Atlas Energy Solutions: Shepard sells 500,000 shares

The reported prices were weighted averages, and each sale covered a stated range of execution prices.

Available on EDGAR 11/10/2026 - 07:19 PM EST Accepted by SEC EDGAR 11/10/2026 - 07:18 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Gregory M. Shepard, a reporting person for Atlas Energy Solutions Inc. (AESI), reported three direct common-stock sales: 500,000 shares on November 6, 2026, at a $5.32 weighted-average price; 200,000 shares on November 9, 2026, at $5.56; and 190,500 shares on November 10, 2026, at $5.16. The respective execution-price ranges were $5.225–$5.415, $5.505–$5.98, and $5.125–$5.28 per share. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Seller: 890,500 shares

Net Sell 3 txns

Insider SHEPARD GREGORY M

Role Insider

Sold 890,500 shs ($4.75M)

Type	Security	Shares	Price	Value
Sale	Common Stock F3	190,500	$5.16	$983K
Sale	Common Stock F2	200,000	$5.56	$1.11M
Sale	Common Stock F1	500,000	$5.32	$2.66M

Holdings After Transaction: Common Stock — 6,530,710 shares (Direct)

Footnotes (3)

1. F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.225 to $5.415, inclusive. The reporting person undertakes to provide to Atlas Energy Solutions Inc., any security holder of Atlas Energy Solutions Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) to this Form 4.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.505 to $5.98, inclusive. The reporting person undertakes to provide to Atlas Energy Solutions Inc., any security holder of Atlas Energy Solutions Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4.
3. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.125 to $5.28, inclusive. The reporting person undertakes to provide to Atlas Energy Solutions Inc., any security holder of Atlas Energy Solutions Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (3) to this Form 4.

Key Figures

Shares sold: 500,000 shares Weighted-average sale price: $5.32 per share Shares sold: 200,000 shares +3 more

6 metrics

Shares sold 500,000 shares Direct sale on November 6, 2026

Weighted-average sale price $5.32 per share November 6, 2026; execution prices ranged from $5.225 to $5.415 per share

Shares sold 200,000 shares Direct sale on November 9, 2026

Weighted-average sale price $5.56 per share November 9, 2026; execution prices ranged from $5.505 to $5.98 per share

Shares sold 190,500 shares Direct sale on November 10, 2026

Weighted-average sale price $5.16 per share November 10, 2026; execution prices ranged from $5.125 to $5.28 per share

Key Terms

weighted average price, beneficial ownership, Stockholder's Agreement

3 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership regulatory

"disclaims beneficial ownership of any securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Stockholder's Agreement regulatory

"party to a Stockholder's Agreement dated October 2, 2023"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many AESI shares did Gregory M. Shepard sell?

Gregory M. Shepard reported direct sales of 500,000 shares on November 6, 2026, at a $5.32 weighted-average price; 200,000 shares on November 9 at $5.56; and 190,500 shares on November 10 at $5.16. The respective execution-price ranges were $5.225–$5.415, $5.505–$5.98, and $5.125–$5.28 per share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHEPARD GREGORY M

(Last) (First) (Middle)

15405 ANCHORAGE PLACE

(Street)

LAKEWOOD RANCH FLORIDA 34202

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Atlas Energy Solutions Inc. [ AESI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/06/2026		S		500,000	D	$5.32(1)	6,921,210	D
Common Stock	11/09/2026		S		200,000	D	$5.56(2)	6,721,210	D
Common Stock	11/10/2026		S		190,500	D	$5.16(3)	6,530,710	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.225 to $5.415, inclusive. The reporting person undertakes to provide to Atlas Energy Solutions Inc., any security holder of Atlas Energy Solutions Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.505 to $5.98, inclusive. The reporting person undertakes to provide to Atlas Energy Solutions Inc., any security holder of Atlas Energy Solutions Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.125 to $5.28, inclusive. The reporting person undertakes to provide to Atlas Energy Solutions Inc., any security holder of Atlas Energy Solutions Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (3) to this Form 4.

Remarks:

The Reporting Person may be deemed to be a member of a "group" for the purposes of the Securities Exchange Act of 1934 by virtue of being a party to a Stockholder's Agreement dated October 2, 2023. The Reporting Person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by the Reporting Person. This report shall not be deemed an admission that the Reporting Person is a member of a group or the beneficial owner of any securities not directly owned by the Reporting Person.

	/s/ Gregory M. Shepard	11/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)