Wallbox (NYSE: WBX) shows 19.5% stake held by Generac in 13D/A

Rhea-AI Filing Summary

Generac Power Systems, Inc. and Generac Holdings Inc. filed Amendment No. 1 to a Schedule 13D regarding Wallbox N.V.’s Class A ordinary shares. The amendment reports beneficial ownership of 3,455,778 Class A shares, representing 19.5% of the class, based on 16,798,563 shares outstanding as of March 1, 2026.

Generac Power Systems is the record holder of 1,904,802 Class A shares issued under subscription agreements from 2023 and 2024 and an aggregate of 885,085 warrants issued in 2024 and 2025. A 229,938‑warrant grant on October 9, 2025, exercisable through July 30, 2028 at up to $61.00 per share, was issued under anti‑dilution rights with no separate consideration.

The filing explains that the updated percentage results from a 1‑for‑20 reverse stock split by Wallbox, the new warrant issuance, and changes in the number of outstanding Class A shares. The reporting persons also reference a Letter Agreement relating to shares held by Mr. Asuncion and Kariega but expressly disclaim beneficial ownership of those Asuncion shares and any group status.

Key Figures

Beneficial ownership: 3,455,778 Class A shares Ownership percentage: 19.5% Shares outstanding: 16,798,563 Class A shares +5 more

8 metrics

Beneficial ownership 3,455,778 Class A shares Shares beneficially owned by each reporting person

Ownership percentage 19.5% Percentage of Wallbox Class A shares outstanding

Shares outstanding 16,798,563 Class A shares Wallbox Class A shares outstanding as of March 1, 2026

Direct Class A shares 1,904,802 Class A shares Held by Generac Power Systems under subscription agreements

Total warrants held 885,085 warrants Issued July 30, 2024 and October 9, 2025

New warrant grant 229,938 warrants Warrants granted October 9, 2025 to purchase Class A shares

Warrant exercise price up to $61.00 per share Exercise price for October 9, 2025 warrants

Warrant exercise window April 9, 2026–July 30, 2028 Exercisability period for the 229,938 warrants

Key Terms

beneficial ownership, Subscription Agreements, Warrant Agreement, anti-dilution rights, +2 more

6 terms

beneficial ownership financial

"The aggregate percentage of beneficial ownership of each of GPS and Generac is approximately 19.5%"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Subscription Agreements financial

"GPS is the record holder of 1,904,802 Class A Shares issued pursuant to Subscription Agreements dated December 13, 2023 and July 30, 2024"

A subscription agreement is a signed contract in which an investor promises to buy a specified number of a company’s shares or securities under set terms — price, quantity, payment schedule and any conditions. Think of it like a formal deposit and purchase plan for stock: it locks in the sale and the buyer’s obligations and often sets protections or restrictions that affect ownership, dilution and the company’s ability to raise more money, so investors can assess risk and control.

Warrant Agreement financial

"the Company entered into a Warrant Agreement with GPS pursuant to which the Company granted GPS 229,938 warrants"

A warrant agreement is the legal document that lays out the rules for stock warrants — special certificates that let their holder buy company shares at a set price within a certain time. It explains how and when warrants can be exercised, transferred, changed, or canceled, and what happens to them if the company raises money or is sold; investors care because these terms affect potential future ownership, dilution of shares, and the real value of the warrants.

anti-dilution rights financial

"The Warrants were granted in connection with certain anti-dilution rights held by GPS from prior issuances."

Class B ordinary shares financial

"Kariega and Mr. Asuncion shared voting and investment control over an additional 212,211 Class B ordinary shares"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

Schedule 13D regulatory

"previously filed a statement on Schedule 13G to report the acquisition that is the subject of this"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Wallbox N.V.

(Name of Issuer)

Class A ordinary shares, nominal value 0.12 per share

(Title of Class of Securities)

N94209108 (CUSIP Number) 98420U703 (CUSIP Number)

Raj Kanuru
Generac Holdings Inc., S45 W29290 Hwy 59,
Waukesha, WI, 53189
(262) 544-4811

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/09/2026

(Date of Event Which Requires Filing of This Statement)

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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): N94209108, 98420U703

1

Name of reporting person

Generac Power Systems, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,455,778.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,789,887.00

11

Aggregate amount beneficially owned by each reporting person

3,455,778.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): N94209108, 98420U703

1

Name of reporting person

GENERAC HOLDINGS INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,455,778.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,789,887.00

