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T1 Energy Inc. (TE) large holder Kantor reports 19.99% stake

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

T1 Energy Inc. is the subject of Amendment No. 6 to a Schedule 13D filed by Encompass Capital entities and Todd J. Kantor, updating their large ownership position.

Encompass Capital Advisors LLC and Mr. Kantor each report beneficial ownership of 74,147,162 shares composed of common stock, warrants and convertible preferred stock, representing 19.99% of T1 Energy’s common stock. Encompass Capital Partners LLC reports 61,209,267 shares, also equal to 19.99% of the class.

The position includes existing common shares, warrants and shares issuable upon conversion of Series B and Series B-1 Convertible Non-Voting Preferred Stock, all subject to a 19.99% beneficial ownership limitation. The amendment also describes a lock-up agreement dated December 11, 2025 under which Mr. Kantor agreed with Santander Capital Markets LLC and J.P. Morgan Securities LLC not to sell or hedge T1 Energy common stock for 30 days after the prospectus supplement date, with detailed exceptions for estate planning, compensation-related transactions, certain conversions and Rule 10b5-1 trading plans.

Positive

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Negative

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Insights

Large holder confirms a 19.99% capped stake and accepts a short 30-day lock-up, a structural but neutral update.

Encompass Capital Advisors LLC and Encompass Capital Partners LLC, together with Todd J. Kantor, report sizeable beneficial stakes in T1 Energy Inc. Each of Advisors and Kantor reports 74,147,162 shares, and Partners reports 61,209,267 shares, with each position representing 19.99% of the common stock. These amounts combine common stock, warrants and shares issuable from Series B and Series B-1 Convertible Non-Voting Preferred Stock.

All preferred conversions are subject to a 19.99% “Blocker,” which caps beneficial ownership relative to shares outstanding after conversion. On December 11, 2025, Kantor also entered a lock-up with Santander Capital Markets LLC and J.P. Morgan Securities LLC tied to T1 Energy’s underwritten offerings of convertible senior notes due 2030 and common stock. For 30 days after the prospectus supplement date, he agreed not to sell, pledge or hedge common stock, subject to detailed carve-outs for estate planning, compensation, conversions and Rule 10b5‑1 plans. Overall this formalizes ownership limits and a brief sale restriction without clearly changing the fundamental investment case.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
Includes (a) 34,968,169 shares of the Issuer's common stock, par value $0.01 per share ("Common Stock"), (b) 355,465 warrants, which are exercisable into shares of Common Stock, (c) 9,411,764 shares of Common Stock issuable upon conversion of the Issuer's Series B Convertible Non-Voting Preferred Stock (the "Series B Preferred Stock") and 29,411,764 shares of Common Stock issuable upon conversion of the Issuer's Series B-1 Convertible Non-Voting Preferred Stock (the "Series B-1 Preferred Stock", together with the Series B Preferred Stock, the "Preferred Stock"), which are subject to a beneficial ownership limitation of 19.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of the Preferred Stock (the "19.99% Blocker"). Conversion of the Preferred Stock is subject to the 19.99% Blocker and the percentage set forth in row (13) gives effect to the 19.99% Blocker.


SCHEDULE 13D




Comment for Type of Reporting Person:
Includes (a) 27,544,025 shares of Common Stock, (b) 351,931 warrants, which are exercisable into shares of Common Stock, and (c) 8,007,476 shares of Common Stock issuable upon conversion of the Series B Preferred Stock and 25,305,835 shares of Common Stock issuable upon conversion the Series B-1 Preferred Stock, which are subject to the 19.99% Blocker. Conversion of the Preferred Stock is subject to the 19.99% Blocker and the percentage set forth in row (13) gives effect to the 19.99% Blocker.


SCHEDULE 13D




Comment for Type of Reporting Person:
Includes (a) 34,968,169 shares of Common Stock, (b) 355,465 warrants, which are exercisable into shares of Common Stock, (c) 9,411,764 shares of Common Stock issuable upon conversion of the Series B Preferred Stock and 29,411,764 shares of Common Stock issuable upon conversion of the Series B-1 Preferred Stock, which are subject to the 19.99% Blocker. Mr. Kantor is the managing member of each of Encompass Capital Advisors LLC and Encompass Capital Partners LLC. Mr. Kantor disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein. Conversion of the Preferred Stock is subject to the 19.99% Blocker and the percentage set forth in row (13) gives effect to the 19.99% Blocker.


SCHEDULE 13D


Encompass Capital Advisors LLC
Signature:/s/ Todd J. Kantor
Name/Title:Todd J. Kantor, Managing Member
Date:12/15/2025
Encompass Capital Partners LLC
Signature:/s/ Todd J. Kantor
Name/Title:Todd J. Kantor, Managing Member
Date:12/15/2025
Kantor Todd J.
Signature:/s/ Todd J. Kantor
Name/Title:Todd J. Kantor
Date:12/15/2025

FAQ

What ownership stake in T1 Energy Inc. (TE) does Encompass Capital report?

Encompass Capital Advisors LLC and Todd J. Kantor each report beneficial ownership of 74,147,162 shares, equal to 19.99% of T1 Energy’s common stock, while Encompass Capital Partners LLC reports 61,209,267 shares, also 19.99% of the class.

Who are the reporting persons in T1 Energy Inc. (TE) Schedule 13D/A Amendment No. 6?

The reporting persons are Encompass Capital Advisors LLC, Encompass Capital Partners LLC, and Todd J. Kantor, who signs as managing member of the Encompass entities and individually.

What types of securities make up the reported T1 Energy (TE) beneficial ownership?

The reported position includes common stock, warrants exercisable into common stock, and shares of common stock issuable upon conversion of Series B and Series B‑1 Convertible Non-Voting Preferred Stock.

What is the 19.99% Blocker mentioned for T1 Energy Inc. (TE)?

The 19.99% Blocker is a beneficial ownership limitation under which conversion of the Series B and Series B‑1 Preferred Stock is restricted so that the holders’ beneficial ownership does not exceed 19.99% of the common stock outstanding after giving effect to such conversions.

What lock-up agreement did Todd J. Kantor enter into regarding T1 Energy (TE) shares?

On December 11, 2025, Todd J. Kantor entered a Lock-Up Agreement with Santander Capital Markets LLC and J.P. Morgan Securities LLC tied to T1 Energy’s underwritten offerings of convertible senior notes due 2030 and common stock.

How long is Todd J. Kantor restricted from selling T1 Energy Inc. (TE) common stock under the lock-up?

Under the Lock-Up Agreement, Mr. Kantor agreed not to offer, sell, pledge or otherwise dispose of, or hedge, T1 Energy common stock for a period of 30 days after the date of the prospectus supplements, subject to specified exceptions.

Does Todd J. Kantor claim full beneficial ownership of all reported T1 Energy (TE) securities?

No. Although he is the managing member of the Encompass entities, Todd J. Kantor disclaims beneficial ownership of the securities reported except to the extent of his pecuniary interest in them.
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