means →

05/21/2026 - 12:18 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Hoffmann David Henry

(Last)

(First)

(Middle)

C/O LEE ENTERPRISES, INCORPORATED

4600 E. 53RD STREET

(Street)

DAVENPORT

IOWA

52807

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
LEE ENTERPRISES, Inc [ LEE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/19/2026		P		10,600	A	$8.94	11,319,349⁽¹⁾	D
Common Stock	05/20/2026		P		10,600	A	$9.79	11,329,949⁽¹⁾	D
Common Stock	05/21/2026		P		10,600	A	$9.96	11,340,549⁽¹⁾	D
Common Stock								618,900	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. This transaction was executed in multiple trades and the price reported reflects the weighted average purchase price. The reporting person hereby undertakes to provide, upon request, to the SEC staff, the issuer, or security holder of the issuer, full information regarding the number of shares and prices at which the transaction as effected.

	/s/ Timothy B. Gulbranson, Limited POA, Attorney-in-Fact	05/21/2026
	/s/ Patricia Garinger-Strickland, Limited POA, Attorney-in-Fact for The Jerrilyn M. Hoffmann Revocable Trust dated May 30, 2001	05/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did LEE director David Hoffmann report?

David Hoffmann reported buying 31,800 shares of Lee Enterprises common stock in three open-market purchases. Each transaction involved 10,600 shares, executed on May 19, 20 and 21, 2026, at prices between $8.94 and $9.96 per share.

At what prices did David Hoffmann buy LEE common stock?

He bought Lee Enterprises common stock at $8.94, $9.79 and $9.96 per share. Each price reflects an open-market purchase of 10,600 shares on consecutive trading days, as disclosed in the Form 4 insider filing.

How many LEE shares does David Hoffmann own after these purchases?

After the reported transactions, David Hoffmann directly owns 11,340,549 shares of Lee Enterprises common stock. The filing also notes an additional 618,900 shares held indirectly by a trust, reflecting separate indirect ownership reported in the same document.

How many LEE shares did David Hoffmann buy in total in this Form 4?

He bought a total of 31,800 Lee Enterprises shares across three open-market trades. Each transaction involved 10,600 common shares, contributing to a net-buy position as summarized in the filing’s transaction overview table.

Does the LEE insider filing mention any indirect holdings by trust?

Yes. The filing reports 618,900 shares of Lee Enterprises common stock held indirectly "By Trust." This holding is listed separately from Hoffmann’s direct ownership and is categorized as indirect ownership in the transaction data.