Pampa Energy (PAM) director Mindlin sells 1.8M shares in open market

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Pampa Energy Inc. director and 10% owner Marcos Marcelo Mindlin reported an open-market sale of 1,800,000 shares of common stock on May 19, 2026 at an average price of $3.481 per share. After this transaction, he directly holds 24,971,973 shares of Pampa Energy common stock. The reported prices were converted to U.S. dollars using an ARS/USD exchange rate of 1,398 on the trade date.

Insights

Large shareholder trims position with a moderate-sized open-market sale.

Marcos Marcelo Mindlin, a director and 10% owner of Pampa Energy Inc., executed an open-market sale of 1,800,000 common shares at $3.481 per share. The filing shows this as a straightforward non-derivative stock sale.

Following the transaction, Mindlin still directly holds 24,971,973 shares, so the sale represents only a portion of his disclosed stake. There are no remaining derivative positions listed in this filing, and the price was translated using an ARS/USD 1,398 exchange rate reported by Bloomberg.

The filing does not mention any trading plan or special conditions, so this appears as a routine liquidity event based solely on the information provided. Future company filings may update his ownership if additional transactions occur.

Insider Trade Summary

Net Seller: 1,800,000 shares ($6,265,800)

Net Sell 1 txn

Insider Mindlin Marcos Marcelo

Role null

Sold 1,800,000 shs ($6.27M)

Type	Security	Shares	Price	Value
Sale	Cammon Stock	1,800,000	$3.481	$6.27M

Holdings After Transaction: Cammon Stock — 24,971,973 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares sold: 1,800,000 shares Sale price: $3.481 per share Shares held after transaction: 24,971,973 shares +2 more

5 metrics

Shares sold 1,800,000 shares Non-derivative open-market sale on May 19, 2026

Sale price $3.481 per share Average price for the reported transaction

Shares held after transaction 24,971,973 shares Direct ownership following the sale

Exchange rate 1,398 ARS/USD Rate used to convert prices to U.S. dollars on trade date

Net share direction 1,800,000 shares net sold transactionSummary shows net-sell direction

Key Terms

open-market sale, Cammon Stock, ARS/USD exchange rate

3 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Cammon Stock financial

"security_title": "Cammon Stock""

ARS/USD exchange rate financial

"using the ARS/USD exchange rate of 1,398 on the trade date"

Form 4 Insider Transactions: What Each Field Means →

05/21/2026 - 04:58 PM

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^*

Mindlin Marcos Marcelo

(Last)

(First)

(Middle)

MAIPU 1

(Street)

BUENOS AIRES

1084

(City)

(State)

(Zip)

ARGENTINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Pampa Energy Inc. [ PAM ]

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

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

2a. Foreign Trading Symbol
[PAMP]

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Cammon Stock	05/19/2026	05/20/2026	S		1,800,000	D	$3.481⁽¹⁾	24,971,973	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Prices converted to U.S. dollars using the ARS/USD exchange rate of 1,398 on the trade date, as reported by Bloomberg

	Mindlin Marcos Marcelo	05/21/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

How many Pampa Energy (PAM) shares did Marcos Mindlin sell?

Marcos Marcelo Mindlin sold 1,800,000 shares of Pampa Energy common stock. The transaction was a non-derivative open-market sale reported on May 19, 2026, at an average price of $3.481 per share according to the Form 4.

At what price were the Pampa Energy (PAM) shares sold by Marcos Mindlin?

The reported average sale price was $3.481 per Pampa Energy share. According to the filing, prices were converted into U.S. dollars using an ARS/USD exchange rate of 1,398 on the trade date as reported by Bloomberg.

How many Pampa Energy (PAM) shares does Marcos Mindlin hold after the sale?

After the reported transaction, Marcos Marcelo Mindlin directly holds 24,971,973 Pampa Energy common shares. This remaining position is disclosed in the Form 4 as his direct ownership following the 1,800,000-share open-market sale.

What type of transaction did Marcos Mindlin report in Pampa Energy (PAM) stock?

The Form 4 reports an open-market sale of Pampa Energy common stock. It is classified with transaction code “S,” indicating a sale in the open market or a private transaction rather than an option exercise, gift, or tax-withholding event.

Did the Pampa Energy (PAM) filing mention any derivatives or options for Marcos Mindlin?

The filing’s derivative summary is empty, indicating no derivative securities, such as options or warrants, are reported for this transaction. Only a single non-derivative common stock sale and the resulting direct share holdings are disclosed in this Form 4.