# EDGAR Filing Document

**Accession Number:** 0001984060
**File Stem:** 0001104659-26-000193
**Filing Date:** 2026-1
**Character Count:** 7324
**Document Hash:** 47e8ad68dd242b02b93aecc192935bd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000193.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001104659-26-000193

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlas Energy Solutions Inc.
- **CENTRAL INDEX KEY:** 0001984060
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 932154509
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94180
- **FILM NUMBER:** 26502311

**BUSINESS ADDRESS:**
- **STREET 1:** 5918 WEST COURTYARD DRIVE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730
- **BUSINESS PHONE:** 5122201200

**MAIL ADDRESS:**
- **STREET 1:** 5918 WEST COURTYARD DRIVE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Atlas HoldCo Inc.
- **DATE OF NAME CHANGE:** 20230703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHEPARD GREGORY M
- **CENTRAL INDEX KEY:** 0001065833

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 15405 ACHORAGE PLACE
- **CITY:** LAKEWOOD RANCH
- **STATE:** FL
- **ZIP:** 34202

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Atlas Energy Solutions Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01**

*(Title of Class of Securities)*

**642045108**

*(CUSIP Number)*

**Amundsen Davis LLC**<br>Eric M. Fogel / J. Victor Peterson<br>150 N. Michigan Avenue, Suite 3300<br>Chicago IL 60601<br>312-894-3200

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

**12/31/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **642045108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Gregory M. Shepard** | Name of reporting person<br>**Gregory M. Shepard** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**FLORIDA** | Citizenship or place of organization<br>**FLORIDA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7651210.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7651210.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7651210.00** | Aggregate amount beneficially owned by each reporting person<br>**7651210.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.19%** | Percent of class represented by amount in Row (11)<br>**6.19%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Percent of Class Represented is based on a total of 123,691,077 outstanding shares of Common Stock, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended on September 30, 2025, filed on November 4, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01

**(b) Name of Issuer:**
Atlas Energy Solutions Inc.

**(c) Address of Issuer's Principal Executive Offices:**
5918 WEST COURTYARD DRIVE, SUITE 500, Austin, TX, 78730

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby further amended to add the following as new final paragraphs therein:

On December 31, 2025, the Reporting Person entered into a multi-tranche, prepaid variable share forward sale transaction pursuant to a Stock Purchase Agreement (the "Agreement") among the Reporting Person and UBS SECURITIES LLC and UBS FINANCIAL SERVICES INC., each as agents and UBS AG, STAMFORD BRANCH ("Buyer") relating to an aggregate of 532,500 shares of common stock of the Issuer, par value $0.01 per share ("Common Stock") and obligating the Reporting Person to deliver to the Buyer up to an aggregate of 532,500 shares of Common Stock (or, at the Reporting Person's election, under certain circumstances, an equivalent amount of cash) to settle each tranche of the Agreement (see Exhibit 7.4 to the Second Amendment, which is incorporated herein by reference). The Reporting Person received a cash payment of $3,870,294. The transaction maturity dates are January 8-22, 2029, with each maturity date representing a tranche.  Pursuant to a Pledge Agreement, the Reporting Person pledged 532,500 shares of Common Stock (the "Pledged Shares") to secure its obligations under the Agreement, and retained voting and ordinary dividend rights in the Pledged Shares during the term of the pledge (and thereafter if the Reporting Person settles the Agreement in cash). Under the Agreement, on the first business day immediately following the maturity date for each tranche, the Reporting Person agrees to deliver to Buyer a number of shares of unrestricted stock (or an equivalent amount of cash, if cash settled) equal to the product of (A) the number of shares in such tranche and (B) (i) if the closing price per share of Common Stock on the maturity date (the "Settlement Price") is less than $12.72 ("Cap Level") but greater than $8.14 ("Floor Level"), a ratio equal to the Floor Level divided by the Settlement Price, (ii) if the Settlement Price is equal to or greater than the Cap Level, a ratio equal to a fraction with a numerator equal to the sum of (1) the Floor Level and (2) the excess, if any, of the Settlement Price over the Cap Level, and a denominator equal to the Settlement Price, and (iii) if the Settlement Price is equal to or less than the Floor Level, one (1).

### 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.

**Reporting Person:** Gregory M. Shepard

**Signature:** /s/ Gregory M. Shepard

**Name/Title:** Gregory M. Shepard

**Date:** 01/02/2026