NEXT Form 4: Hanwha Aerospace discloses multi-day insider share buys

Rhea-AI Filing Summary

Hanwha Aerospace Co., Ltd., identified as a director of NextDecade Corp (NEXT), reported open-market purchases of the company’s common stock over three consecutive days. On 11/17/2025 it bought 295,875 shares at a weighted average price of $5.8683, on 11/18/2025 it bought 462,576 shares at $5.9247, and on 11/19/2025 it bought 305,973 shares at $6.0362.

After these transactions, the form lists 20,898,622 shares of common stock beneficially owned directly and 17,536,369 shares beneficially owned indirectly. The notes state that the prices reflect weighted averages over ranges of individual trade prices and that Hanwha Aerospace disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest. The filing also notes that Hanwha Aerospace may be deemed part of a group that beneficially owns more than 10% of NextDecade’s outstanding common stock, while disclaiming membership in any such group.

Insights

Equity Ownership Analyst

Large existing shareholder increased direct and indirect common stock holdings through open‑market purchases over three consecutive days.

The filing shows **Hanwha Aerospace Co., Ltd.** making three open‑market purchases of **NextDecade Corp** common stock on 11/17/2025, 11/18/2025, and 11/19/2025. The purchases total **1,064,424** shares at weighted average prices of $5.8683, $5.9247, and $6.0362, within stated price ranges around each average. After these transactions, the reporting person holds **20,898,622** shares directly and **17,536,369** shares indirectly through **Hanwha Ocean LLC**.

The disclosure describes these as acquisitions coded "P" (open‑market or private purchases) and reports no derivative securities in Table II. The footnotes clarify that the reported prices are weighted averages, that detailed trade‑by‑trade information is available on request, and that Hanwha Aerospace may be deemed to beneficially own the shares held by Hanwha Ocean LLC, while expressly disclaiming beneficial ownership beyond its pecuniary interest. The remarks also note that the reporting person may be deemed part of a Section 13(d) "group" owning more than 10% of the common stock, while disclaiming membership in any such group.

This matters because it documents a meaningful increase in an already large position and confirms that a major holder remains a net buyer over this short window. Key items to monitor include any future Forms 4 that change the **20,898,622** direct or **17,536,369** indirect share counts, and any later Schedule 13D/13G or group‑related filings that clarify the ownership structure or group status over time.

Insider Trade Summary

Net Buyer: 1,064,424 shares ($6,323,822)

Net Buy 4 txns

Insider Hanwha Aerospace Co., Ltd.

Role 10% Owner

Bought 1,064,424 shs ($6.32M)

Type	Security	Shares	Price	Value
Purchase	Common Stock	305,973	$6.0362	$1.85M
Purchase	Common Stock	462,576	$5.9247	$2.74M
Purchase	Common Stock	295,875	$5.8683	$1.74M
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 20,898,622 shares (Direct); Common Stock — 17,536,369 shares (Indirect, See footnote)

Footnotes (1)

1. The price reported is a weighted average price. The shares reported in this transaction were purchased at prices ranging from $5.7300 to $6.1300, inclusive. The reporting person shall provide to the Securities and Exchange Commission, the Issuer or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price. The price reported is a weighted average price. The shares reported in this transaction were purchased at prices ranging from $5.8300 to $6.0150, inclusive. The reporting person shall provide to the Securities and Exchange Commission, the Issuer or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price. The price reported is a weighted average price. The shares reported in this transaction were purchased at prices ranging from $5.9500 to $6.1550, inclusive. The reporting person shall provide to the Securities and Exchange Commission, the Issuer or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price. This filing shall not be deemed an admission that the reporting person is the beneficial owner of all securities covered by this filing for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise, or is subject to Section 16 of the Exchange Act. The reporting person disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein. Reflects securities held directly by Hanwha Ocean LLC. Hanwha Aerospace Co., Ltd. may be deemed to beneficially own the securities held directly by Hanwha Ocean LLC.

