Form 4 Filing for Atlas Energy Solutions Inc.

Gregory M. Shepard entered into a multi-tranche, prepaid variable share forward sale transaction involving 425,000 shares of Atlas Energy Solutions Inc. common stock. The transaction, dated December 19, 2025, obligates Shepard to deliver these shares, or an equivalent cash amount, to an unaffiliated third-party buyer by January 10-14, 2028. Shepard received an upfront payment of $3,213,794 for this agreement. The number of shares to be delivered at settlement will be determined by a formula based on the closing stock price relative to a floor of $8.16 and a cap of $12.02. Shepard has pledged the 425,000 shares to secure his obligations and retains voting and ordinary dividend rights during the pledge term. Shepard may be deemed part of a "group" due to a Stockholder's Agreement but disclaims beneficial ownership of any securities not directly owned by him.