LEENasdaq

LEE ENTERPRISES, Inc

Newspapers: Publishing or Publishing & Printing · DE · CIK 58361

Lee Enterprises provides local news and marketing services through digital and print platforms

red 8-K · 90d

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$220M

Market cap

$9.43

Last close

+4.7%

+5.1%

66K

Volume

Price · last 39 sessions+14.4%

May 4L $7.82 · H $11.76Jun 29

372

Total filings

May 20, 2026

Last filing

09/29

Fiscal year end

All 8-K · 200 10-Q · 52 DEFA14A · 45 DEF 14A · 17 10-K · 17 SC 13G · 15 SC 13D · 14 8-K/A · 9

SC 13DSC 13DOct 17, 2024 SC 13DSC 13DApr 19, 2024 SC 13DSC 13DSep 23, 2022 SC 13DFORM SC 13DApr 11, 2022 SC 13DSC 13DDec 8, 2021 SC 13D

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Insider Activity

◆ Cluster Buy · 2 insiders

In the 90 days to Mar 13, 2026: 2 insiders bought $11.4M · 1 sold $243K.

Date	Insider	Action	Shares	Price	Value
Mar 13, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	27,800	$9.35	$260K
Mar 12, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	27,800	$9.40	$261K
Mar 11, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	27,800	$9.33	$259K
Mar 10, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	27,800	$8.99	$250K
Mar 9, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	27,800	$9.30	$259K
Mar 6, 2026	Magid BrentDirector	Sell	26,804	$9.08	$243K
Mar 6, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	19,000	$9.19	$175K
Mar 5, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	19,000	$9.26	$176K
Mar 4, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	19,000	$9.16	$174K
Mar 3, 2026	Hoffmann David HenryDirector,TenPercentOwner	Buy	19,000	$9.16	$174K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	2,000	$8.99	$18K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	2,000	$8.84	$18K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	1,500	$9.20	$14K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	1,000	$9.17	$9K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	1,000	$8.80	$9K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	500	$9.87	$5K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	500	$9.85	$5K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	500	$9.60	$5K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	500	$9.32	$5K
Mar 3, 2026	Quint Digital LtdTenPercentOwner	Buy	500	$9.05	$5K

Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.

What Changed

Risk factors · Dec 13, 2024 → Nov 26, 2025

48 added · 14 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

On February 3, 2025, we experienced a cybersecurity incident that disrupted certain IT systems and resulted in unauthorized access to certain files (the “Cyber Incident”).
For example, consumer preferences change frequently and are difficult to predict, and when faced with a multitude of choices, consumers may place greater value on the convenience and price of products and services than they do on their source, quality, or reliability.
On February 3, 2025, we experienced a Cyber Incident that disrupted certain IT systems and resulted in unauthorized access to certain files.
As a result, the overall effect of the stockholder rights plan may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving us that is not approved by our board of directors even if the offer may be considered beneficial by some stockholders.
As the availability of free content grows so does a consumer trend toward subscription fatigue, which in turn, may negatively affect our circulation, subscription, and advertising revenue and increase subscriber acquisition and retention costs.
Generative AI technology's continued growth, development, and evolution is shifting the landscape among our competitors to adopt AI technology as a tool to create and deliver content to customers as well as act as a stand-alone competitor and such evolutions of AI technology may negatively impact our ability to attract, engage, and retain audience and subscribers, maintain and grow other revenue streams, and other risks.
If we are unable to secure the required consent of BH Finance (including with respect to the proposed rights offering and other strategic or financing transactions), our ability to take advantage of future opportunities, including acquisition or financing opportunities, could be restricted. 9 Table of Contents Risks Related to Cybersecurity Our business, operating results, and reputation may be negatively impacted, and we may be subject to legal and regulatory claims if there is a loss, destruction, disclosure, misappropriation, or alteration of or unauthorized access to data owned or maintained by us, or if we are the subject of a significant data breach or cyberattack.
For further discussion concerning ongoing litigation related to the Cyber Incident, see "Note 19, Commitments and Contingencies," to the consolidated financial statements included in Item 8 of Part II of this Annual Report. 11 Table of Contents
Provisions of Delaware law and our certificate of incorporation and our second amended and restated by-laws (the “by-laws”) could make the acquisition of our Company and the removal of incumbent officers and directors more difficult.
The safe and responsible integration of AI functionality as it rapidly evolves presents emerging ethical and legal challenges, and the use of such technologies may result in diminished brand trust and reputational harm.
On November 10, 2025, we filed a registration statement with respect to the proposed rights offering of up to $50.0 million for general corporate purposes, including capital expenditures and working capital, as well as other activities necessary for our operations, such as investments in technology with respect to advertising strategies, audience outreach, our internal operations, and digital products.
On March 28, 2024, our board of directors adopted the stockholder rights plan, pursuant to which each holder of record of voting common stock received one preferred share purchase right (a “Right”) for each share of voting common stock outstanding as of April 8, 2024.

No longer disclosed

Risks Related to Cybersecurity Our business, operating results, and reputation may be negatively impacted, and we may be subject to legal and regulatory claims if there is a loss, destruction, disclosure, misappropriation, or alteration of or unauthorized access to data owned or maintained by us, or if we are the subject of a significant data breach or cyberattack.
If we are unable to 10 Table of Contents secure the required consent of BH Finance, our ability to take advantage of future opportunities, including acquisition or financing opportunities, could be restricted.
In particular, Section 404 of the Sarbanes-Oxley Act requires us to perform system 7 Table of Contents and process evaluations and testing of our internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting.
Responding to the changes described above may require us to make significant capital investments and incur significant research and development costs related to building, maintaining, and evolving our technology infrastructure, and our ability to make the level of investments required may be limited.
See “Strategic Initiatives” in Item 1, included herein, for additional information on about our print and digital audiences. 9 Table of Contents We compete with a large number of companies in the local media industry, including digital media businesses and, if we are unable to compete effectively, our advertising and subscription revenues may decline.
Unfavorable changes to the plan assets and/or the benefit obligations could increase the level of required contributions above what is currently estimated, which could reduce the cash available for our business and debt service. 12 Table of Contents
As the use of the internet and mobile devices has increased, we have lost some classified advertising and subscribers to online advertising businesses and free Internet sites that contain abbreviated versions of our publications.
Public health issues, whether occurring in the U.S. or Canada, could disrupt our operations, the operations of suppliers, or have an adverse impact on consumer spending and confidence levels.