Form 4 Insider Transactions: What Each Field Means →

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^*

Hanwha Aerospace Co., Ltd.

(Last) (First) (Middle)

1204, CHANGWON-DAERO, SEONGSAN-GU

(Street)

CHANGWON-SI, GYEONGSANGNAM-DO M5 51542

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NextDecade Corp [ NEXT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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

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

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

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	11/17/2025		P		295,875	A	$5.8683(1)	20,130,073	D(4)
Common Stock	11/18/2025		P		462,576	A	$5.9247(2)	20,592,649	D(4)
Common Stock	11/19/2025		P		305,973	A	$6.0362(3)	20,898,622	D(4)
Common Stock								17,536,369	I(4)	See footnote(5)

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 is a weighted average price. The shares reported in this transaction were purchased at prices ranging from $5.7300 to $6.1300, inclusive. The reporting person shall provide to the Securities and Exchange Commission, the Issuer or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price.

2. The price reported is a weighted average price. The shares reported in this transaction were purchased at prices ranging from $5.8300 to $6.0150, inclusive. The reporting person shall provide to the Securities and Exchange Commission, the Issuer or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price.

3. The price reported is a weighted average price. The shares reported in this transaction were purchased at prices ranging from $5.9500 to $6.1550, inclusive. The reporting person shall provide to the Securities and Exchange Commission, the Issuer or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price.

4. This filing shall not be deemed an admission that the reporting person is the beneficial owner of all securities covered by this filing for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise, or is subject to Section 16 of the Exchange Act. The reporting person disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein.

5. Reflects securities held directly by Hanwha Ocean LLC. Hanwha Aerospace Co., Ltd. may be deemed to beneficially own the securities held directly by Hanwha Ocean LLC.

Remarks:

The reporting person may be deemed a member of a "group" (as such term is used in Section 13(d) of the Exchange Act and the rules promulgated thereunder) that beneficially owns more than 10% of the outstanding shares of Common Stock. The reporting person disclaims membership in any such group.

	Hanwha Aerospace Co., Ltd. By: /s/ Jaeil Son Title: Chief Executive Officer	11/19/2025
	** 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.

FAQ

What insider transactions in NEXT stock did Hanwha Aerospace report?

Hanwha Aerospace reported open-market purchases of NextDecade Corp (NEXT) common stock on three days, showing it bought shares on 11/17/2025, 11/18/2025 and 11/19/2025.

How many NEXT shares did Hanwha Aerospace buy and at what prices?

The form reports purchases of 295,875 shares at $5.8683 on 11/17/2025, 462,576 shares at $5.9247 on 11/18/2025, and 305,973 shares at $6.0362 on 11/19/2025, all as weighted average prices.

How many NEXT shares does the Form 4 show as beneficially owned after the transactions?

After the reported trades, the Form 4 lists 20,898,622 shares of NextDecade common stock beneficially owned directly and 17,536,369 shares beneficially owned indirectly.

What does the Form 4 say about Hanwha Aerospace’s beneficial ownership of NEXT?

The notes state that Hanwha Aerospace disclaims beneficial ownership of the securities reported, except to the extent of its pecuniary interest, and that it should not be deemed the beneficial owner of all such securities for Section 16 purposes.

How are the indirectly owned NEXT shares held according to the filing?

The Form 4 explains that the indirectly owned securities are held directly by Hanwha Ocean LLC, and that Hanwha Aerospace Co., Ltd. may be deemed to beneficially own the securities held by Hanwha Ocean LLC.

Does Hanwha Aerospace indicate it is part of a group owning more than 10% of NEXT?

The remarks state that Hanwha Aerospace may be deemed a member of a "group" that beneficially owns more than 10% of the outstanding common stock, but it expressly disclaims membership in any such group.

What do the weighted average prices in Hanwha Aerospace’s NEXT trades mean?

The explanations note that each reported price is a weighted average for multiple trades in a range of prices, and that detailed trade-by-trade pricing information will be provided to the SEC, the issuer, or any security holder upon request.