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Ancora Converts 1.5M Warrants, Discloses 5.9% Ownership in GPRE

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Ancora group filed Amendment No. 7 to its Schedule 13D reporting holdings in Green Plains Inc. (GPRE). The filing shows the Ancora reporting persons exercised 1,504,140 warrants on September 2, 2025 at $0.01 per share and now beneficially hold shares across multiple Ancora entities.

Ancora Alternatives may be deemed to beneficially own 3,945,450 shares, approximately 5.9% of outstanding shares (using 65,565,368 shares plus 1,504,140 shares from exercised warrants). Individual Ancora funds and accounts hold specified amounts, including Ancora Merlin Institutional (782,897 shares, ~1.2%) and several other funds with holdings ranging from ~0.1% to ~1.2%. Fredrick DiSanto certifies the filing and is identified as Chairman and CEO of Ancora Holdings.

Positive

  • Clear disclosure of warrant exercise converting 1,504,140 warrants into shares at $0.01 per share on September 2, 2025
  • Aggregate beneficial ownership reported at approximately 5.9% of GPRE, meeting material disclosure thresholds
  • Detailed breakdown of holdings by each Ancora vehicle with specific share counts and aggregate purchase prices

Negative

  • Shared voting/dispositive power across entities may limit clarity on who can act unilaterally
  • No discussion in the filing of any intent or future plans regarding the acquired position beyond the exercise

Insights

TL;DR: Ancora increased its stake to a disclosed ~5.9% of GPRE by exercising warrants, a potentially material passive position.

The exercise of 1,504,140 warrants at $0.01 per share converted warrants into common shares and raised Ancora-related beneficial ownership to roughly 5.9% of Green Plains on the stated denominator. The filing lists precise share counts and purchase prices for each Ancora vehicle, showing coordinated ownership across multiple funds and managed accounts. This level of disclosed ownership crosses the 5% reporting threshold and is therefore material for shareholder structure and regulatory disclosure. The record also identifies voting and dispositive power as primarily shared across Ancora entities rather than sole control.

TL;DR: The filing documents aggregated beneficial ownership and governance roles, signaling unified control across Ancora vehicles without sole voting power.

The Schedule 13D/A shows Ancora Alternatives and Ancora Holdings may be deemed beneficial owners of the disclosed shares, with Fredrick DiSanto signing on behalf of multiple entities. Voting and dispositive power entries indicate no sole voting or dispositive power for the reporting entities; instead, power is reported as shared across funds and accounts. The coordinated signatures and common sole member structure suggest centralized oversight while maintaining the technical shared-power designations required by SEC reporting rules.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D




Comment for Type of Reporting Person:
This Series Q is part of a series of Ancora Impact Fund LP, a series limited partnership.


SCHEDULE 13D




Comment for Type of Reporting Person:
This Series S is part of a series of Ancora Impact Fund LP, a series limited partnership.


SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Ancora Alternatives LLC
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member
Date:09/05/2025
Ancora Merlin, LP
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor and General Partner
Date:09/05/2025
ANCORA MERLIN INSTITUTIONAL, LP
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor and General Partner
Date:09/05/2025
Ancora Catalyst, LP
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor and General Partner
Date:09/05/2025
Ancora Catalyst Institutional, LP
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor and General Partner
Date:09/05/2025
Ancora Bellator Fund, LP
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor and General Partner
Date:09/05/2025
Ancora Impact Fund LP - Series Q
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor and General Partner
Date:09/05/2025
Ancora Impact Fund LP - Series S
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor and General Partner
Date:09/05/2025
Ancora Impact Fund SPC Ltd. - Segregated Portfolio H
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Ancora Alternatives LLC, Investment Advisor
Date:09/05/2025
ANCORA FAMILY WEALTH ADVISORS, LLC
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member of Inverness Holdings LLC, Sole Member
Date:09/05/2025
Inverness Holdings LLC
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO of Ancora Holdings Group, LLC, Sole Member
Date:09/05/2025
Ancora Holdings Group, LLC
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto, Chair and CEO
Date:09/05/2025
DiSanto Fredrick D.
Signature:/s/ Fredrick DiSanto
Name/Title:Fredrick DiSanto
Date:09/05/2025

FAQ

How many GPRE shares does Ancora beneficially own after the amendment?

Ancora-related reporting persons may be deemed to beneficially own 3,945,450 shares, constituting approximately 5.9% of outstanding shares as reported.

What transaction changed Ancora's stake in GPRE?

On September 2, 2025 the reporting persons exercised 1,504,140 warrants at an exercise price of $0.01 per share, converting them into common shares.

Which Ancora fund holds the largest direct GPRE position?

Ancora Merlin Institutional directly holds 782,897 shares (about 1.2% of the class); other funds hold different amounts disclosed in the filing.

Does any Ancora entity have sole voting power over the shares?

No. The filing reports 0 sole voting power for the Ancora entities and lists the holdings as shared voting and dispositive power.

Who signed the Schedule 13D/A for Ancora?

The filing was signed by Fredrick DiSanto in multiple capacities, including Chair and CEO of Ancora Holdings Group, LLC, dated 09/05/2025.
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