11

Aggregate amount beneficially owned by each reporting person

3,455,778.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(3) GPS is the record holder of 1,904,802 Class A Shares issued pursuant to Subscription Agreements dated December 13, 2023 and July 30, 2024 and an aggregate of 885,085 warrants issued July 30, 2024 and October 9, 2025 (which became exercisable on April 9, 2026). GPS is a wholly owned subsidiary of Generac. Generac may be deemed to share beneficial ownership over the Class A Shares directly owned by GPS. As described in Item 3 hereto, shares with shared voting control includes the 665,891 Asuncion Shares pursuant to a Letter Agreement (as defined in Item 3). Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by GPS or Generac that it is the beneficial owner of the Asuncion Shares referred to herein for purposes of Section 13(d) or 13(g) of the Securities Exchange Act. (4) Based on 16,798,563 Class A Shares outstanding as of March 1, 2026 as reported in the Issuer's Annual Report on Form 20-F filed on April 9, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary shares, nominal value 0.12 per share
(b)	Name of Issuer: Wallbox N.V.
(c)	Address of Issuer's Principal Executive Offices: CARRER DEL FOC, 68, CARRER DEL FOC, 68, BARCELONA, SPAIN , 08038.
Item 1 Comment: This Amendment No. 1 to Schedule 13D ("Amendment No. 1") amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission on August 7, 2024 (the "Schedule 13D"), relating to the shares of Class A Common Stock, 0.12 nominal value per share (the "Class A Common Stock"), of Wallbox N.V., a Dutch limited liability company (naamloze vennootschap) (the "Issuer"). Capitalized terms used herein without definition shall have the meanings set forth in the Schedule 13D. This Amendment No. 1 is being filed to reflect a change in the percentage of shares of Class A Common Stock previously reported by the Reporting Persons as a result of (1) a 1:20 reserve stock split by the Issuer, (2) the issuance of warrants to the Reporting Person on October 9, 2025, which became exercisable on April 9, 2026 (3) a change in the outstanding shares of Class A Common Stock as reported by the Company.
Item 3.	Source and Amount of Funds or Other Consideration
	The information contained in Item 4 of this Amendment No. 1 incorporated by reference herein as a supplement to Item 3 to the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is supplemented by the following: On October 9, 2025, the Company entered into a Warrant Agreement with GPS pursuant to which the Company granted GPS 229,938 warrants to purchase Class A Shares (the "Warrants"), which became exercisable on April 9, 2026 through July 30, 2028, for an equal number of the Company's Class A Shares, at an exercise price of up to $61.00 per Class A Share. The Warrants were granted in connection with certain anti-dilution rights held by GPS from prior issuances. No separate consideration was paid by GPS for the Warrants or Warrant Agreement.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows: The responses of the Reporting Persons with respect to Rows 7 through 13 of the cover pages of the Reporting Persons to this Amendment No. 1 are incorporated by reference herein. By virtue of the Letter Agreement (as defined in Item 3 of the Schedule 13D) and the obligations and rights thereunder, the Reporting Persons may be deemed to be in a "group" with Kariega and Mr. Asuncion (as defined in Item 3 in the Schedule 13D) for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This filing shall not be deemed an admission that such persons constitute a "group" for purposes of Section 13(d) of the Exchange Act and the Reporting Persons expressly disclaim such group membership. Based on the information presented in Selling Securityholders in the Issuer's Annual Report on Form 20-F filed on April 9, 2026 (the "20-F"), Mr. Asuncion had sole voting and investment control over 665,891 Class A Shares (the "Asuncion Shares") and Kariega and Mr. Asuncion shared voting and investment control over an additional 212,211 Class B ordinary shares (the "Class B Shares"), each having ten votes per share. The number of shares that each Reporting Person beneficially owns does not take into account the Class B Shares. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by GPS or Generac that it is the beneficial owner of the Asuncion Shares referred to herein for purposes of Section 13(d) or 13(g) of the Securities Exchange Act. The aggregate percentage of beneficial ownership of each of GPS and Generac is approximately 19.5% of the issued and outstanding Class A Shares of the Issuer. The percentage of the Class A Shares beneficially owned is based on 16,798,563 Class A Shares outstanding as of March 1, 2026 as reported in the 20-F. To the knowledge of the Reporting Persons, none of the persons listed on Schedule A have any beneficial ownership of any Class A Shares.
(b)	The information set forth in Item 5(a) of this Amendment No. 1 is hereby incorporated by reference herein.
(c)	Except for the transactions described in response to Item 4 above, which information is hereby incorporated by reference, none of the Reporting Persons, nor, to the knowledge of the Reporting Persons, any of the persons listed on Schedule A, have effected any transactions that may be deemed to be a transaction in the Class A Shares during the past 60 days.
(d)	No other person is known by the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Class A Shares that may be deemed to be beneficially owned by the Reporting Persons as provided for herein.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information contained in Item 3 of this Amendment No. 1 incorporated by reference herein as a supplement to Item 6 of the Schedule 13D.
Item 7.	Material to be Filed as Exhibits.
	99.1 Joint Filing Agreement, by and between Generac Power Systems, Inc. and Generac Holdings Inc., dated August 5, 2024 (incorporated by reference from Exhibit 99.1 to the Reporting Person's Schedule 13D filed on August 7, 2024). https://www.sec.gov/Archives/edgar/data/1866501/000143774924025235/ex_710192.htm 99.2 Subscription Agreement dated as of November 29, 2023 with Generac Power Systems, Inc. (incorporated by reference from Exhibit 2.2 to the Issuer's 6-K filed on December 4, 2023). https://www.sec.gov/ix?doc=/Archives/edgar/data/0001866501/000095017024034441/wbx-20231231.htm 99.3 Letter Agreement, dated December 13, 2023, between Generac Power Systems, Inc and Wallbox N.V. (incorporated by reference from Exhibit 4.18 to the Issuer's Form 20-F filed on March 21, 2024). https://www.sec.gov/Archives/edgar/data/1866501/000095017024034441/wbx-ex4_18.htm 99.4 Letter Agreement, dated December 13, 2023, between Kariega Ventures, S.L. and Wallbox N.V. (incorporated by reference from Exhibit 4.19 to the Issuer's Form 20-F filed on March 21, 2024). https://www.sec.gov/Archives/edgar/data/0001866501/000095017024034441/wbx-ex4_19.htm 99.5 Form of Subscription Agreement dated as of July 30, 2024 (incorporated by reference from Exhibit 2.1 to the Issuer's 6-K filed on July 31, 2024). https://www.sec.gov/Archives/edgar/data/1866501/000119312524189981/d880645dex21.htm 99.6 Schedule A.

