EEME's XCF Stake Hits 38.3%; Ladnier Controls 45.3% After Merger Share Issuance

summarizeSummary

EEME Energy's XCF stake rose to 38.3% and its principal Majique Ladnier controls 45.3% after merger-consideration shares were issued, with two board seats and a $99 million warrant right attached.

check_boxKey Events · Ownership and Investor Activity · SAFX

• EEME Stake Reaches 38.3%

  EEME Energy SPV I beneficially owns 228,897,418 Class A shares, 38.3% of the class, after acquiring 119,397,858 shares as merger consideration on 2026-10-16.

• Ladnier Controls 45.3% of Votes

  Majique Ladnier, EEME's sole member, has sole voting and dispositive power over 270,564,516 shares, 45.3% of the class, including GL Part SPV I and II holdings.

• $99M Warrant Overhang Through 2026

  GL Part SPV II holds warrants exercisable into up to $99,000,000 of additional Class A shares until December 31, 2026, a large potential future dilution source.

• Two EEME Directors Join Board

  XCF appointed EEME-selected Chad J. Langley and John Wharton to its board under the business combination agreement.

auto_awesomeAnalysis · SAFX · Industrial Applications And Services

This 13D/A shows EEME Energy SPV I now beneficially owns 228.9 million XCF shares, 38.3% of the class, and its sole member Majique Ladnier controls 270.6 million shares, 45.3% including GL Part SPV I and II. The shares were issued as merger consideration under the April 13, 2026 business combination agreement, not bought in the open market, and EEME gained two board seats (Chad J. Langley and John Wharton). GL II also holds warrants exercisable into up to $99 million of additional Class A stock through December 31, 2026, a large potential overhang. The concentration matters because a single holder now controls nearly half the vote while the company carries a previously disclosed going-concern warning and $238 million working capital deficit.