Founder & Chairman Michael Hays Reduces Beneficial Ownership Below 5% Threshold

summarizeSummary

Founder and Chairman Michael D. Hays has reduced his beneficial ownership in National Research Corporation by relinquishing rights to 582,688 shares, causing his stake to fall below the 5% threshold.

check_boxKey Events

• Founder's Beneficial Ownership Reduced

  Michael D. Hays, the founder and Chairman of the Board, relinquished his right to reacquire 582,688 shares of common stock held by irrevocable trusts.

• Below 5% Ownership Threshold

  As a direct result of this action, Mr. Hays ceased to be a beneficial owner of more than five percent of the company's common stock as of March 23, 2026.

• Significant Stake Affected

  The relinquished shares represent approximately 2.56% of the company's outstanding common stock, with an approximate market value of $9.98 million.

auto_awesomeAnalysis

This Schedule 13D/A filing indicates a significant shift in the beneficial ownership structure of National Research Corporation. Michael D. Hays, the company's founder and Chairman of the Board, has relinquished his right to reacquire 582,688 shares held in irrevocable trusts. This action results in Mr. Hays ceasing to be a beneficial owner of more than 5% of the company's common stock. The relinquished shares represent approximately 2.56% of the outstanding shares, valued at nearly $10 million. Such a reduction in a founder's and Chairman's reported beneficial ownership can be interpreted by investors as a decrease in direct control or long-term commitment, potentially impacting investor sentiment, especially following the recent 10-K reporting a decline in revenue and net income.