Schatz Scott 4

What Happened
Scott Schatz, Executive Vice President — Finance, Operations & Technology at Townsquare Media (TSQ), reported two open-market sales. On 2026-03-20 he sold 21,090 shares at a weighted average price of $5.02 for proceeds of $105,872, and on 2026-03-23 he sold 34,836 shares at a weighted average price of $5.25 for proceeds of $182,889. Combined proceeds across both transactions were about $288,761. These were disposals (sales), which are typically routine and do not by themselves indicate company outlook.

Key Details

• Transaction dates & prices:
  • 2026-03-20: 21,090 shares sold, weighted avg price $5.02 (range reported $5.00–$5.13). (Footnote F1)
  • 2026-03-23: 34,836 shares sold, weighted avg price $5.25 (range reported $5.25–$5.29). (Footnote F2)
• Total shares sold: 55,926; total proceeds ≈ $288,761.
• Reported holdings (per filing footnotes):
  • Includes 38,051 Class A shares not subject to restrictions and 30,000 fully vested Class A options. (F3)
  • Includes 21,846 Class B shares not subject to restrictions and 175,000 fully vested Class B options. (F4)
• Filing timeliness: The Form 4 was filed on 2026-03-24 for transactions on Mar 20 and Mar 23; the filing is marked late (L). Late filings may be reviewed by the SEC and can reduce transparency for investors.
• Footnote details: The reported prices are weighted averages; the filing offers to provide a breakdown of the individual trade prices on request (F1, F2).

Context
These were open-market sales (code S) — a disposition of shares rather than a purchase or option exercise. The filing indicates holdings of both Class A and Class B shares plus vested options; it does not indicate additional transactions (e.g., gift, exercise-and-sell) here. As with all insider sales, this is factual reporting of transactions and should not be taken alone as a signal of management’s view of the company.