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Hoffmann group gains 51.82% control of Lee Enterprises (LEE) via private share sale

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Lee Enterprises disclosed that entities affiliated with David Hoffmann have become majority owners through a large private placement. The company sold 15,384,615 new common shares at $3.25 per share to Hoffmann as anchor investor and other investors, raising substantial equity capital.

Of these, 10,909,440 shares went to Hoffmann, and 615,384 additional shares were issued to his advisor as expense reimbursement. The reporting group now beneficially owns 11,528,340 shares, representing about 51.82% of Lee’s outstanding common stock as of the closing date.

The placement followed shareholder approval of both the new share issuance and an increase in authorized common shares from 12,000,000 to 40,000,000. Hoffmann was appointed chairman of the board, with the board expected to expand from nine to ten members to add a mutually agreed director. Investors agreed to a 180‑day lock‑up and a 12‑month standstill, with certain investors allowed to buy up to 600,000 additional shares during the standstill.

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Insights

Hoffmann-led group now controls a majority stake via a sizable private placement.

Lee Enterprises issued 15,384,615 new shares at $3.25 per share in a private placement, including 10,909,440 shares to David Hoffmann and 615,384 to his advisor. The filing states the reporting group now beneficially owns 11,528,340 shares, or about 51.82% of outstanding common stock.

Shareholders approved both the issuance and an increase in authorized common shares from 12,000,000 to 40,000,000, enabling this transaction. The reporting persons indicate they used approximately $44,483,026 in aggregate to acquire their position, highlighting a significant capital commitment into the company.

Governance terms include Hoffmann’s appointment as board chairman at the February 5, 2026 closing and an expected expansion of the board to ten members with a mutually agreed new director. A 180‑day lock‑up and 12‑month standstill, with limited additional purchases up to 600,000 shares for certain investors, shape trading and control dynamics over the following year.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
Revocable Trust


SCHEDULE 13D




Comment for Type of Reporting Person:
Ms. Hoffmann is the sole trustee of the Trust and the spouse of Mr. Hoffmann.


SCHEDULE 13D




Comment for Type of Reporting Person:
Mr. Hoffmann is the owner of 10,909,440 shares individually. Mr. Hoffmann is the spouse of Ms. Hoffmann, the Trust's sole trustee. This Amendment No. 9 relates to the shares of common stock, $.01 par value, of Lee Enterprises, Incorporated, a Delaware corporation (the "Issuer" or the "Company") and amends the initial statement on Schedule 13D filed by the Reporting Persons on Schedule 13D on October 17, 2024, as amended by Amendment No. 1 filed on October 25, 2024, Amendment No. 2 filed on October 31, 2024, Amendment No. 3 filed on November 14, 2024, Amendment No. 4 filed on December 16, 2024, Amendment No. 5 filed on March 31, 2025, Amendment No. 6 filed on July 21, 2025, Amendment No. 7 filed on October 15, 2025, and Amendment No. 8 filed on January 2, 2026 (collectively, the "Amended Statement"). Capitalized terms used but not defined herein have the meanings assigned to them in the Amended Statement and unless amended and restated hereby, all information in the Amended Statement remains in effect.


SCHEDULE 13D


Jerrilyn M. Hoffmann Revocable Trust dated May 30, 2001
Signature:/s/ Jerrilyn M. Hoffmann
Name/Title:Jerrilyn M. Hoffmann, Trustee
Date:02/06/2026
Jerrilyn M. Hoffmann
Signature:/s/ Jerrilyn M. Hoffmann
Name/Title:Jerrilyn M. Hoffmann
Date:02/06/2026
David Hoffmann
Signature:/s/ David Hoffmann
Name/Title:David Hoffmann
Date:02/06/2026

FAQ

What ownership stake in Lee Enterprises (LEE) does the Hoffmann group report?

The reporting persons state they beneficially own 11,528,340 shares of Lee Enterprises common stock, representing approximately 51.82% of the outstanding shares as of the February 5, 2026 closing, based on 6,243,660 shares outstanding reported in a recent proxy statement.

How many new Lee Enterprises (LEE) shares were issued in the Hoffmann-led private placement?

Lee Enterprises issued 15,384,615 new common shares at $3.25 per share in a private placement to David Hoffmann as anchor investor and additional investors, significantly increasing the company’s equity base and enabling the reported majority ownership position.

What price did investors pay in the Lee Enterprises (LEE) private placement?

Investors in the private placement paid $3.25 per share for Lee Enterprises common stock. This price applied to the entire 15,384,615-share issuance, including the 10,909,440 shares purchased by David Hoffmann and the shares purchased by other participating investors.

What board changes at Lee Enterprises (LEE) are tied to the Hoffmann investment?

Upon closing, David Hoffmann was appointed a member and Chairman of the Board. The board size is expected to increase from nine to ten directors, with one additional director to be mutually agreed by Hoffmann and the company for nomination or appointment.

Were there lock-up or standstill restrictions in the Lee Enterprises (LEE) deal?

Yes. The investors agreed to a 180-day lock-up on the shares and a twelve-month standstill. Certain investors, including the anchor investor, may still purchase up to 600,000 additional shares of common stock during the standstill period under the agreement.

How much cash was used to build the Hoffmann group’s Lee Enterprises (LEE) position?

The reporting persons state they used an aggregate of approximately $44,483,026 to purchase the Lee Enterprises common shares they report as beneficially owned, reflecting a substantial financial commitment to acquiring their majority stake in the company.