Target Hospitality holder proposes $48.5M share sale

The notice also lists Arrow Holdings S.a r.l. sales of 8,361,829 TH shares during the prior three months, valued at $153,857,653.60.

Rhea-AI Filing Summary

Target Hospitality Corp. (TH) reports a proposed sale by MFA Global S., identified as a 10% stockholder, of 2,638,171 common shares, with an aggregate market value of $48,542,346.40. Morgan Stanley & Co. LLC is named as broker. The notice lists 97,929,824 shares outstanding and gives October 1, 2026, as the approximate sale date.

Key Figures

Proposed shares for sale: 2,638,171 shares Aggregate market value of proposed sale: $48,542,346.40 Shares outstanding: 97,929,824 shares +2 more

5 metrics

Proposed shares for sale 2,638,171 shares MFA Global S.; approximate sale date October 1, 2026

Aggregate market value of proposed sale $48,542,346.40 MFA Global S. proposed sale

Shares outstanding 97,929,824 shares As listed in the securities information

Shares sold during prior three months 8,361,829 shares Arrow Holdings S.a r.l.

Aggregate market value of prior sales $153,857,653.60 Arrow Holdings S.a r.l.; prior three months

Key Terms

Rule 144, aggregate market value, business combination transaction

3 terms

Rule 144 regulatory

"required to be aggregated by paragraph (e) of Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

aggregate market value financial

"aggregate market value of the securities to be sold"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

business combination transaction technical

"Business combination transaction"

A business combination transaction is when two companies join together—through a merger, acquisition or similar deal—so they operate as one entity. For investors, it matters because the deal can change ownership stakes, the company’s value, future profits and risks, and often leads to new management or strategy; think of two households combining finances and plans, which can improve efficiency but also bring uncertainty about who controls the budget and how resources are used.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many TH shares does MFA Global S. plan to sell?

MFA Global S. reported a proposed sale of 2,638,171 Target Hospitality Corp. common shares, with an aggregate market value of $48,542,346.40. Morgan Stanley & Co. LLC is named as broker, and October 1, 2026, is listed as the approximate sale date.

What recent TH share sales are reported for the prior three months?

Arrow Holdings S.a r.l. is listed as having sold 8,361,829 TH common shares during the prior three months, with an aggregate market value of $153,857,653.60. The remarks state that these sales are required to be aggregated with sales for the seller’s account under Rule 144.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/01/2026 - 06:59 PM Accepted by SEC EDGAR 10/01/2026 - 06:59 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001766340
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Target Hospitality Corp.
SEC File Number	001-38343
Address of Issuer	9320 LAKESIDE BLVD. SUITE 300 THE WOODLANDS TEXAS 77381
Phone	832-709-2563
Name of Person for Whose Account the Securities are To Be Sold	MFA Global S.a.r.l.
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	10% Stockholder

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock, par value $0.0001 per share	Morgan Stanley & Co. LLC 1585 Broadway New York NY 10036	2638171	48542346.40	97929824	10/01/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock, par value $0.0001 per share	03/15/2019	Business combination transaction	Issuer			2638171	03/15/2019	Contribution of the equity interests of certain entities as merger consideration.

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Arrow Holdings S.a r.l. 25C, Boulevard Royal LUXEMBOURG N4 L-2449	Common Stock, par value $0.0001 per share	10/01/2026	8361829	153857653.60

144: Remarks and Signature

Remarks	Sales by the Seller of shares of common stock, par value $0.0001 per share, of the Issuer (the "Common Stock") are required to be aggregated by paragraph (e) of Rule 144 with sales of Common Stock by Arrow Holdings S.a.r.l.
Date of Notice	10/01/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Evelina Jakstas
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)