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):  February 11, 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:

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. ☐

On February 11, 2021, Hennessy Advisors, Inc. issued a press release announcing its financial results for the fiscal quarter ended December 31, 2020. 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 February 11, 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 March 9, 2021, to shareholders of record at the close of business on February 24, 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 First Quarter Earnings and Announces Quarterly Dividend

NOVATO, Calif., Feb. 11, 2021 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ:HNNA) reported results for its first fiscal quarter of 2021, which ended December 31, 2020. The firm also announced a quarterly dividend of $0.1375 per share, which will be paid on March 9, 2021, to shareholders of record as of February 24, 2021, resulting in an annualized dividend yield of 6.0%.*

"We entered our new fiscal year with optimism and determination, even as we continued to experience economic uncertainty around the globe and political volatility here in the United States. The equity markets echoed that optimism and ended 2020 on a high note," said Neil Hennessy, Chairman and CEO. "The continued rollout of vaccines gives us strong hope that our economy will further reopen and recover in 2021 and continue to grow into the future," he added. "I want to thank our employees and business partners who quickly adapted to the challenges of the pandemic and continue to safely assist the investors in our mutual funds and our shareholders," said Mr. Hennessy.

"While our assets were down versus the prior period, we again delivered positive earnings for our shareholders, and believe the company remains in a solid financial position. We will once again pay our quarterly dividend while continuing to build our cash," said Teresa Nilsen, President and COO. "We have endeavored to improve every aspect of our operations, from our digital engagement in marketing and sales to our process and focus on corporate development, including acquisitions. We are committed to managing the company successfully through the pandemic, and we look forward to nimbly moving into the future to continue to deliver value for our shareholders," she added.

Summary Highlights (compared to the prior comparable period ended December 31, 2019):

• Total revenue of $7.8 million, a decrease of 24%.
• Net income of $1.8 million, a decrease of 33%.
• Fully diluted earnings per share of $0.24, a decrease of 31%.
• Average assets under management, upon which revenue is earned, of $3.8 billion, a decrease of 24%.
• Total assets under management of $3.8 billion, a decrease of 23%.
• Cash and cash equivalents (net of gross loan balance) of $10.0 million, an increase of 65%.

All values are in US Dollars.

**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