H2O AMERICA (HTO) Adviser Amends Filing — No Beneficial Ownership

What Happened
Atlas Infrastructure Partners (UK) Ltd. (the "Adviser"), with GIP ATLAS Holdings Ltd. as its sole owner, filed an AMENDED Form 4 for H2O AMERICA (HTO) on 2026-08-19 (reporting period 2026-07-01). The amendment clarifies that the Reporting Persons never had beneficial ownership of HTO common stock under the Rule 16a-1(a)(1) exemption. The Adviser is a registered investment adviser and holds any HTO shares for the benefit of third‑party clients; it did not acquire shares to influence control or engage in arrangements subject to Rule 13d-3(b).

Key Details

• Amendment filed: 2026-08-19; Period of Report: 2026-07-01.
• Reported parties: Atlas Infrastructure Partners (UK) Ltd. (Adviser) and GIP ATLAS Holdings Ltd. (sole owner).
• Beneficial ownership after amendment: none — Reporting Persons do not have, and never had, beneficial ownership of the common stock under Rule 16a-1(a)(1).
• Legal basis: exemption under Rule 16a-1(a)(1)(v); Adviser registered under Section 203 of the Investment Advisers Act.
• Impact: Reporting Persons were not obligated to file under Section 16(a); transactions (if any) are not matchable under Section 16(b).
• Filing status: amended to correct beneficial-ownership characterization; amendment does not report a new open‑market purchase or sale by an insider individual.

Context
This is an institutional/adviser clarification, not an executive or director buy/sell signal. Rule 16a-1(a)(1) commonly exempts registered advisers who hold securities for clients from being treated as beneficial owners for Section 16 purposes. For retail investors, this means the amendment removes any implication that an insider with dispositive control bought or sold HTO shares — it reflects client-directed holdings rather than personal insider trading.