What is the significance of the Directed Share Program for X-Energy (XE) insiders?

The Directed Share Program allowed Joel Duling to acquire X-Energy shares in connection with its initial public offering. Such programs typically reserve stock for certain participants, enabling aligned ownership without changing the basic public offering terms disclosed to other investors.

X-Energy executive buys 100 shares at $23

X-Energy, Inc. president of TRISO-X, Joel Duling, made an open-market purchase of Class A Common Stock.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

X-Energy, Inc. president of TRISO-X, Joel Duling, made an open-market purchase of Class A Common Stock. He bought 100 shares at $23.00 per share on April 27, 2026, increasing his direct holdings to 552,699 shares. The shares were acquired through a Directed Share Program in connection with the company’s initial public offering.

Insider Trade Summary

Net Buyer: 100 shares

Net Buy 1 txn

Insider Duling Joel

Role President, TRISO-X

Bought 100 shs ($2K)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock	100	$23.00	$2K

Holdings After Transaction: Class A Common Stock — 552,699 shares (Direct)

Footnotes (1)

F1. Shares acquired pursuant to a Directed Share Program in connection with the initial public offering of X-Energy, Inc.

Key Figures

Shares purchased: 100 shares Purchase price: $23.00 per share Total holdings after: 552,699 shares +1 more

4 metrics

Shares purchased 100 shares Class A Common Stock bought on April 27, 2026

Purchase price $23.00 per share Open-market purchase via Directed Share Program

Total holdings after 552,699 shares Direct ownership following the reported transaction

Net buy shares 100 shares Net-buy direction in transaction summary

Key Terms

Directed Share Program, initial public offering, open-market purchase, Class A Common Stock

4 terms

initial public offering financial

"in connection with the initial public offering of X-Energy, Inc."

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

Class A Common Stock financial

"security_title": "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

FAQ

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

What did X-Energy (XE) executive Joel Duling purchase in this Form 4 filing?

Joel Duling purchased 100 shares of X-Energy Class A Common Stock at $23.00 per share. The transaction was reported as an open-market purchase and executed through a Directed Share Program connected to X-Energy’s initial public offering.

How many X-Energy (XE) shares does Joel Duling hold after this transaction?

After buying 100 shares, Joel Duling directly holds 552,699 shares of X-Energy Class A Common Stock. This filing shows his updated ownership position following the Directed Share Program purchase linked to the company’s initial public offering.

Was the X-Energy (XE) transaction by Joel Duling an open-market purchase?

Yes. The filing classifies the transaction as an open-market purchase with code P and a price of $23.00 per share. Although executed through a Directed Share Program, it is still characterized as a purchase of Class A Common Stock.

What does this X-Energy (XE) Form 4 reveal about insider trading direction?

The Form 4 shows a net-buy direction. According to the transaction summary, Duling completed one buy transaction totaling 100 shares, with no corresponding sales, gifts, or derivative exercises reported in this filing.

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

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Accepted by SEC EDGAR 04/29/2026 - 04:17 PM EDT

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
Estimated average burden
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^*

Duling Joel

(Last)

(First)

(Middle)

C/O X-ENERGY, INC.

530 GAITHER ROAD, SUITE 700

(Street)

ROCKVILLE

MARYLAND

20850

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
X-Energy, Inc. [ XE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President, TRISO-X

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	04/27/2026		P		100⁽¹⁾	A	$23	552,699	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Shares acquired pursuant to a Directed Share Program in connection with the initial public offering of X-Energy, Inc.

	/s/ Elizabeth Petrone, Attorney-in-Fact	04/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR