XWELL, Inc. Schedule 13G reports that Iroquois Capital Management LLC, together with related reporting persons Richard Abbe and Kimberly Page, are reporting beneficial ownership of common stock. The filing shows 354,467 shares held directly by Iroquois Master Fund Ltd. and 79,500 shares held directly by Iroquois Capital Investment Group LLC, for an aggregate 433,967 shares.
The filing states the share counts are measured against 8,444,266 shares outstanding as of May 14, 2026, producing disclosed ownership percentages of 4.20% and 5.14% on the cover rows. The Reporting Persons disclaim beneficial ownership except to the extent of any pecuniary interest; voting and dispositive powers are shown as shared or sole on the cover rows.
Positive
None.
Negative
None.
Insights
Institutional holder reports aggregated position and shared voting arrangements.
The statement lists 354,467 shares held directly by the fund and 79,500 shares held by an affiliated investment vehicle, totaling 433,967 shares. It also references 8,444,266 shares outstanding as of May 14, 2026, which the filing uses to compute percentages.
Disclosure includes shared voting and dispositive power figures and a joint filing agreement. The Reporting Persons' disclaimer of beneficial ownership is included; future filings would show any changes in voting or dispositive authority.
Holder positions are modest relative to outstanding shares and reported as required.
The filing quantifies holdings and percent of class—4.20% (IMF position) and an aggregated 5.14% for Mr. Abbe's combined positions—using the issuer's reported outstanding share count. It notes who holds sole versus shared voting/dispositive powers on the cover rows.
This is an informational disclosure under Schedule 13G; any material change in holdings or control would require updated reporting in subsequent statements.
Key Figures
IMF shares held:354,467 sharesICIG shares held:79,500 sharesAggregate shares reported:433,967 shares+3 more
6 metrics
IMF shares held354,467 sharesheld directly by Iroquois Master Fund Ltd.
ICIG shares held79,500 sharesheld directly by Iroquois Capital Investment Group LLC
Aggregate shares reported433,967 sharesaggregate for reporting persons as shown on the cover rows
Shares outstanding used8,444,266 sharesoutstanding as of <date>May 14, 2026</date>
Reported ownership percentages4.20% and 5.14%percentages shown on cover rows based on outstanding shares
Filing date / signature06/10/2026signed by Richard Abbe and Kimberly Page
"Item 1. Name of issuer: XWELL, Inc.; form type identified as Schedule 13G"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficial ownershipregulatory
"Item 4. Ownership (a) Amount beneficially owned: Row 9 of each Reporting Person's cover page"
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.
Shared dispositive powerfinancial
"Row 8 shows Shared Dispositive Power 354,467.00 for certain reporting persons"
Joint Filing Agreementregulatory
"Exhibit 1 Joint Filing Agreement as required by Rule 13d-1(k)(1)"
What holdings does XWEL (XWEL) show in this Schedule 13G?
The filing shows 354,467 shares held directly by Iroquois Master Fund Ltd. and 79,500 shares held by Iroquois Capital Investment Group LLC, totaling 433,967 shares.
What percent of XWELL common stock do these holdings represent?
The filing bases percentages on 8,444,266 shares outstanding as of May 14, 2026, reporting cover-row percentages including 4.20% and 5.14% for the reporting persons.
Who are the reporting persons named in the Schedule 13G for XWEL?
The statement is filed by Iroquois Capital Management LLC, and individuals Richard Abbe and Kimberly Page, who are described as affiliated with the fund and advisory entities.
Does the filing state voting or dispositive power over the reported shares?
Yes. The cover rows show fields for sole and shared voting and dispositive power, with the filing describing shared authority for certain holdings and specific sole authority for others.
Does the Schedule 13G include any ownership disclaimers?
Yes. Each Reporting Person disclaims beneficial ownership of shares held by another Reporting Person, except to the extent of any pecuniary interest, as stated in the filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
XWELL, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
98420U802
(CUSIP Number)
06/01/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
98420U802
1
Names of Reporting Persons
Iroquois Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
354,467.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
354,467.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
354,467.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.20 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
98420U802
1
Names of Reporting Persons
Richard Abbe
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
79,500.00
6
Shared Voting Power
354,467.00
7
Sole Dispositive Power
79,500.00
8
Shared Dispositive Power
354,467.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
433,967.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.14 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
98420U802
1
Names of Reporting Persons
Kimberly Page
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
354,467.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
354,467.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
354,467.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.20 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
XWELL, Inc.
(b)
Address of issuer's principal executive offices:
254 West 31st Street, 11th Floor, New York, NY 10001
Item 2.
(a)
Name of person filing:
This statement is being filed by (i) Iroquois Capital Management LLC, a Delaware limited liability company ("Iroquois"), (ii) Richard Abbe, and (iii) Kimberly Page ("Mr. Abbe" and "Ms. Page," together with Iroquois, the "Reporting Persons").
Mr. Abbe shares authority and responsibility for the investments made on behalf of Iroquois Master Fund Ltd. ("IMF") with Ms. Kimberly Page, each of whom is a director of IMF. As such, Mr. Abbe and Ms. Page may each be deemed to be the beneficial owner of all shares of Common Stock held by IMF. Iroquois Capital is the investment advisor for IMF and Mr. Abbe is the President of Iroquois Capital. Mr. Abbe has the sole authority and responsibility for the investments made on behalf of Iroquois Capital Investment Group LLC ("ICIG"). As such, Mr. Abbe may be deemed to be the beneficial owner of all shares of Common Stock held by Iroquois Master Fund and ICIG. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. Each of the Reporting Persons disclaim beneficial ownership of these shares, except to the extent of its, his or her pecuniary interest in such shares, if any.
(b)
Address or principal business office or, if none, residence:
The principal business address for each of the Reporting Persons is 2 Overhill Road, Scarsdale, NY 10583.
(c)
Citizenship:
Iroquois Capital Management LLC is a Delaware limited liability company. Richard Abbe is an individual who is a citizen of the United States of America. Kimberly Page is an individual who is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, $0.01 par value
(e)
CUSIP Number(s):
98420U802
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of securities of the Issuer beneficially owned by such Reporting Person as of the date of the event which requires filing of this statement and is incorporated herein by reference.
The Reporting Persons' ownership of the Issuer's securities includes 354,467 shares of Common Stock held directly by IMF and 79,500 shares of Common Stock held directly by ICIG.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person as of the date of the event which requires filing of this statement and is incorporated herein by reference. Such percentage is based on 8,444,266 shares of Common Stock of the Issuer outstanding as of May 14, 2026, as represented in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 20, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
Iroquois Capital Management, LLC
Signature:
/s/ Richard Abbe
Name/Title:
Richard Abbe, President
Date:
06/10/2026
Richard Abbe
Signature:
/s/ Richard Abbe
Name/Title:
Richard Abbe
Date:
06/10/2026
Kimberly Page
Signature:
/s/ Kimberly Page
Name/Title:
Kimberly Page
Date:
06/10/2026
Exhibit Information
Exhibit 1 Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.
