Pampa Energy (PAM) major holder Mindlin sells 1.8M shares, keeps large stake

Rhea-AI Filing Summary

Pampa Energy Inc. director and more than ten percent owner Marcos Marcelo Mindlin reported an open-market sale of 1,800,000 shares of Common Stock on May 8, 2026 at an average price of $3.352 per share. After this transaction, he directly owns 23,171,973 shares, indicating he retains a large equity position in the company. The reported transaction price was converted to U.S. dollars using an ARS/USD exchange rate of 1,398 on the trade date, as referenced in the footnote.

Insights

Equity market analyst

Insider executes sizable but partial open-market sale, retaining large stake.

Marcos Marcelo Mindlin, a director and more than ten percent owner of Pampa Energy Inc., sold 1,800,000 Common Stock shares in an open-market sale at $3.352 per share on May 8, 2026. The sale is classified as a non-derivative transaction.

Following the sale, Mindlin directly holds 23,171,973 shares, so the transaction represents only a portion of his overall position. There are no remaining derivative positions listed in this filing, and the footnote notes that the trade price was converted using an ARS/USD 1,398 exchange rate on the trade date.

The filing reflects a net-sell activity of 1,800,000 shares with no indication of a related trading plan in the excerpt. The overall picture is a routine reduction in holdings, with the insider still maintaining a substantial stake in Pampa Energy Inc.

Insider Trade Summary

Net Seller: 1,800,000 shares ($6,033,600)

Net Sell 1 txn

Insider Mindlin Marcos Marcelo

Role null

Sold 1,800,000 shs ($6.03M)

Type	Security	Shares	Price	Value
Sale	Cammon Stock	1,800,000	$3.352	$6.03M

Holdings After Transaction: Cammon Stock — 23,171,973 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares sold: 1,800,000 shares Sale price: $3.352 per share Shares held after transaction: 23,171,973 shares +2 more

5 metrics

Shares sold 1,800,000 shares Open-market sale of Common Stock on May 8, 2026

Sale price $3.352 per share Average sale price for the reported transaction

Shares held after transaction 23,171,973 shares Direct ownership following the sale

Net shares sold 1,800,000 shares Net-sell direction from transaction summary

ARS/USD exchange rate 1,398 Rate used to convert sale price to U.S. dollars

Key Terms

open-market sale, non-derivative, ten percent owner, ARS/USD exchange rate

4 terms

open-market sale financial

"transaction_action is described as an 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.

non-derivative financial

"the transaction_type field classifies the trade as non-derivative"

ten percent owner financial

"Mindlin is marked as a more than ten percent owner"

ARS/USD exchange rate financial

"Prices converted to U.S. dollars using the ARS/USD exchange rate of 1,398"

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^*

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)
05/08/2026

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)
			Code	V	Amount	(A) or (D)	Price
Cammon Stock	05/08/2026	05/08/2026	S		1,800,000	D	$3.352(1)	23,171,973	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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	05/08/2026
	** 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)

FAQ

What insider transaction did PAM director Marcos Marcelo Mindlin report on this Form 4?

Marcos Marcelo Mindlin reported an open-market sale of 1,800,000 shares of Pampa Energy Inc. Common Stock. The transaction occurred on May 8, 2026 at an average price of $3.352 per share, according to the Form 4 filing’s transaction details.

At what price did Marcos Marcelo Mindlin sell Pampa Energy (PAM) shares?

The reported sale price was $3.352 per Pampa Energy Inc. share. The filing notes that this price was converted into U.S. dollars using an ARS/USD exchange rate of 1,398 on the trade date, as reported by Bloomberg in the footnote.

How many Pampa Energy (PAM) shares does Marcos Marcelo Mindlin hold after this transaction?

After selling 1,800,000 shares, Marcos Marcelo Mindlin directly holds 23,171,973 Pampa Energy Inc. shares. This post-transaction holding figure comes from the Form 4 and shows he maintains a large remaining ownership stake in the company following the sale.

Was the Pampa Energy (PAM) insider transaction a buy or a sell?

The transaction was a sell. The Form 4 classifies it with transaction code “S,” described as a sale in an open market or private transaction, and the normalized transaction_direction field identifies it explicitly as a sell action.

Does the Pampa Energy (PAM) Form 4 show any derivative security exercises?

No derivative transactions are shown in this Form 4 excerpt. The transaction involves non-derivative Common Stock only, and the derivativeSummary section is empty, indicating no options, warrants, or other derivative securities are reported in this particular filing.