Xsolla SPAC 1 (XSLLU) director discloses 73,334 Class B shares on Form 3

Rhea-AI Filing Summary

Xsolla SPAC 1 director Yang Wenfeng has filed an initial ownership report showing holdings of 73,334 Class B Ordinary Shares. This Form 3 does not reflect a new purchase or sale, but simply discloses existing ownership in the company.

The Class B Ordinary Shares will automatically convert into Class A Ordinary Shares on a one-for-one basis concurrently with or immediately following the completion of Xsolla SPAC 1's initial business combination, or earlier at the holders’ option, and they have no expiration date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Yang Wenfeng

Role Director

Type	Security	Shares	Price	Value
holding	Class B Ordinary Shares	--	--	--

Holdings After Transaction: Class B Ordinary Shares — 73,334 shares (Direct)

Footnotes (1)

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FAQ

What insider position did Yang Wenfeng report at Xsolla SPAC 1 (XSLLU)?

Yang Wenfeng reported beneficial ownership of 73,334 Class B Ordinary Shares of Xsolla SPAC 1. This disclosure on Form 3 records existing holdings and does not indicate a new purchase or sale of the company’s securities.

Does the Form 3 for XSLLU show that Yang Wenfeng bought or sold shares?

The Form 3 for Xsolla SPAC 1 does not show a buy or sell transaction. It simply reports Wenfeng’s existing ownership of 73,334 Class B Ordinary Shares as an initial statement of beneficial ownership.

What type of security does Yang Wenfeng hold in Xsolla SPAC 1 (XSLLU)?

Yang Wenfeng holds Class B Ordinary Shares of Xsolla SPAC 1. These Class B shares are structured to automatically convert into Class A Ordinary Shares on a one-for-one basis in connection with the SPAC’s initial business combination.

How many Xsolla SPAC 1 Class B shares will convert for Yang Wenfeng?

The filing shows 73,334 Class B Ordinary Shares held by Yang Wenfeng. Under the terms described, each Class B share will convert into one Class A Ordinary Share upon the initial business combination or earlier at the holder’s option.

Do Xsolla SPAC 1 (XSLLU) Class B Ordinary Shares have an expiration date?

The Class B Ordinary Shares of Xsolla SPAC 1 have no expiration date. They remain outstanding until they automatically convert into Class A Ordinary Shares in connection with the SPAC’s initial business combination or an earlier voluntary conversion.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Yang Wenfeng

(Last) (First) (Middle)

15260 VENTURA BOULEVARD, SUITE 2230

(Street)

SHERMAN OAKS CA 91403

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/28/2026

3. Issuer Name and Ticker or Trading Symbol
Xsolla SPAC 1 [ XSLLU ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Ordinary Shares	(1)	(1)	Class A Ordinary Shares	73,334	(1)	D

Explanation of Responses:

1. The Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the Issuer's initial business combination, or earlier at the option of the holders thereof on a one-for-one basis, subject to the adjustments. The Class B ordinary shares have no expiration date.

	/s/ Wenfeng Yang	03/03/2026
	** 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 5 (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.