LEE ENTERPRISES, Inc — Director's Dealing 2021

May 14, 2021

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: LEE ENTERPRISES, Inc (LEE)
CIK: 0000058361
Period of Report: 2021-05-11

Reporting Person: CANNELL CAPITAL LLC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	587985	Indirect

Footnotes

F1: As of May 11, 2021, Tonga Partners, LP, Tristan Partners, LP, and Tristan Offshore Fund, Ltd (collectively the "Cannell Investment Vehicles") owned in the aggregate 587,985 shares of the common stock of Lee Enterprises, Inc..

F2: Cannell Capital LLC acts as the general partner of and investment adviser to Tonga Partners, LP, Tristan Partners, L.P. and Tristan Offshore Fund, Ltd. J. Carlo Cannell is the sole managing member of Cannell Capital LLC. As such, Mr. Cannell possesses sole power to vote and direct the disposition of all securities of Lee Enterprises, Inc. held by the Cannell Investment Vehicles. Thus, for the purposes of Reg. Section 240.13d-3, as of May 11, 2021, Mr. Cannell beneficially owns 587,985 shares. Mr. Cannell's interest in the securities reported herein is limited to the extent of his pecuniary interest in each of the Cannell Investment Vehicles, if any.

F3: From the sale transactions dated May 14, 2021, Cannell Capital LLC realized short-swing profits of $6,125.11 on 304 shares of the Company purchased November 19, 2020 at a split-adjusted price of $9.52 per share. Cannell Capital LLC has voluntarily disgorged these profits to the Company.