Major XCF Global (NASDAQ: SAFX) holder reports multi-day share sales

Rhea-AI Filing Summary

XCF Global, Inc. disclosed that a major shareholder associated with Encore DEC, LLC, of which Randy Soule is a member, reported multiple open-market sales of Class A common stock. The trades took place between January 8 and January 12, 2026, with individual transactions such as 200,000-share sales at prices including $0.1713, $0.1566, $0.1603, and $0.1616 per share, plus a 73,000-share sale at $0.1544. Following the last reported transaction on January 12, the filing shows 77,628,648 Class A shares beneficially owned indirectly through Encore DEC, LLC.

Insights

Equity market analyst

Large SAFX holder reports several small-price insider stock sales.

A major holder of XCF Global (SAFX), through Encore DEC, LLC, reported several open-market sales of Class A common stock over January 8–12, 2026. Each transaction was modestly priced, with examples including 200,000-share blocks at $0.1713, $0.1566, $0.1603, and $0.1616 per share.

After these sales, the filing still lists 77,628,648 Class A shares beneficially owned indirectly via Encore DEC, LLC, so the position remains large. The transactions reduce exposure slightly but do not, by themselves, indicate the holder’s views on the company’s long-term prospects, and their overall impact depends on how this stake compares with XCF Global’s total shares outstanding.

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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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^*

SOULE RANDY

(Last) (First) (Middle)

425 WESTERN RD - SUITE 102

(Street)

RENO NV 89506

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
XCF Global, Inc. [ SAFX ]

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)
01/08/2026

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
Class A Common Stock	01/08/2026		S		200,000	D	$0.1713	78,701,648	I	Member of Encore DEC, LLC
Class A Common Stock	01/09/2026		S		200,000	D	$0.1566	78,501,648	I	Member of Encore DEC, LLC
Class A Common Stock	01/09/2026		S		200,000	D	$0.1603	78,301,648	I	Member of Encore DEC, LLC
Class A Common Stock	01/09/2026		S		200,000	D	$0.1616	78,101,648	I	Member of Encore DEC, LLC
Class A Common Stock	01/12/2026		S		73,000	D	$0.1544	78,028,648	I	Member of Encore DEC, LLC
Class A Common Stock	01/12/2026		S		200,000	D	$0.1582	77,828,648	I	Member of Encore DEC, LLC
Class A Common Stock	01/12/2026		S		200,000	D	$0.1584	77,628,648	I	Member of Encore DEC, LLC

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:

	Randy Soule	01/14/2026
	** 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.

FAQ

What insider transaction did SAFX report in this Form 4 filing?

The filing reports that a major shareholder associated with Encore DEC, LLC, of which Randy Soule is a member, sold shares of XCF Global, Inc. Class A common stock in multiple open-market transactions during January 2026.

How many SAFX Class A shares were sold in the reported transactions?

The Form 4 lists several sales of Class A common stock, including multiple 200,000-share transactions and one 73,000-share transaction, each recorded separately with its own date and price.

At what prices were the SAFX Class A shares sold?

The reported sales prices for the Class A common stock include $0.1713 per share on January 8, 2026 and, on January 9 and 12, 2026, prices such as $0.1566, $0.1603, $0.1616, $0.1544, $0.1582, and $0.1584 per share.

How many SAFX shares does the reporting person still beneficially own after these trades?

After the final reported transaction on January 12, 2026, the Form 4 shows 77,628,648 shares of Class A common stock beneficially owned indirectly through Encore DEC, LLC.

Are the SAFX shares held directly by Randy Soule or through another entity?

The Form 4 identifies the ownership as indirect, with the nature of ownership described as "Member of Encore DEC, LLC", indicating the shares are held through that entity rather than directly in Randy Soule’s name.

What is Randy Soule’s relationship to XCF Global (SAFX)?

The filing indicates that Randy Soule is a 10% owner of XCF Global, Inc., and the reported transactions relate to his indirect beneficial ownership via Encore DEC, LLC.