Zeff Capital, LP 4

What Happened Zeff Capital, LP — disclosed as a 10% owner of Butler National Corp. (BUKS) — sold a total of 51,975 common shares in open-market transactions between July 10 and July 14, 2026. The individual trades reported were: 4,000 shares on 2026-07-10 at $4.41 ($17,640); 11,050 shares on 2026-07-13 at $4.46 ($49,283); and 36,925 shares on 2026-07-14 at a weighted average price of $4.65 ($171,701). Combined proceeds across the three days were approximately $238,624. These were sales (not purchases or option exercises).

Key Details

• Transaction dates and reported prices:
  • 2026-07-10: 4,000 shares sold @ $4.41 (=$17,640)
  • 2026-07-13: 11,050 shares sold @ $4.46 (=$49,283)
  • 2026-07-14: 36,925 shares sold @ weighted avg $4.65 (=$171,701)
• Total shares sold: 51,975; total proceeds: ~$238,624.
• Shares owned after transaction: Not specified in the provided excerpt of the Form 4; see the full filing for post-transaction holdings.
• Footnotes of note:
  • F1/F2: The Form 4 is jointly filed by Zeff Capital, Zeff Holding Company, LLC (general partner), and Daniel Zeff (manager). Zeff Holding and Mr. Zeff may be deemed indirect beneficial owners but disclaim beneficial ownership except for pecuniary interest.
  • F3/F4: Some trades were executed in multiple lots at varying prices; reported prices for the July 13 and July 14 entries are weighted averages. The filer offers to provide the per-lot breakdown on request.
• Filing timeliness: The Form 4 was filed on July 14, 2026. Given the trade dates, the filing falls within the SEC’s two-business-day window for these transactions.

Context

• This filing reports open-market sales by a 10% institutional owner rather than an executive’s compensation-related action. Sales by large holders can be routine portfolio management and do not, by themselves, signal management sentiment. No option exercises, gifts, or tax-withholding events are reported in the provided details.