Encompass/Todd Kantor Discloses 7.9% Stake in Shoals (SHLS)

Rhea-AI Filing Summary

Shoals Technologies Group, Inc. has a disclosed shareholder group holding 13,204,602 shares of Class A common stock, representing 7.9% of the class. The reported holdings are shared voting and shared dispositive power, with no sole voting or sole dispositive power reported. The filing states these shares were not acquired to change or influence control of the company and are not held in connection with any transaction having that purpose or effect.

Positive

• Transparent disclosure of a material stake (13,204,602 shares, 7.9%), meeting SEC reporting requirements
• Certification that the shares are not held to change or influence company control, reducing immediate governance concerns

Negative

• Concentrated shared position (all voting and dispositive power is shared), which could become influential if intentions change

Insights

Financial Analyst

TL;DR: A single reporting group holds a material minority stake (7.9%), which could influence market perception but is not disclosed as a control attempt.

The disclosed position of 13.2 million shares, equal to 7.9% of Class A stock, is large enough to draw investor attention and potentially affect trading liquidity or engage in dialogue with management. However, the certification that the stake was not acquired to influence control limits immediate governance implications. The shared voting and dispositive power indicate coordinated ownership rather than dispersed passive holdings, which may warrant monitoring for future amendments or Schedule 13D filings if intentions change.

Corporate Governance Expert

TL;DR: The filing notifies a material, non-controlling block; governance effects are possible but not asserted by the filers.

The structure shows shared voting/dispositive authority over the full reported position and an explicit certification that the holdings are not intended to affect control. From a governance perspective, this filing is a routine disclosure of a significant stake. It does not trigger mandatory takeover or control-change procedures, but boards and investors may note the presence of an organized holder with the capacity to influence outcomes if its intent were to shift.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Shoals Technologies Group, Inc.

(Name of Issuer)

Class A Common Stock, $0.00001 Par Value

(Title of Class of Securities)

82489W107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 82489W107

1

Names of Reporting Persons

Encompass Capital Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,204,602.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,204,602.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,204,602.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 82489W107

1

Names of Reporting Persons

Todd J. Kantor

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,204,602.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,204,602.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,204,602.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Shoals Technologies Group, Inc.
(b)	Address of issuer's principal executive offices: 1400 Shoals Way, Portland, TN 37148
Item 2.
(a)	Name of person filing: Encompass Capital Advisors LLC Todd J. Kantor
(b)	Address or principal business office or, if none, residence: Encompass Capital Advisors LLC is 200 Park Avenue, Suite 1604, New York, NY 10166 Todd J. Kantor is c/o Encompass Capital Advisors LLC, 200 Park Avenue, Suite 1604, New York, NY 10166
(c)	Citizenship: Encompass Capital Advisors LLC is a Delaware Limited Liability Company Todd J. Kantor is a US citizen
(d)	Title of class of securities: Class A Common Stock, $0.00001 Par Value
(e)	CUSIP No.: 82489W107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Encompass Capital Advisors LLC 13,204,602 Todd J. Kantor 13,204,602
(b)	Percent of class: Encompass Capital Advisors LLC 7.9% Todd J. Kantor 7.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Encompass Capital Advisors LLC 0 Todd J. Kantor 0
	(ii) Shared power to vote or to direct the vote: Encompass Capital Advisors LLC 13,204,602 Todd J. Kantor 13,204,602
	(iii) Sole power to dispose or to direct the disposition of: Encompass Capital Advisors LLC 0 Todd J. Kantor 0
	(iv) Shared power to dispose or to direct the disposition of: Encompass Capital Advisors LLC 13,204,602 Todd J. Kantor 13,204,602
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Encompass Capital Advisors LLC

Signature:	Todd J. Kantor
Name/Title:	Todd J. Kantor | Managing Member
Date:	08/14/2025

Todd J. Kantor

Signature:	Todd J. Kantor
Name/Title:	Todd J. Kantor | Self
Date:	08/14/2025

Exhibit Information

JOINT FILING AGREEMENT The undersigned hereby agree that the statement on SCHEDULE 13G with respect to the shares of Class A Common Stock of Shoals Technologies Group, Inc., dated as of May 8, 2025 is, and any amendments thereto signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. Date: August 14, 2025 Encompass Capital Advisors LLC By: Todd J. Kantor Name: Todd J. Kantor Title: Managing Member Todd J. Kantor By: Todd J. Kantor Name: Todd J. Kantor

FAQ

How many Shoals Technologies (SHLS) shares does Encompass Capital Advisors / Todd J. Kantor report owning?

The filing reports 13,204,602 shares, representing 7.9% of Class A common stock.

Does the filing state the stake is intended to influence control at Shoals (SHLS)?

No; the filers certify that the shares were not acquired to change or influence control of the issuer.

What type of voting and dispositive power is reported for the 13,204,602 shares?

The filing reports 0 sole voting/dispositive power and 13,204,602 shared voting and dispositive power.

Is this filing a Schedule 13G or 13D for Shoals (SHLS)?

This document is filed as a Schedule 13G/A, indicating a passive or qualifying investor disclosure rather than an active acquisition statement.

Who are the reporting persons named in the Schedule 13G/A?

The reporting persons are Encompass Capital Advisors LLC and Todd J. Kantor.