8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 4, 2021

HENNESSY ADVISORS, INC.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number including area code:    (415) 899-1555

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.          Results of Operations and Financial Condition

On August 4, 2021, Hennessy Advisors, Inc. issued a press release announcing its financial results for the fiscal quarter ended June 30, 2021. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated by reference herein.

Item 7.01.          Regulation FD Disclosure

On August 4, 2021, the Company issued a press release announcing that it had declared a cash dividend of $0.1375 per share on its common stock. The cash dividend is payable September 2, 2021, to shareholders of record at the close of business on August 17, 2021. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated by reference herein.

Item 9.01.          Financial Statements and Exhibits

The exhibit listed in the exhibit index below is furnished under Items 2.02 and 7.01 of this Current Report on Form 8-K.

EXHIBIT INDEX

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HENNESSY ADVISORS, INC.

3

Exhibit 99.1

Hennessy Advisors, Inc. Reports 25% Increase in Quarterly Earnings Per Share and Announces Quarterly Dividend

NOVATO, Calif., Aug. 4, 2021 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ:HNNA) reported results for its third fiscal quarter of 2021, which ended June 30, 2021. The firm also announced a quarterly dividend of $0.1375 per share to be paid on September 2, 2021, to shareholders of record as of August 17, 2021, which represents an annualized dividend yield of 5.9%.*

"Through constant and often conflicting and confusing media reports on the Delta variant, inflation, employment, interest rates, and politics, we continue to see the financial markets rise to new highs, which I believe is driven primarily by strong underlying fundamentals," said Neil Hennessy, Chairman and CEO. "There are so many positives, including the return of outdoor events and increasing occupancy rates in hotels. As hard as it is to say, it is even encouraging to see the return of traffic after the quiet summer of 2020," he noted.

"The Dow Jones Industrial Average closed at a record high on July 26, 2021, the economy grew at a strong annual rate of 6.5% during the second calendar quarter, and excess cash held by both consumers and companies appears ready to be deployed. I see room for continued dividend hikes and stock buybacks, which should support continued strength in the markets. In my opinion, headwinds caused by short-term supply chain issues and labor shortages should be offset by wage increases and improved production output, allowing the U.S. economy to thrive," said Mr. Hennessy.

"We are very pleased to report growth in assets under management, income, and earnings this quarter, which I believe is a testament to the determination and hard work of our team," said Teresa Nilsen, President and COO. "We maintain a healthy balance sheet and are happy to share our prosperity with our shareholders via our quarterly dividend. We continue to pursue opportunities to build Hennessy Advisors for future success, through both organic growth and strategic partnerships," she added.

Summary Highlights (compared to the prior comparable quarter ended June 30, 2020):

• Total revenue of $8.5 million, an increase of 24%.
• Net income of $2.2 million, an increase of 26%.
• Fully diluted earnings per share of $0.30, an increase of 25%.
• Average assets under management, upon which revenue is earned, of $4.2 billion, an increase of 20%.
• Total assets under management of $4.1 billion, an increase of 18%.
• Cash and cash equivalents of $14.0 million, an increase of 61%.

**About Hennessy Advisors, Inc.**Hennessy Advisors, Inc. is a publicly traded investment manager offering a broad range of domestic equity, multi-asset, and sector and specialty mutual funds. Hennessy Advisors, Inc. is committed to providing superior service to shareholders and employing a consistent and disciplined approach to investing based on a buy–and–hold philosophy that rejects the idea of market timing.

Supplemental InformationNothing in this press release shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

Forward-Looking StatementsThis press release contains "forward-looking statements" for which Hennessy Advisors, Inc. claims the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. Forward–looking statements relate to expectations and projections about future events based on currently available information. Forward–looking statements are not a guarantee of future performance or results and are not necessarily accurate indications of the times at which, or means by which, such performance or results may be achieved. Forward–looking statements are subject to risks, uncertainties, and assumptions, including those described in the sections entitled "Risk Factors" and elsewhere in the reports that Hennessy Advisors, Inc. files with the Securities and Exchange Commission. Unforeseen developments could cause actual performance or results to differ substantially from those expressed in, or suggested by, the forward–looking statements. Hennessy Advisors, Inc. management does not assume responsibility for the accuracy or completeness of the forward-looking statements and undertakes no responsibility to update any such statement after the date of this press release to conform to actual results or to changes in expectations.

CONTACT: Tania Kelley, Hennessy Advisors, Inc., tania@hennessyadvisors.com; 800-966-4354, Melissa Murphy SunStar Strategic, MMurphy@sunstarstrategic.com; 703-894-1061