LIEBMAN HOWARD M 4

What Happened
Howard M. Liebman, a director of XCel Brands, Inc. (XELB), made a disposition to the issuer on February 23, 2026, of 777 shares at $2.02 per share, for a total value of approximately $1,573. This transaction is a disposal (not an open‑market purchase) and represents a sale-like action rather than a bullish buy.

Key Details

• Transaction date: 2026-02-23; Price: $2.02 per share; Total value: ~$1,573.
• Transaction type/code: Disposition to issuer (Code D) — shares were returned or transferred to the company rather than sold on the open market.
• Shares owned after transaction: Not disclosed in the provided filing.
• Filing date: 2026-02-24 (filed the business day after the transaction) — appears to be timely.
• No footnotes (e.g., 10b5-1 plan or tax-withholding) were provided in the supplied information.

Context
Dispositions to the issuer can reflect actions like share surrender or cancellation and are distinct from open-market sales; they do not, by themselves, indicate the insider’s view on the company’s prospects. For retail investors, purchases generally carry more weight as signals; this small, routine disposition (about $1.6K) is unlikely to materially change ownership stakes or signal a major shift.