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Host Digital: Thomas, 10X MASTER tied to 38.9% stake

Host Digital agreed to prepare and file a shelf registration statement for resale within 30 calendar days after closing, subject to certain exceptions.

(Moderate)
(Neutral)
Form Type
SCHEDULE 13D

Rhea-AI Filing Summary

Host Digital Inc. is the issuer of the Class A common shares that Hans Thomas and 10X MASTER LLC may be deemed to beneficially own: 10,119,047 shares, approximately 38.9% of the class, following the merger closing on September 17, 2026. The percentage is based on 26,012,821 shares outstanding immediately after closing. Thomas received the shares in exchange for 450 common units of Host Digital Infrastructure LLC; 10X MASTER LLC holds them directly.

Host Digital agreed to prepare and file a resale shelf registration statement within 30 calendar days following closing, subject to certain exceptions. A separate agreement with Host Infrastructure Holdings LLC, the Sponsor, gives Host Digital a right of first offer if the Sponsor markets or decides to dispose of a project subsidiary, and a right of first refusal for certain unsolicited offers; the respective response periods are 30 days and five days after notice.

Positive

  • None.

Negative

  • None.

Filing Explained

The merger issued warrants for 19,888,093 additional shares; exercise could expand the Class A share count beyond the shares already issued.

The completed merger on September 17, 2026, issued 25,085,454 Class A shares and pre-funded warrants to purchase another 19,888,093 shares as consideration to former Host DI holders. The warrants have a $0.0001 exercise price and convert into shares if exercised, so that amount represents potential additional share issuance, not shares already issued.

The separate preferential-rights agreement does not require the Sponsor to develop, retain, market, or contribute any project subsidiary, so it does not commit the Sponsor to deliver projects to Host Digital. The agreement’s rights expire on its second anniversary.

Beneficially owned Class A common shares 10,119,047 shares May be deemed beneficially owned by Hans Thomas and 10X MASTER LLC
Percentage of class beneficially owned Approximately 38.9% Based on shares outstanding immediately following the merger closing
Class A common shares outstanding 26,012,821 shares As of September 17, 2026, immediately following the closing
Stock Merger Consideration 25,085,454 shares Class A common shares issued to previous Host Digital Infrastructure unit holders
Shares purchasable under Pre-Funded Warrants 19,888,093 shares Aggregate shares covered by warrants issued as merger consideration
Host Digital Infrastructure common units exchanged by Hans Thomas 450 common units Exchanged for Class A common shares at the merger closing
Class A common stock closing price $11.33 per share September 17, 2026
Pre-Funded Warrant exercise price $0.0001 per share Exercise price for warrants issued as merger consideration
beneficially own regulatory
"may be deemed to beneficially own 10,119,047 shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Pre-Funded Warrants financial
"Pre-Funded Warrants to purchase Class A Common Stock"
Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.
Registration Rights Agreement regulatory
"the Issuer has agreed to register for resale certain shares"
A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.
right of first offer financial
"a right of first offer with respect to any project site acquisition subsidiary"
A right of first offer is a contractual agreement that requires an owner to offer an asset or stake to a designated party before marketing it to others; the holder gets the first chance to negotiate terms directly with the seller. For investors, it matters because it can limit who can buy or set the sale price path—like getting the first invitation to buy a sought-after item before it goes on general sale, protecting potential access or controlling competition.
right of first refusal financial
"a right of first refusal with respect to any unsolicited bona fide third-party offer"
A right of first refusal gives an existing shareholder or party the chance to buy an asset or shares before the owner can sell them to someone else. Think of it like being offered the first option to buy a house when the owner decides to sell; it matters to investors because it can limit who can acquire a stake, slow or block transactions, and affect the price and liquidity of an investment by restricting open-market sales or new buyers.

FAQ

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

How many HCWC shares do Hans Thomas and 10X MASTER LLC own?

Hans Thomas and 10X MASTER LLC may be deemed to beneficially own 10,119,047 shares of Class A common stock, approximately 38.9% of the class. The shares are held directly by 10X MASTER LLC, and the reporting persons share voting and dispositive power over them.

How many HCWC shares did Hans Thomas receive in the merger?

Hans Thomas received 10,119,047 shares of Class A common stock in exchange for his 450 common units of Host Digital Infrastructure LLC. He elected stock consideration, and 10X MASTER LLC holds the shares directly.

What merger consideration did former Host Digital Infrastructure unit holders receive?

At closing, Host Digital issued 25,085,454 Class A common shares and pre-funded warrants to purchase an aggregate of 19,888,093 Class A common shares to former Host Digital Infrastructure unit holders.

When must Host Digital file the HCWC resale shelf registration?

Host Digital agreed to prepare and file a shelf registration statement covering certain shares held by Host Digital Infrastructure unit holders within 30 calendar days following the September 17, 2026 closing, subject to certain exceptions. It also agreed to use commercially reasonable efforts to keep the statement effective until all relevant registrable securities are sold.

What rights does Host Digital have over the Sponsor's project subsidiaries?

Under its agreement with Host Infrastructure Holdings LLC, the Sponsor, Host Digital has a right of first offer when the Sponsor markets or determines to dispose of a project subsidiary, exercisable within 30 days of notice. It has a right of first refusal for an unsolicited bona fide third-party offer the Sponsor wants to accept, exercisable within five days of notice. The agreement expires on its second anniversary.

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

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42227T303

(CUSIP Number)
Hans Thomas
1 World Trade Center, Floor 85
New York, NY, 10007
(212) 220-7218

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
09/17/2026

(Date of Event Which Requires Filing of This Statement)


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).




schemaVersion:


SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Hans Thomas
Signature:/s/ Hans Thomas
Name/Title:Hans Thomas
Date:09/24/2026
10X MASTER LLC
Signature:/s/ Hans Thomas
Name/Title:Hans Thomas, Managing Member
Date:09/24/2026

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