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.

Generac Power Systems, Inc.

Signature:	/s/ Raj Kanuru
Name/Title:	Raj Kanuru/Executive Vice President, General Counsel & Secretary
Date:	04/13/2026

GENERAC HOLDINGS INC.

Signature:	/s/ Raj Kanuru
Name/Title:	Raj Kanuru/Executive Vice President, General Counsel & Secretary
Date:	04/13/2026

FAQ

What stake in Wallbox (WBX) does Generac report in this Schedule 13D/A?

Generac reports beneficial ownership of 3,455,778 Wallbox Class A shares, representing about 19.5% of that share class. This percentage is calculated using 16,798,563 Class A shares outstanding as of March 1, 2026, as disclosed in Wallbox’s annual report.

How many Wallbox shares and warrants does Generac Power Systems directly hold?

Generac Power Systems is the record holder of 1,904,802 Wallbox Class A shares and 885,085 warrants. The shares were issued under subscription agreements from December 2023 and July 2024, while the warrants were issued in July 2024 and October 2025 and later became exercisable.

What are the terms of the October 9, 2025 Wallbox warrants granted to Generac?

On October 9, 2025, Wallbox granted Generac Power Systems 229,938 warrants to purchase an equal number of Class A shares at an exercise price of up to $61.00 per share. These warrants became exercisable on April 9, 2026 and remain exercisable through July 30, 2028.

Why did Generac file Amendment No. 1 to its Wallbox Schedule 13D?

Amendment No. 1 was filed to update Generac’s reported percentage ownership in Wallbox Class A shares. The change reflects a 1‑for‑20 reverse stock split, issuance of additional warrants on October 9, 2025, and a change in the total outstanding Class A shares reported by Wallbox.

How is the 19.5% Wallbox ownership calculation determined in the filing?

The filing states that each of Generac Power Systems and Generac Holdings beneficially owns approximately 19.5% of Wallbox’s outstanding Class A shares. This is based on 3,455,778 shares reported as beneficially owned, compared against 16,798,563 Class A shares outstanding as of March 1, 2026.

Does Generac consider itself in a shareholder group with Asuncion and Kariega for Wallbox?

The filing notes that, by virtue of a Letter Agreement, Generac may be deemed part of a Section 13(d) “group” with Mr. Asuncion and Kariega. However, Generac expressly disclaims group membership and also disclaims beneficial ownership of the Asuncion shares described in the Wallbox annual report.