Agapitov reports Class B stakes in Xsolla SPAC 1 (XSLLU) via sponsor

Rhea-AI Filing Summary

Xsolla SPAC 1 director Aleksandr Agapitov has filed an initial statement of ownership of Class B Ordinary Shares. The filing reports indirect ownership of 7,006,661 Class B shares through Xsolla SPAC I LLC, the sponsor, and direct ownership of 73,334 Class B shares.

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 option of the holders, and have no expiration date. The sponsor holds the large indirect position, over which Agapitov has voting and dispositive power, while he disclaims beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Agapitov Aleksandr

Role Director

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

Holdings After Transaction: Class B Ordinary Shares — 7,006,661 shares (Indirect, See Footnote); Class B Ordinary Shares — 73,334 shares (Direct)

Footnotes (1)

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. Consists of shares owned by Xsolla SPAC I LLC (the "sponsor"). Aleksandr Agapitov is the managing member of the sponsor and has voting and dispositive power over the shares owned by the sponsor. Mr. Agapitov disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

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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^*

Agapitov Aleksandr

(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	7,006,661	(1)	I	See Footnote(2)
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.

2. Consists of shares owned by Xsolla SPAC I LLC (the "sponsor"). Aleksandr Agapitov is the managing member of the sponsor and has voting and dispositive power over the shares owned by the sponsor. Mr. Agapitov disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

	/s/ Aleksandr Agapitov	02/19/2026
	** 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.

FAQ

What did Aleksandr Agapitov report in his Form 3 for XSLLU?

Aleksandr Agapitov reported initial ownership of Xsolla SPAC 1 Class B Ordinary Shares, including 7,006,661 shares held indirectly through Xsolla SPAC I LLC and 73,334 shares held directly. This Form 3 establishes his starting beneficial ownership position as a director.

How many Xsolla SPAC 1 Class B shares are held indirectly for XSLLU?

The filing states 7,006,661 Class B Ordinary Shares are owned by Xsolla SPAC I LLC, the sponsor. Aleksandr Agapitov is the managing member with voting and dispositive power, but disclaims beneficial ownership except for his pecuniary interest in those shares.

How many Xsolla SPAC 1 Class B shares does Agapitov hold directly?

The Form 3 shows direct ownership of 73,334 Class B Ordinary Shares by Aleksandr Agapitov. This is separate from the much larger indirect holding through Xsolla SPAC I LLC and represents shares registered directly in his own name.

What happens to XSLLU Class B Ordinary Shares after the business combination?

The Class B Ordinary Shares will automatically convert into Class A Ordinary Shares concurrently with or immediately following the issuer’s initial business combination. The conversion is on a one-for-one basis, subject to adjustments, and the Class B shares have no expiration date.

Does Aleksandr Agapitov fully own the sponsor’s Xsolla SPAC 1 shares?

The filing explains that shares are owned by Xsolla SPAC I LLC, the sponsor, where Agapitov is managing member with voting and dispositive power. He formally disclaims beneficial ownership of these reported shares beyond any pecuniary interest he may hold directly or indirectly.

Are there any buy or sell transactions reported in this XSLLU Form 3?

No buy or sell transactions are reported. The Form 3 is an initial statement of beneficial ownership, listing existing holdings of Class B Ordinary Shares, both direct and indirect, rather than documenting new purchase or sale activity in the issuer’s securities.