Ghaffarian Kamal Seyed 4

What Happened

• Dr. Kamal Ghaffarian, reported as a 10% owner (through entities he controls), did not sell or buy stock but caused IBX, LLC to perfect a security interest in 279,438 shares of X‑Energy Class A common stock on June 12, 2026. The lien secures a non‑negotiable promissory note owed to IBX, LLC by an unaffiliated third party. The outstanding principal on the note was $3,727,858 on June 12, 2026 (the balance accrues ~$1,414/day plus collection costs). At the June 12 close price of $18.59, about 200,530 shares would equal the then‑outstanding balance; however up to 279,438 shares may be transferred to satisfy the note.

Key Details

• Transaction date: June 12, 2026; transaction type: perfected security interest (other acquisition/disposition code J).
• Shares encumbered: 279,438 Class A shares held by IBX, LLC.
• Note balance: $3,727,858 as of June 12, 2026; increases ~$1,414/day plus costs.
• Market reference: NASDAQ close $18.59 on June 12, 2026 — ~200,530 shares would cover the balance at that price, though the number actually transferred may be up to 279,438 shares.
• Shares reported under Dr. Ghaffarian’s control after this filing (across related entities): 5,308,515 Class A shares (per footnote breakdown). He disclaims beneficial ownership except to the extent of pecuniary interest.
• Filing type: Encumbrance/security interest — not a market buy or sell; no indication this filing was late.

Context

• This is an encumbrance on shares (a lien to secure a third‑party loan) rather than insider trading; it does not necessarily reflect Dr. Ghaffarian’s view on company prospects.
• As a reported 10% owner via multiple entities, these disclosures reflect institutional/ownership arrangements rather than typical executive trading activity.