Hanwha Aerospace boosts NextDecade (NEXT) stake with new share buys

Rhea-AI Filing Summary

Hanwha Aerospace Co., Ltd., a more than 10% owner of NextDecade Corp (NEXT), reported open‑market purchases of the company’s common stock. On 11/20/2025, it bought 347,630 shares at a weighted average price of $6.0205, and on 11/21/2025 it bought 419,477 shares at a weighted average price of $5.7275, with each trade executed across a range of prices as disclosed.

Following these transactions, the reporting person shows direct beneficial ownership of 21,665,729 shares and indirect beneficial ownership of 17,536,369 shares held by Hanwha Ocean LLC. Hanwha Aerospace states that it may be deemed part of a group that beneficially owns more than 10% of NextDecade’s common stock, and it disclaims beneficial ownership and group status except to the extent of its pecuniary interest.

Insights

Equity Ownership and Governance Analyst

Large existing holder increased its common stock position with two open‑market purchases at modest prices.

The filing shows **Hanwha Aerospace Co., Ltd.** (a more than 10% beneficial owner and director-level affiliate) buying additional **NextDecade Corp** common shares in the open market. It purchased 347,630 shares on 11/20/2025 at a weighted average of $6.0205 and 419,477 shares on 11/21/2025 at a weighted average of $5.7275. The price ranges were from $6.1700 to $6.3600 for the first trade and from $5.5700 to $5.8500 for the second.

After these transactions, the reporting person shows 21,665,729 shares held directly and 17,536,369 shares held indirectly through **Hanwha Ocean LLC**, which it may be deemed to beneficially own. The filing explicitly disclaims full beneficial ownership and any admission of group status, despite noting that the reporting person may be deemed part of a Section 13(d) "group" owning more than 10%. This structure highlights both significant economic exposure and legal caution around control or group characterizations.

Readers can view these as incremental increases in a already-large equity position, not a new stake or disposal. The absence of derivative positions in Table II focuses attention on straightforward common stock ownership. Future Section 16 and Section 13(d) filings, if any, will indicate whether this accumulation trend continues or if there are changes in direct versus indirect holdings over time.

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
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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)
11/20/2025

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	11/20/2025		P		347,630	A	$6.0205(1)	21,246,252	D(3)
Common Stock	11/21/2025		P		419,477	A	$5.7275(2)	21,665,729	D(3)
Common Stock								17,536,369	I(3)	See footnote(4)

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 $6.1700 to $6.3600, 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 $5.5700 to $5.8500, 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. 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.

4. 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 , Name: Jaeil Son, Title: Chief Executive Officer	11/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transactions did Hanwha Aerospace report in NextDecade Corp (NEXT)?

Hanwha Aerospace Co., Ltd. reported two open‑market purchases of NextDecade Corp common stock: 347,630 shares on 11/20/2025 at a weighted average price of $6.0205, and 419,477 shares on 11/21/2025 at a weighted average price of $5.7275.

How many NEXT shares does Hanwha Aerospace beneficially own after these trades?

After the reported transactions, Hanwha Aerospace lists 21,665,729 shares of NextDecade common stock as directly beneficially owned and 17,536,369 shares as indirectly beneficially owned through Hanwha Ocean LLC.

What prices did Hanwha Aerospace pay for the newly acquired NEXT shares?

The filing reports weighted average purchase prices of $6.0205 per share on 11/20/2025 and $5.7275 per share on 11/21/2025. Each transaction was executed within disclosed price ranges on those dates.

What is Hanwha Aerospace’s relationship to NextDecade Corp (NEXT)?

Hanwha Aerospace Co., Ltd. is identified as a beneficial owner of more than 10% of NextDecade’s outstanding common stock and files as a reporting person under Section 16.

How is Hanwha Ocean LLC involved in the NEXT share ownership?

The filing states that the 17,536,369 indirectly beneficially owned shares are held directly by Hanwha Ocean LLC, and that Hanwha Aerospace Co., Ltd. may be deemed to beneficially own those securities.

Does Hanwha Aerospace accept full beneficial ownership of all reported NEXT shares?

No. Hanwha Aerospace expressly disclaims beneficial ownership of all securities reported, except to the extent of its pecuniary interest, and also disclaims membership in any group, even though it may be deemed part of a group holding more than 10% of the stock.