REDLEAF ANDREW 4

What Happened

• Andrew Redleaf, reported as a 10% owner (authorized person for X Cubed Capital Management LLC), disclosed a private-placement purchase of 5,000,000 warrants issued by X3 Acquisition Corp. Ltd. The warrants were purchased at $1.00 each for an aggregate $5,000,000.
• The purchase was made by the Issuer's sponsor (X3 Acquisition Management LLC), not directly by Mr. Redleaf. The warrants are derivatives that entitle the holder to buy one Class A ordinary share at $11.50 per share (subject to adjustment).

Key Details

• Transaction date: 2026-01-22 (Filed 2026-01-22).
• Transaction type/code: P (Purchase) — private placement warrants.
• Price: $1.00 per warrant; Total consideration: $5,000,000.
• Instruments acquired: 5,000,000 warrants (derivative securities).
• Warrants become exercisable 30 days after the completion of the issuer’s initial business combination and expire five years after that combination (or earlier upon redemption/liquidation).
• Shares/warrants held after transaction: 5,000,000 warrants owned by the Sponsor (as reflected in the filing).
• Beneficial ownership note: Mr. Redleaf is the authorized person of the Sponsor’s manager and disclaims beneficial ownership of the Sponsor’s securities except to the extent of any pecuniary interest.
• Filing timeliness: Filed same day as the reported transaction date; no late filing indicated.

Context

• These are sponsor private-placement warrants commonly issued in SPAC transactions. They are derivative rights to purchase ordinary shares at a set exercise price ($11.50) and are exercisable only after the SPAC completes its initial business combination.
• Because the purchase was executed by the Sponsor (an institutional entity) and Mr. Redleaf disclaims beneficial ownership beyond any pecuniary interest, this should be read as sponsor-level activity rather than a personal insider buy. Purchases by sponsors are typical in SPAC financings and do not necessarily reflect the personal trading intent of the named individual.